Dedicated to Deposits: Deals, Data, and Discussion

4.08% Short-Term Internet CDs Continue at Hanmi Bank - California Only

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Hanmi Bank
Update 3/11/09: The internet CD rates are now posted at this CD rate table. New APY's: 1.76% 3mo, 2.02% 6mo, 2.53% 9mo and 2.79% 12mo.

Update 1/26/09: New internet CD rates are posted at the bank's internet CD rate page. All terms (3, 6, 9 and 12 months) have a rate of 3.50%.

Hanmi Bank recently lowered the rate on its 6-month Freedom Plus CD from 4.20% to 3.43% APY. However, it is still listing internet CDs with an APY of 4.08% for terms of 3, 6 and 9 months. Minimum deposit is $1,000. These rates are listed in the bank's internet CD rate table and in this online bank products page as of 1/25/09. The online application states that only California residents are eligible.

With the rate drop of the Freedom CD Plus, it seems likely that these internet CD rates will also soon drop. But even with the Freedom Plus CD rate drop, the 3.43% APY is still very competitive for a 6-month term. The Freedom CD Plus allows up to 3 partial withdrawals during the term without penalty. It also allows unlimited deposits through the term in increments of $1,000. Minimum deposit is $10,000. Maximum deposit is $1 million. Note, the 4.20% is still listed on the bank's home page, but it's listed in this Freedom Plus CD page with a 3.43% APY as of 1/25/09. Note, the Freedom CD Plus requires a branch visit.

Refer to my January 7th post on these CDs. Several readers have commented about opening these CDs and have reported good customer service. The bank also has a competitive internet savings account.

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 9/30/08 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 9/30/08 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 readers who have commented about this bank and its CDs.

  Tags: California, CD rates, Hanmi Bank

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Comments
8 Comments.
Comment #1 by DataIsGold (anonymous) posted on
DataIsGold
The 3, 6, 9 CD is 4.08%.
The 12month CD is 4.18% apy. Which I opened without a problem, you even get a certificate of deposit to print out showing all the information. I guess we'll see if the Rate drops tomorrow.

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Comment #2 by Sree (anonymous) posted on
Sree
Nice that I opened my CDs real quick last week. But as DataIsGod mentioned above, I can still see the 4.20APY CD on their site, could be dropped tomorrow morning.
In any event, with one star rating also, the Master Rule "Always below the FDIC limit" is the Oracle to follow :-)

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Comment #3 by Sree (anonymous) posted on
Sree
Hanmi reduced their rates, see the same link at the beginning of this post.

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Comment #4 by Anonymous posted on
Anonymous
I did the CD in Northridge at the 4.20 rate. You can add to the account during the term.
One thing to note about this bank...
They don't win any award for smiling or customer service. Attitude isn't customer friendly.
They spoke Korean in front of me re: my account and were offended when i requested they speak English. They also got angry when I brought them a check from another bank that wasn't in even thousands. Told me I would have to add to the check to even the deposit for 79,000.00. When I told them to please give me the difference between 78 and 79K back, the called another meeting with the Manager, spoke Korean in front of me, then told me they would do me a favor and accept my money. Don't think I'll be renewing my CD with this bank.
Way to arrogent for a Bankrate one star rating.

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Comment #5 by Anonymous posted on
Anonymous
The Hanmi staff is courteous and efficient, and their English is quite intelligible even if they're more comfortable conversing in Korean amongst themselves. Someone who can neither spell "too" or "arrogant" correctly shouldn't complain.

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Comment #6 by Anonymous posted on
Anonymous
Hanmi Bank also has an online Savings Account (called Internet Savings) you can open and is currently offering 3.04% apy. The only notable restriction is "You must be a California State Resident".

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Comment #7 by Anonymous posted on
Anonymous
Update: website seems to have 1.56% listed now for CDs, in fine print this is for the 3m CD, but does not say what the other terms CD rates are

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