Dedicated to Deposits: Deals, Data, and Discussion

2.02% Reward Checking Account at a California Bank (Hanmi)

POSTED ON BY

Hanmi Bank
Update 7/18/09: The top yield has fallen to 2.02% APY. Rate history is available at bottom of post.

Hanmi Bank is offering a reward checking account called Bonus Checking that pays 2.02% APY on balances up to $25,000 (1.00% for above) and refunds ATM fees if the following monthly requirements are met: 1) 10 debit card transactions, 2) one direct deposit, 3) receive e-statements, and 4) maintain a valid email address on file with the bank. If these are not met, the rate falls to 0.05%. The minimum opening deposit is $500. There are no minimum balance requirements or monthly fees.

The rate is a little low for a reward checking account. Perhaps it'll have a better chance of maintaining this rate during this year of falling rates. One thing of note is that you can apply and fund this account online. According to the application instructions, you must be a California resident to apply.

One interesting thing to note is that Hanmi Bank is one of the largest financial institutions to offer reward checking (it has total assets of almost $4 billion). Most banks and credit unions which offer these have assets of under $1 billion.

Branches are located in several Califonia cities including Los Angeles, Irvine, San Diego, Rancho Cucamonga, San Francisco and Santa Clara. The bank has been FDIC insured since 1982 (Certificate # 24170).

Old CD Special

This bank just recently ended a 4.55% 6-month CD special. I had posted on this CD special in February. According to the CSR it ended on Monday.

Other High Yield Reward Checking Accounts

For other reward checking accounts and for more information on these accounts, please refer to the following posts:

Rate History:
07/15/09: 2.02% APY up to $25K; 1.00% APY above $25K
04/10/09: 2.53% APY up to $25K; 1.51% APY above $25K
02/02/09: 3.04% APY up to $25K; 2.02% APY above $25K
06/19/08: 3.50% APY up to $25K
03/20/08: 4.05% APY up to $25K; 2.50% APY above $25K
  Tags: California, Hanmi Bank, checking account, reward checking account

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Comments
4 comments.
Comment #1 by Anonymous posted on
Anonymous
Always a good idea to check with this bank before applying. It turns out that to get the 6-month 4.55% CD you had to open a checking account, which was not disclosed anywhere on their web site.

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Comment #2 by Anonymous posted on
Anonymous
As of 2/2/09 the top rate is 3.04% APY and 2.02% over.

1
Comment #3 by Anonymous posted on
Anonymous
ATM fee refunds max out at $49.90 per cycle.

1
Comment #4 by Anonymous posted on
Anonymous
Hanmi Bank entered into a Written Agreement with the Feds on 11/5/09. Hanmi joins the Unoffical Problem Bank List kept by private blogger at CalculatedRiskBlog.com. Hanmi's Written Agreement can be viewed on a spreadsheet at the site.

1