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Woori America Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Woori America Bank Savings
0.15% APY

Overview

Our Rating: 4.5/5 How we calculated this rating

Woori America Bank was founded in 1984 with its headquarters in New York, New York. Woori America Bank owns $2 billion in assets as well as deposits totaling $2 billion, classifying it as a large bank. Woori America Bank does not have the access to customer service other banks offer. It is a traditional brick-and-mortar bank, which means in-person service, in addition to its online and mobile presence. Overall, Woori America Bank is a superb bank that you should seriously consider at a rating of 4.5 stars out of 5 from the SmartAsset experts. 

Woori America Bank has a varied choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. A great, everyday account, Woori America Bank's standard checking account does not have a monthly fee. Why have checking and savings accounts with one bank? Quick transferring of funds between both accounts translates to higher interest rates in your savings account with the ability to spend from your checking.

Service Quality

Woori America Bank is a brick-and-mortar bank, with 19 total bank locations in California, Maryland, New Jersey, New York, Pennsylvania and Virginia. It also offers access to mobile and web apps for an easy mobile-banking experience. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 9:00 a.m. to 5:00 p.m. ET. 

Woori America Bank's online and mobile banking services receive great feedback from customers: out of 22 ratings across iOS and Android platforms, the Woori America Bank mobile app rates a 4.7 out of 5 (compared to the national average of 3.8). Woori America Bank's mobile app lets you control your bank accounts by looking at monthly statements, sending and receiving money as well as reaching support representatives. Woori America Bank gets an exceptional consumer satisfaction score due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.15% APY $200 Compare Offers
Certificates of Deposit
  • 12 Month: 0.75% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.23% APY
  • 48 Month: 1.23% APY
  • 60 Month: 1.22% APY
$1,000 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.25% APY $2,000 Compare Offers
Checking Accounts 0.15% APY $1,500 Compare Offers

Woori America Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. It does not have the best savings rate, which means you should think about taking a look elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Woori America Bank's CD rates are competitive compared to the national average.

Rates

With a savings rate of 0.15%, Woori America Bank ranks below the mean compared to other U.S. banks. Woori America Bank's one-year CD has a rate of 0.75% and the five-year CD earns at a rate of 1.22%, while its highest-yielding money market account earns at a rate of 0.25%. Woori America Bank has a fair savings rate compared to the average savings account. Think about higher earning savings accounts with other banks.

Compare Woori America Bank to Other Competitive Offers

Fees

Woori America Bank charges customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, Woori America Bank's checking account is perfect for people who want a hassle-free banking experience. 

Financial Health

Woori America Bank is a large bank and has assets totaling $2 billion and deposits totaling $2 billion. It has an excellent Texas Ratio of 2.25%, suggesting that the bank is in excellent financial condition and extremely far from failure. Additionally, Woori America Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Woori America Bank Near Me

Woori America Bank has 19 locations across the U.S.

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