Tap on the profile icon to edit
your financial details.
Advertiser Disclosure

Shinhan Bank America Review

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


Established in 1990, Shinhan Bank America has assets totaling $1 billion along with deposits totaling $1 billion, ranking it as a medium-size bank. Shinhan Bank America, whose headquarters are in New York, New York, lacks premium access to support representatives, 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 experts rated the bank 4.2 stars out of 5, indicating that Shinhan Bank America is a great bank that you should seriously consider. Shinhan Bank America offers a full array of product offerings, 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 standard checking account does not have a monthly fee. Banks that offer no-fee checking, in addition to a high interest rate savings account are the best option for getting the highest income on your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.20%, Shinhan Bank America ranks poorly compared to other U.S. banks. Shinhan Bank America's one-year CD earns at a rate of 1.05%, while its highest-yielding money market account has a rate of 0.30%. Given its noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How Shinhan Bank America's Savings Rates Compare

Shinhan Bank America Savings 0.20 National Average 0.26 Compare Offers
Back to Overview


SmartAsset Average: 4.4

Shinhan Bank America has typically extremely low fees compared to the national average. Its checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. For those who often withdraw money from the ATM, it is ideal because it has no out-of-network ATM fees. Also, at $35.00, it has a lower overdraft fee compared to the national average. Shinhan Bank America unfortunately doesn't refund out-of-network ATM fees, meaning you will have to find a Shinhan Bank America ATM or accept the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
Back to Overview

Service Quality

SmartAsset Average: 3.7

Shinhan Bank America is a brick-and-mortar bank, with 16 total bank locations in California, Georgia, New Jersey, New York and Texas. It also offers access to mobile and web apps for straightforward access and banking on the go. Shinhan Bank America's online and mobile banking platforms get poor marks from customers. With 21 ratings across both Apple and Android platforms, the Shinhan Bank America mobile app has an overall rating of 3.4 out of 5 (compared to the national average of 3.8). You can use Shinhan Bank America's app to control your bank accounts by reviewing current statements, sending and receiving money and accessing support representatives. Shinhan Bank America gets a superb consumer satisfaction score based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

SmartAsset Average: 4.8

Shinhan Bank America is a medium-size bank with $1 billion in assets and $1 billion in deposits. It has an excellent Texas Ratio of 1.66%, signifying a negligible possibility 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.

Back to Overview

Compare Shinhan Bank America to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $100
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 Account 0.3% APY $25000

Shinhan Bank America offers several deposit products including 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 as compared against the national average.

Back to Overview

Find a Shinhan Bank America Near Me

Shinhan Bank America has 16 branches in the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure