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Shinhan Bank America Review

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Shinhan Bank America Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Shinhan Bank America first started operating in 1990 and has its headquarters in New York, New York. Shinhan Bank America handles assets of $1 billion and deposits totaling $1 billion, ranking it as a medium-size bank. Shinhan Bank America lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. SmartAsset has rated Shinhan Bank America 4.2 out of 5 stars, indicating that it is a solid contender in your bank search. Shinhan Bank America provides customers with a complete suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Shinhan Bank America has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Shinhan Bank America's most basic checking does not have a monthly maintenance charge. Institutions that offer free checking, in addition to a high interest rate savings account are your best bet for getting the most income on your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.6
SmartAsset Average: 3.5

Shinhan Bank America has a savings rate of 0.20%, which is poor in comparison to the national average. Shinhan Bank America's one-year CD has a rate of 1.05%, while its highest-yielding money market account has an APY of 0.30%. Given its poor savings rate, you should think about taking a look at other banks for savings accounts.

How Shinhan Bank America's Savings Rates Compare

Shinhan Bank America Savings 0.20 National Average 0.26 Compare Offers
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Fees

4.7
SmartAsset Average: 4.4

Shinhan Bank America charges customers extremely low fees compared to the national average. With no monthly fee, Shinhan Bank America is ideal for people who want a basic banking experience. For those who will need cash in a pinch, it is perfect because it charges no out-of-network ATM fees. Additionally, Shinhan Bank America has an overdraft fee of $35.00, which is on par with the average U.S. overdraft fee. Shinhan Bank America unfortunately doesn't refund out-of-network ATM fees, which means you'll be required to search for a Shinhan Bank America ATM or accept the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

3.6
SmartAsset Average: 3.7

Shinhan Bank America is a brick-and-mortar bank, with 16 total branches in California, Georgia, New Jersey, New York and Texas. It also offers access to mobile and web apps for easy access and banking on the go. Shinhan Bank America's online and mobile banking platforms get mediocre feedback from customers. With 21 customer reviews across Apple and Android platforms, the Shinhan Bank America mobile app is scored at 3.4 out of 5 (compared to the national average of 3.8). Shinhan Bank America's mobile app lets you control your finances by looking at monthly statements, transferring money and reaching customer service. Shinhan Bank America gets a superb consumer satisfaction rating due to relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Shinhan Bank America is currently a medium-size bank with $1 billion in assets as well as deposits totaling $1 billion. It has an excellent Texas Ratio of 1.66%, signifying a low likelihood of failure. Additionally, Shinhan Bank America is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Shinhan Bank America to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $300
Checking Account 0.2% APY $2000
Certificates of Deposit
  • 12 Month: 1.05% APY
  • 24 Month: 1.77% APY
  • 36 Month: 1.55% APY
$1000 for all terms
Money Market Accounts 0.3% APY 0.3% APY $10000 $15000

Shinhan Bank America has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Shinhan Bank America does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Shinhan Bank America's CD rates are fair in comparison to the average U.S. bank.

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Find a Shinhan Bank America Near Me

Shinhan Bank America has 16 physical locations across the U.S.

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