Bank of Hope Offers $500 Checking Bonus In Eight States
Now through September 30, 2021, California-based Bank of Hope is offering a $500 bonus when opening any new personal or business checking account with new money, and enrolling "in the Cash Bonus Offer at the time of account opening or within 30 days of account opening.” New or existing customers who currently do not have a Bank of Hope personal or business checking account are eligible to apply for the bonus.
As stated on the $500 Cash Bonus landing page,
Eligible accounts must be opened in-person at a Bank of Hope branch
- Maintain an average balance of at least $20,000 for the first 4 months of account opening
- Complete the following three activities within 90 days of account opening
1. Request a debit card and make at least one debit card purchase or ATM deposit/withdrawal
2. Register for Personal Online Banking or Business OnlineBanking
3. Enroll in e-Statements
There is a limit of one Cash Bonus per eligible checking account. Only the first checking account opened during the promo period is eligible for the bonus offer.
Subsequent checking account(s) opened under the same account ownership type and account title are not eligible.
The $500 bonus will be paid into the new checking account within six months of account opening, if all the requirements are met. The checking account must be open and in good standing until the $500 bonus is paid.
Bank of Hope Checking Accounts
Bank of Hope’s product line includes five personal checking accounts and four business checking accounts, all of which qualify for the bonus. Three of these accounts are interest bearing, but none have competitive rates.
Thanks to DA reader, ichaelm, for the Forum post about Bank of Hope’s $500 checking bonus.
Availability
Headquartered in Los Angeles, Bank of Hope’s market area includes Alabama, California, Illinois, New Jersey, New York, Texas, Virginia, and Washington.
Opening a new checking account and applying for the $500 bonus can be done at any of 58 branches located in Alabama (1), California (32), Illinois (5), New Jersey (3), New York (7), Texas (4), Virginia (2), and Washington (4). All of Bank of Hope’s branch locations are situated in or near large metropolitan areas.
According to the Request Appointment pop-up on the $500 Cash Bonus landing page,
We are now accepting appointment requests for in-branch new account openings.
By scheduling an appointment, it will reduce your wait time in our branches.
Bank Overview
Bank of Hope has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 4.43% (excellent), based on March 31, 2021 data. In the past year, Bank of Hope has increased its total non-brokered deposits by $2.5 billion, an excellent annual growth rate of 22.48%. Please refer to our financial overview of Bank of Hope (FDIC Certificate # 26610) for more details.
Originally established in 1986 as the California Central Bank, Bank of Hope is the largest Korean-American bank in the U.S and the 13th largest bank headquartered in California. Between 1992 and 2016, Bank of Hope acquired seven other banks in Los Angeles, Chicago, and Seattle, becoming a major financial institution with assets in excess of $17 billion.
Bottom Line
Although it might be six months after account opening before the $500 bonus is paid, this is a nice offer that does not require a direct deposit. When interest rates are low, savings and checking bonuses are more attractive because they offer earnings not available in a liquid account or short-term CD. There aren’t any liquid accounts or CDs that currently return $500 on a $20k deposit in approximately six months. To earn $500 in a typical online savings account (with a 0.50% APY) would require a $100k balance on deposit for a year.
If you don’t qualify for Bank of Hope’s $500 bonus, check out our full list of the best savings and checking account bonus offers.
The above information and rates are accurate as of 6/17/2021.
