Bank of Hope High Yield Savings Account 2024 Review
The Bank of Hope High Yield Savings account is an online savings account offering an APY that's well above the national average. You'll need just $1 to open this account and there are no monthly maintenance fees. Learn more about one of the best savings accounts in California.
Bank of Hope's high-yield savings account features a competitive rate paired with the convenience of online banking. You can access your money at more than 50,000 fee-free ATMs and you get the security of FDIC insurance coverage.
You might consider the Bank of Hope High Yield Savings account if you:
- Would like to try an online savings account
- Want to get a solid APY for your money
- Prefer a savings account with no monthly maintenance fees
- Need a savings option with a low opening deposit requirement
You can open more than just a savings account here. Bank of Hope also offers checking accounts, certificate of deposit accounts, and money market accounts to help you achieve your financial goals.
Bank of Hope High Yield Savings Account Pros & Cons
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Compared to Other Online Savings Accounts
Capital One 360 Performance Savings Account
Capital One 360 Performance Savings is a high-yield account with no minimums or monthly fees. The APY is lower than what you could get with Bank of Hope but you get the added convenience of being able to manage your savings at Capital One branch locations or cafes. Capital One also offers a range of other banking products, including checking accounts, CDs, and bank accounts for kids.
Read our full editorial review of the Capital One360 Performance Savings account
EagleBank High Yield Savings Account
The EagleBank High Yield Savings account pays a solid rate but there's one potential hitch. You'll need to meet a $1,000 minimum deposit requirement to open this account. If you're looking for other ways to save with EagleBank you can choose from a range of CD terms.
Read our full editorial review of the EagleBank High Yield Savings account
Synchrony Bank High Yield Savings Account
Synchrony Bank pays an outstanding APY to savers, with no minimum balance requirements or monthly fees. You can open an account online in minutes and Synchrony also offers CDs and money market accounts to meet different needs. You can bank online, through the Synchrony mobile app, or at ATMs nationwide.
Read our full editorial review of the Synchrony Bank High-Yield Savings account
Synovus Personal Savings Account
The Synovus Personal Savings account has no minimum balance requirement to earn interest and you can make unlimited deposits. There are no monthly service fees either and if you live near a Synovus branch you can bank in person. The downside of this account is that the APY is well below what you could find at some of the top online banks.
Read our full editorial review of the Synovus Personal Savings account
Interest Rates
Bank of Hope offers an exceptional rate to savers; it's one of the highest rates for online savings accounts.
The advertised APY applies to all balances and you need just $1 to open the account and earn interest. Your interest compounds daily and there are no special requirements you need to meet.
That's different from other savings accounts that may expect you to meet minimum balance requirements or set up direct deposit to earn the highest APY offered. Bank of Hope keeps things as simple as possible to help you grow your money.
Fees
Any time you plan to open a new bank account it's important to consider the fees you might pay. Online savings accounts tend to be more fee-friendly than savings accounts at traditional banks, but that doesn't mean they're fee-free.
Here's how the fees at Bank of Hope break down.
Other Service Fees - Bank of Hope High Yield Savings Account
| Type | Fee |
|---|---|
| Monthly maintenance fee | $0.00 |
| Nonsufficient funds fee | $33.00 |
| Deposit item returned | $0 |
| Stop payment | $20-$33 |
| Deposit verification | $20.00 |
| Paper statements | $5.00 |
| Legal processing | $125 |
| Overdraft protection transfers | $5 |
| Account research | $50/hr |
| Incoming wire transfer | $10.00 |
| Outgoing wire transfer | $10-$33 |
As you'll see there are quite a few fees to be aware of, though most are easy to avoid. The main thing to know about this savings account is that you won't pay a monthly maintenance fee.
ATM Access
Bank of Hope offers access to savings at more than 50,000 MoneyPass and Allpoint ATMs without a fee. That's a plus as it's less common for banks to let you withdraw money from savings at ATMs.
If you're interested in a savings account with an ATM card, here are a few things to look for when comparing banks.
- How big is the bank's ATM network and how many ATMs are fee-free?
- Are there plenty of fee-free ATMs close to you?
- In addition to withdrawing cash, can you check your balance, deposit cash, or complete other transactions?
- Does the bank charge you a fee to use another bank's ATM?
- If you use another bank's ATM and get charged a fee, will your bank refund those fees to you?
ATM access is a nice benefit, even if you don't anticipate making withdrawals.
Account Management
Bank of Hope offers online and mobile banking so you can stay connected to your money. If you need to deposit funds, you can:
- Use mobile check deposit through the Bank of Hope app
- Set up an ACH transfer from a linked bank account
- Move money over from another Bank of Hope account you own
- Schedule an incoming wire transfer
- Deposit cash at a Bank of Hope branch
- Enroll in direct deposit for your paychecks or other recurring payments you receive
Bank of Hope has branches and ATMs in California, Washington, Texas, Illinois, New York, New Jersey, Virginia, Alabama, and Georgia.
If you have a Bank of Hope checking account you can link your high-yield savings account for overdraft protection.
Bank of Hope sets limits on withdrawals and deposits. Once you open your account you can log in to online banking to view your limits.
You can access Zelle through online and mobile banking. That makes sending and receiving payments with friends and family easy using your Bank of Hope high-yield savings account. You can also check your Zelle transfer limits when logging into your account.
FDIC Insurance
FDIC insurance protects depositors in case of bank failures. Bank of Hope is an FDIC member, which means your accounts are safe and sound.
The standard FDIC coverage limit is $250,000 per depositor. That limit applies to every member bank you have accounts with.
FDIC coverage is automatic when you open a new account at a member bank.
What to Look for in a Savings Account
It makes sense to compare savings accounts before opening one since they all have different features and benefits. As you shop around to find a bank, consider asking these questions.
- Is an online savings account or a traditional savings account better for your needs?
- Which banks offer the highest APY for savings?
- Can you earn the same rate on all balances?
- Do you need to meet specific requirements to earn the advertised APY?
- How much money do you need to open the account?
- Is there a monthly maintenance fee?
- What other fees does the bank charge?
- Will you get an ATM card?
- Which ATMs can you use and are they fee-free?
- Does the bank reimburse foreign ATM fees?
- Can you open an account online? What documents will you need?
- Are there any limits on deposits or withdrawals?
- Is the bank a Zelle partner? If so, what are the Zelle limits?
- Will you get online and mobile banking access?
- Does the bank offer mobile check deposits?
- Is customer service available 24/7?
- What other kinds of accounts does the bank offer?
- What kind of consumer reviews does the bank have?
If you have a bank you use already, you can check out the savings options there first. Then you can branch out your search to include savings accounts from online banks.
Frequently Asked Questions
Is Bank of Hope a legitimate bank?
Bank of Hope is a legitimate, California-based bank that offers a wide range of personal and business banking products and services. Deposits at Bank of Hope are FDIC-insured so your money is protected, up to the standard coverage limits.
What are the pros and cons of online savings accounts?
Online savings accounts can offer higher rates and lower fees, something that traditional banks can't always compete with. The biggest con is that you may not have branch or ATM access to your money, depending on which bank you choose.
What do you need to open a Bank of Hope High Yield Savings account?
It's easy to open a savings account with Bank of Hope online. You'll need to share some personal information, including your date of birth and Social Security number, driver's license number, and address. You'll also need to link an external bank account using the account number and bank routing number to make your first deposit. You can review all of the disclosures and account agreements online before finalizing your account opening to make sure you understand what you're getting.
