Hanmi Bank was founded in 1982 and is currently headquartered in Los Angeles. Part of the parent company Hanmi Financial Corporation, Hanmi Bank has 40 full-service branches throughout California, Colorado, Georgia, Illinois, New Jersey, New York, Texas, Virginia and Washington.Rates for Hanmi Bank may differ by location. Also, rates arenâ€™t currently being advertised on their website so youâ€™ll need to contact Hanmi Bank to confirm them.
This review will cover checking, savings, CD, money market and IRA deposit accounts.
Considering the fact that none of these checking accounts earn interest and you need to pay to make withdrawals, we give Hanmi Bankâ€™s checking accounts a hard pass. Sure, the bank offers a rewards program, but it seems hardly worth it.
If youâ€™re looking for the current best rates and low monthly fees, we recommend you check out our list of the 10 best online checking accounts.
Hamni Bank does offer a rate thatâ€™s pretty comparable to some of the best rates out there, it does require a high minimum deposit amount. If you donâ€™t have that much cash to spare, the rate for the lowest tier is quite low. In that case, youâ€™re better off checking out our list of the best online savings accounts.
Unfortunately, Hanmi Bankâ€™s CD rates are lower compared with whatâ€™s currently being advertised by competitors out there. Whatâ€™s more, most of their CD products only earn simple interest, meaning that you could be earning less than others that compound their interest. The Diamond Freedom or installment savings CD may be of interest to those who want to make additional deposits or fee-free withdrawals, but weâ€™re not sure the lower rates are worth it.
To find better rates, check out our list of the best CD rates.
Youâ€™re really not getting much as far as rates go with this account when comparing it side by side with other ones out there. First, the rates are lower than ones advertised from our list of the best money market rates. Next, some of the other accounts have lower balance amount thresholds and also come with limited check-writing capabilities.
All this to say, it may be the wiser choice to go elsewhere.
Hanmi Bankâ€™s IRA CD rates are much lower than the ones on our list of the best IRA CD rates weâ€™ve found online. Whatâ€™s more, if you reside in California, youâ€™re restricted to the 12-month term only. Thereâ€™s probably no other way to say this but youâ€™ll do better if go with another competitor.