Bank of Hope CD Rates
Editor
Author
The locality of the US is well recognized by the well-reputed identity of the Bank of Hope.
It delivers and ensures world-class proceedings for the right authentications of business deposit and credit cash flow.
Bank of Hope CD Rate Offers
The most noticeable concerns for Bank of Hope CD rates are mentioned next.
18-Month CD
Features
- Minimum Deposit: $1,000
- Annual Percentage Yield (APY): 2.40%
Considerations
- Customers should be comfortable with locking in their funds for the entire 18-month period, as early withdrawal may result in penalties.
- Customers might want to compare the APY with other available options to ensure they are getting the best return for their investment goals.
Pros & Cons
| Pros | Cons |
| Competitive 2.40% APY | 18-month lock-in period |
| Medium-term commitment | Penalty for early withdrawal |
| Favorable return on investment | Potential for better rates elsewhere |
13-Month CD
Features
- Minimum Deposit: $1,000
- APY: 2.35%
Considerations
- As with any CD, customers should be aware of the penalty for early withdrawal and consider their liquidity needs before committing.
- Customers should plan for the maturation of the CD and decide whether they want to renew or explore other investment options at that time.
Pros & Cons
| Pros | Cons |
| Attractive 2.35% APY | Early withdrawal penalties |
| Short to medium-term | Consideration needed for maturation |
| Competitive return | Rate comparison with other options |
12-Month CD
Features
- Minimum Deposit: $1,000
- APY: 2.25%
Considerations:
- Customers should consider their options at the end of the term, such as renewing the CD or exploring other investment opportunities.
Pros & Cons
| Pros | Cons |
| Stable and predictable | Renewal or reinvestment decisions at maturity |
| Accessible term length | 2.25% APY may be lower than longer terms |
| Reasonable 2.25% APY | Market comparison for competitive rates |
8-Month CD
Features
- Minimum Deposit: $1,000
- APY: 1.98%
Considerations
- Customers should assess their liquidity needs and ensure the 8-month term aligns with their short-term financial goals.
Pros & Cons
| Pros | Cons |
| Quick access to funds | Limited time for interest to accumulate |
| Moderate interest growth | Liquidity needs should be considered |
Are Bank of Hope CD Rates Competitive?
Bank of Hope offers competitive CD rates across various terms. For instance, the 18-month CD with a 2.40% APY, the 13-month CD with a 2.35% APY, and the 12-month CD with a 2.25% APY provide attractive returns for customers looking to invest their money for different durations.
While the 8-month CD offers a slightly lower APY at 1.98%, it remains a competitive option for those seeking a shorter-term commitment.
Bank of Hope’s diverse range of CD terms allows customers to choose a term that aligns with their financial goals, whether it’s a short-term investment with quick access to funds or a longer-term commitment for potentially higher returns.
Additionally, the stability and predictability of the offered rates contribute to the overall competitiveness of Bank of Hope’s CD offerings in the market.
Overview Bank of Hope
Bank of Hope is headquartered in Los Angeles, California, and was founded 37 years ago. To this day, the bank provides services to the largest Korean-American community in the US. Overall, the bank has 58 branches and over $15 billion in assets.
Bank of Hope’s services include residential mortgage and warehouse lending, credit cards, equipment lease financing, and foreign currency, among other things. They are also focused on helping their community, particularly local students.
Bank of Hope has the Bank of Hope Scholarship Program that gives winners $2,500 to go towards their education. Aside from helping students, Bank of Hope also helps their community by supporting affordable housing units for low-income families, helping with disaster recovery, and more.
Availability
You must have a new account with Bank of Hope in order to get a CD with them. The account must be funded within 10 calendar days from the account opening date.
Locations Bank of Hope
It has a total of 57 Branches In Alabama, California, Illinois, New Jersey, New York, Texas, Virginia, and Washington.
Branches in Alabama
Montgomery
Branches in California
Los Angeles, Cerritos, Diamond Bar, Buena Park, Gardena, Huntington Park, Colton, Irvine, La Crescenta, La Palma, Northridge, Oakland, Walnut, Rowland Heights, San Diego, Sunnyvale, Torrance, and Garden Grove.
Branches in Illinois
Arlington Heights, Glenview, Niles, Rolling Meadows and Skokie.
Branches in New Jersey
Englewood Cliffs, Fort Lee, and Palisades Park.
Branches in New York
Bayside, Flushing, Great Neck, New York City, and Woodside.
Branches in Texas
Dallas, North Richland Hills, and Houston.
Branches in Virginia
Annandale and Centreville
Branches in Washington
Federal Way, Lynnwood, Bellevue, and Lakewood.
FAQs
The minimum deposit for Bank of Hope CD accounts is $1,000.
Bank of Hope offers CD terms ranging from 1 month to 60 months, providing flexibility for customers to choose the duration that suits their financial goals.
Yes, new customers or existing customers with new money can take advantage of promotional rates when opening a Hope Preferred Certificate of Deposit account.
No, additional deposits are not allowed before maturity. The initial deposit is the only contribution to the CD during its term.
Withdrawal of the principal balance before maturity is not allowed, and a penalty may be imposed for early withdrawal to discourage premature access to funds.