Dedicated to Deposits: Deals, Data, and Discussion

4.08% 3,6,9-Month CDs and 3.56% Savings Account at Hanmi Bank in CA


Hanmi Bank
Hanmi Bank continues to offer competitive rates on its CDs, savings accounts and money market accounts. All offers are only available to California residents. The CDs and savings account are online-only offers. The CD yield is 4.08% APY for terms of 3, 6 and 9 months. There's also a 12-month online CD with a yield of 4.18% APY. The minimum deposit is $1,000. The savings account yield is 3.56% APY. The minimum balance to avoid a $3 monthly fee is $500. There's an online application for these accounts that allows funding using ACH transfers.

The other deals are the same that I mentioned in this August post. One of the deals include the Worry Free Money Market Account with a 3.75% APY with a guarantee that the yield won't drop below 3.05% APY for the year that it's opened. This was a better deal in August when the guarantee period was longer. If this can last into January, this could be a good deal. The minimum balance to open and to avoid a $25 monthly fee is $10,000.

Another good deal that's still around is the Freedom CD which has a yield of 4.20% APY for 24 months and 4.10% APY for 12 months. The minimum deposit is $10,000. The unique aspect of the Freedom CD is that you are allowed two penalty free withdrawals during the term as long as the CD balance remains above $10,000.

The bank still has a reward checking account that can be opened online. However, the rate is only 3.50% APY for balances up to $25,000 which is low for reward checking (see post).

Branches are located in several California cities including Los Angeles, Irvine, San Diego, Rancho Cucamonga, San Francisco and Santa Clara.

Hanmi Bank's rating for financial soundness is now only 1-star (lowest) at Bankrate. This is based on 6/30/08 data and is down from 2 stars when I posted on this bank in August. BauerFinancial gives the bank a 3-star rating (adequate) based on 6/30/08 data. As I recommend with any bank, it's best to stay under the FDIC limits. The bank has been FDIC insured since 1982 (Certificate # 24170).

Thanks to the reader who mentioned this bank in the Finding the Best Deals post.

  Tags: California, CD rates, Hanmi Bank, savings account

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