Hanmi Bank Rates & Review

Hanmi Bank Review

Hanmi Bank was launched in 1982 to serve the needs of the Korean-American community. It is headquartered in Los Angeles. According to its website, it is the largest and fastest growing Korean-American bank in the nation with dozens of locations throughout California.

Personal checking

Customers interested in checking account products can currently choose from five available accounts:

1. Free checking account
2. Regular checking with 1 percent cash back on debit card transactions
3. Bonus checking with higher interest and ATM fee refunds
4. Super plus interest bearing checking account
5. Mega checking high yield account

In addition to these regular checking accounts, this bank offers two money market account options as checking accounts.

Personal savings

Hanmi Bank customers who want to compare bank savings account rates can choose from the following options:

• Online savings account with minimum $500 deposit and daily balance
• Kids savings account with no fees or minimum balance
• Regular CD account with terms ranging from 7 days to 3 years
• Online CD account with terms of 3, 6, 9 and 12 months
• Traditional IRA
• ROTH IRA

Personal loans and credit cards

This bank provides customers with financial assistance through loans and credit cards. Loans include fixed-rate and adjustable-rate mortgages, home equity lines of credit, and auto loans. Credit card applications are available for a VISA Classic Secured credit card and a VISA Gold card.

Insurance products

This bank provides insurance products including life, health and property insurance.

Business services

This bank provides business banking products including business checking, money market and savings accounts. The bank offers commercial loans, cash management services and business credit cards.

Deposit insurance

Hanmi Bank is a member bank of the Federal Deposit Insurance Corporation. The temporary increase in FDIC coverage from $100,000 to $250,000 per depositor was made permanent in July 2010. All eligible deposits are FDIC-insured up to at least $250,000 per depositor. Joint accounts are FDIC-insured up to at least $250,000 per account holder.