Bank of Hope’s new money mkt product

CHICAGO, IL — Despite the high interest rates, Certificate of Deposits pose a lot of burden for consumers who do not want to lock in their money for an extensive amount of time.

Bank of Hope has launched an upgraded version of their Money Market product called the ‘Prestige Money Market’ to help lessen those concerns.

The regular Money Market product allowed for flexible deposits and withdrawals while still offering a higher annual percentage yield (APY) than other savings accounts. The newly-launched ‘Prestige Money Market’ product offers the same flexibility as the regular Money Market with competitive rates.

The minimum opening deposit is $25,000 with APYs varying depending on the balance amount. Accounts with a balance between $25,000 and $49,999.99 will earn 0.95% APY, $50,000-$99,999.99 earns 1% APY, $100,000-$249,999.99 earns 1.11% APY, and $250,000-$500,000 earns 1.26% APY.

Monthly service fees are also waived if the minimum daily balance is maintained. One can open an account by visiting one of Bank of Hope branches.

Bank of Hope is also offering a ’12-month-2% APY’ Certificate of Deposit promotion. The minimum and maximum deposit ranges from $1,000 to $230,000 and the promotional rate only applies to New Money–funds not currently on deposit with Bank of Hope or withdrawn at any time during the promotional period.

The promotional APY will not be applied to funds transferred from an existing Bank of Hope account.

Bank of Hope is the first and only super regional Korean-American bank in the United States with $14.5 billion in total assets as of March 31. Headquartered in Los Angeles and serving a multi-ethnic population of customers across the nation, it operates 64 full-service branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia, Georgia and Alabama.

The Bank also operates SBA loan production offices in Seattle, Denver, Dallas, Atlanta, Portland, Oregon and Annandale, Virginia; a commercial loan production office in Fremont, California; residential mortgage loan production offices in California; and a representative office in Seoul, Korea.

Bank of Hope specializes in core business banking products for small and medium-sized businesses, with an emphasis in commercial real estate and commercial lending, SBA lending and international trade financing. It is a California-chartered bank, and its deposits are insured by the FDIC to the extent provided by law. Bank of Hope is an Equal Opportunity Lender.