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Simple Bank Review — a Simple Way to Budget

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

What is Simple?

The Simple bank account is a checking account that incorporates budgeting tools into a consumer’s everyday banking.

Simple banking is provided through both desktop and mobile applications, although you will need to download the app to deposit checks using a photo. The free mobile app is available for Android and iOS-powered devices. You can complete all other necessary banking tasks on both platforms.

The Simple account

Minimum deposit amount to open

$0

Annual percentage yield

1.55% ($0.01-$9,999.99)


1.55% ($10,000+)

Overdraft fee

$0

Monthly service fee

$0

ACH transfer fee

$0

ATM fee

$0

Out of network ATM fee

$0

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Simple Visa debit
Simple customers are issued a Simple Visa debit card for daily purchases and to use at more than 40,000 ATMs in the Allpoint network. In-network ATMs won’t charge you a fee, and are easily found using the ATM finder both online and in the app. Simple doesn’t charge you a fee for using an out-of-network ATM, but you may be charged by other banks and ATM owners.

Simple bank review
Simple

Safe-to-spend
Simple’s Safe-to-Spend(R) feature helps you resist the temptation to spend every dollar in your bank account when those funds should be reserved for more important and urgent things. The budgeting algorithm sets aside funds for spending categories in your budget and your savings goals. The app subtracts the amount of money you’ve set aside from your total account balance so you can easily see how much money you have left to spend — your safe-to-spend number.

Goals
The Simple bank account makes it easy to set aside money for long- and short-term goals. The feature also serves as a digital envelope budgeting system for your monthly budgeting needs.

A warning to chronic overspenders: Although the amount set aside for goals is subtracted from your total balance so you know what’s safe to spend, the goal money is kept in the same account as the rest of your funds, so you can spend the money if you really need to. We will address how to use goals to save and budget in the following section.

Simple bank review
Simple

Analytics
Simple provides spending reports to give you more insight on how you’re spending your money. You can use the graphs and breakdowns Simple creates to analyze trends in your spending. With that information, you can evaluate whether or not your budget is meeting your needs or if you need to make adjustments in your spending habits. You can also add hashtags, notes and images to each transaction.
You will need to go online to view reports as the feature isn’t yet available in the Simple app.

Protected Goals
You can set up separate savings goals and an emergency fund within the Protected Goals account. Unlike the money for your short-term goals, money in the “protected” account is separate from your main Simple bank account. If you need to use your money, you can make unlimited transfers from a Protected Goals account to your regular Simple checking account. That means there’s no need to worry about hitting the six withdrawals per month limit most other savings accounts have under Regulation D, and the common fees associated with making excessive withdrawals.

If you are looking for a high-yield account, the Simple bank account may be the one for you. Right now, you can earn up to 1.55% APY on balances of $10,000 or more in the entire Protected Goals Account. If your balance is less than $10,000, you’ll still earn an outstanding APY of 1.55%. If you choose to set up an Emergency Fund or Savings Goal under the Protected Goals Account, the combined amount will earn up to 1.55% APY.

Although they may lack the bells and whistles Simple incorporates, there are many alternative high-yield checking accounts that earn a much higher yield on your money with no minimum deposit. You can also compare rates and terms on the best savings options currently available here that also have higher rates than this account.

Simple Shared
Simple offers joint accounts it calls Simple Shared accounts. The Simple Shared account is a separate Simple bank account that you co-own with someone else. The joint Simple Shared account allows pairs to plan budgets and complete savings goals together. Couples can even save for an emergency under the Shared account. Emergency Funds are now available for Simple Shared accounts.

Both co-owners of a Simple Shared account must have individual Simple accounts, too, and they have to keep the individual accounts open in order to have a shared account. Your individual accounts stay private.

Simple Instant
Simple Instant is a peer-to-peer payments system exclusive to Simple users. It’s the quickest way to send money to other Simple account holders instantly, for free. After you add the Simple user to your Instant contacts, you can send money to them using an email address or phone number.

Simple bank accounts work with most third-party p2p payment services like Venmo and Square Cash, too, so you can still send money to your friends who don’t use Simple, although you may be required to pay for instant transfers.

Where Simple falls short

A 1% fee for foreign transactions
Simple doesn’t charge you any fees for making foreign transactions, but Visa does. Each time you swipe your Simple card overseas, you may be required to pay a 1% International Service Assessment fee to Visa. That fee may not be a deal breaker for some frequent travelers, but it’s a bummer to pay any more than you have to, ever.

Additionally. there is a $1,000 daily spending limit for international transactions, but you can have that temporarily raised to $6,000 if you let Simple know you’ll be traveling.

Simple mobile app

When you don’t know exactly how much you have to spend on the things you want but don’t need, you’re either constantly running out of time, money or both. When you’re running around living your life most of the time, keeping track of your money can become a chore.

The Simple mobile app incorporates features that help you keep track of how much money you have left to work with for the month while on the go. You can even get instant push notifications that will send you spending updates in real-time.

Features that stand out

The goals feature is what sets the Simple app and account apart from other mobile-first fintech startups and online banks, which we will get into in detail below.

Using Goals to save money
When you create a goal in Simple — after naming it and adding an optional memo — you’ll set the amount and date by which you would like to complete it. You can fund the goal in two ways: (1) set aside money right away, or (2) elect to save over time.

When you save over time, an algorithm will calculate how much money to move over incrementally from your safe-to-spend amount to the savings goal so it’s fully funded by your preset completion date. You can move money each day, or set a custom funding schedule so the app only moves money on predetermined days.

Using Expenses to budget
You can use the Simple Expenses feature to mimic old-fashioned envelope budgeting. Envelope budgeting is a method in which you set aside cash in physical envelopes for each budgeting category. You set aside what you think you’d need to cover categories like gas, groceries or shopping for a period and if you run out of money for that category, you stop buying in that area. Simple offers a digital version.

You would create an expense and name them for each spending category in your budget for the month and determine how much to set aside for purchases made from that category. Here’s an example budget from Simple:

Simple bank review
Simple

Ideally, you would fund the expense immediately and not over time. That’s what Simple really focuses on doing. It’s a “set it and forget it” mentality. This feature runs off of “Funding Schedules”. So, once you create an expense through this feature, Simple will recreate the expense for you so that it’s paid off again the next month. You can set this up by creating an Expense and choosing the category you want the Expense to automatically come out of. You only need to set this up once. After you’ve set up all of your expenses, the funds will be automatically debited from the appropriate Expense each month.

What if I overspend?
As mentioned earlier, you can intentionally or accidentally spend money set aside for your goals if you go over your safe-to-spend amount. Of course, dipping into your goal money may cut into your progress. If you fall behind on saving or need to edit a goal, you can always edit the target date and/or amount, or delete the goal. On the flip side, if you complete a goal and want to save more money, you can choose to automatically save more over time.

Other features that deserve an honorable mention:

  • You can now order checkbooks Simple used to not offer checkbooks to customers, which we saw as a downfall. Fortunately, Simple now offers a book of 25 paper checks for $5. Before, if you needed or wanted to pay a bill via a personal check, you would have to do so through the bill pay feature. Simple would send the check on your behalf. Now, you’re able to order a checkbook online and write the checks yourself. The company says that once you order your checkbook, your order should arrive in five to seven business days.
  • You can deposit checks — This is the only feature exclusive to the app and may be in found in the “Move Money” tab. Simple recommends submitting the deposit before 5 p.m. EST, as it allows the bank to process the deposit on the same day. However, if you submit the deposit after 5 p.m. EST, the deposit won’t be processed until the next business day. Keep in mind that “processing” is not the same as “funding”. For example, if you make a Photo Check Deposit before 5 p.m. EST on a Monday, the deposit will be processed the same day, but won’t be posted to your account until Tuesday at 3 a.m. EST. If you make the deposit after 5 p.m. EST on a Monday, the funds won’t post to your account until Wednesday at 3 a.m. EST.The limit on how much money you can deposit using a photo check will depend on factors such as how long you’ve been with Simple and the number of checks you’ve recently deposited, so it varies by individual user. You can find out your current check limit under “Deposit a Check.” If the check is too large, you can deposit it by mail.
  • You can block and unblock your debit card — Blocking your card is useful if you lose your card or think it’s been stolen. Go to your profile and select “Your Simple Cards” then block the Simple Visa card. If you see any unauthorized transactions made on your account, you may be covered by Visa’s Zero Liability policy if you report it in time.

How to open a Simple Bank account

Opening a Simple bank account is a quick and easy process (see how I didn’t use the word “simple” there? I saved you from a very punny sentence). Signing up takes all of about five minutes. Simple requires applicants to be U.S. citizens and 18 years or older with a Social Security number.

The company also recommends you have access to a device that can run its mobile app. The device will need to be running on either Apple iOS 10.0 or higher or Android 5.0 (Lollipop) or higher.

You can open an account online or on the Simple mobile app. The application requires you to create a username and password for your Simple bank account, and indicate how you plan to use the account. Then, it asks for personally identifying information like your name and Social Security number.

Simple bank review
Simple

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Who could benefit from the Simple bank account?

The Simple bank account would be most beneficial to individuals and household budgeteers who want to be able to manage their budgeting and bank account in one place, in real time.

Most household money managers are well aware how much their bills will come up to each month and what their short- and long-term monetary goals are. However, it’s naturally difficult to keep the numbers you’re juggling on the top of your head when you are busy and often on the go. Other budgeting apps may keep you organized, but you have to make an effort to keep them on track with your actual spending.

Simple makes keeping up with bills and savings goals effortless.

Simple’s safe-to-spend feature allows even the busiest among us to easily keep track of how much money you actually have available to spend freely. You can use Simple from virtually anywhere, desktop or on your phone, so there are no excuses. Just checking your bank account balance and seeing the difference between the total balance and your safe-to-spend will remind you of your budget and savings goals.

With Simple, you can create and automatically contribute to an emergency fund account, one separate from your other financial goals, so that it actually gets done this time around. The amount you want to save in your Emergency Fund is based on how much money you want to save in a certain period of time. Based on those two things, Simple will put together a daily contribution amount.

Simple’s Goals system can help you stay organized, compartmentalize your budget and keep your financial priorities straight. If you don’t immediately fund a goal, the app has your back. It calculates and makes small transfers to get you closer to your goal for you.

Alternatives

Simple is one of many fintech companies that have recently released a mobile-first or mobile-only banking option. Next, we take a look at how Simple compares with its peers: the Aspiration Summit account, Chime, Beam and Finn by Chase. Rates are as of  the date of publication.

Simple vs. Aspiration Summit account
 SimpleAspiration Summit

Overdraft fee

$0

$25

APY on Checking

1.55% APY ($0 - $9999.99)

0.25% APY

APY on Savings

n/a

n/a

The Aspiration Summit account is the mobile-only banking option for those trying to be a bit more socially conscious. Aspiration’s standout feature is its Aspiration Impact Measurement (AIM), which measures your social impact based on where you spend your money.

You get a personal AIM score, calculated based on the businesses you choose to support, which also each get an AIM score. For businesses, the AIM score is split in two: a “people score” based on factors like employee pay and access to health care, and a “planet score” based on things like the company’s greenhouse gas emissions.

In addition to knowing how the money you spend affects the world around you, you can feel confident knowing Aspiration donates $0.10 of every dollar it makes to financially-focused charities.

Like the Simple bank account, the Aspiration Summit account is a checking account. While the Simple bank account earns up to 1.55% APY, the Aspiration Summit account earns a slightly lower 0.25% APY on all balances. But, Aspiration doesn’t give you the opportunity to open a separate account to set aside savings like Simple does. Aspiration also doesn’t provide any budgeting and goal-setting features on its account, while Simple does. Aspiration requires a $10 minimum deposit to open an account, but no minimum balance to maintain the account.

Aspiration charges is a $25 overdraft fee and a $5 daily fee for each day your balance remains negative. Meanwhile, Simple charges no fees but won’t allow a transaction if it will overdraft your Simple bank account. Like Simple, Aspiration doesn’t charge its users a fee to access ATMs anywhere in the world but goes a step further by fully reimbursing you (on the 10th of each month) if you’re charged a fee by an out-of-network ATM. If you’re traveling overseas, you’ll be charged a fee equal to 1.1% of the transaction using the Aspiration Mastercard debit card.

Simple vs. Chime Bank
 SimpleChime Bank

Overdraft fee

$0

$0

APY on Checking

1.55% APY ($0-$9999.99)

n/a

APY on Savings

n/a

0.01% APY

Chims is a fee-free, mobile-first banking option that features automated savings, but doesn’t come with the analytics and goal-setting features that Simple has.

With Chime, you can automatically save 10% of each paycheck in a savings account and, if you’re enrolled in direct deposit, you can get access to your paycheck up to two days earlier than the money would become available with most other standard checking accounts. Once enrolled in Chime’s automatic savings program, Chime will automatically round up each purchase made with your Chime Visa Debit Card to the nearest dollar and save the difference in your savings account.

If you ever need to split a bill, Chime does the math for you and lets you send a text to a friend with a link to pay you back using Venmo, or Chime’s in-app peer to peer payments feature (Pay Friends) if the friend is a Chime Member. Money sent between two Chime members is received instantly. Simple doesn’t do the math for you, but you can send money instantly to other Simple users using its built-in p2p system, Simple Instant.

Chime offers both a checking account and a designated savings account, unlike Simple, which offers a checking account and the option to save emergency funds in a “protected goals” account.

If your savings are in a Chime savings account, you won’t be granted more than a 0% yield on your funds. On the other hand, if you place your savings in Simple’s Protected Goals Account, you earn up to 1.55% APY on balances of $0.01 or more. Neither Chime nor Simple charge overdraft fees. While Simple doesn’t charge you for using out-of-network ATMs, Chime charges $2.50. You can find more than 38,000 in-network ATMs using the ATM map in the Chime app.

Simple vs. Beam
 SimpleBeam

Overdraft fee

$0

n/a

APY on Checking

1.55% APY ($0-$9999.99)

n/a

APY on Savings

n/a

2.00% APY; up to 4.00% APY

Beam is a fee-free, mobile-only high-interest deposit account. You can earn a much higher yield on your savings with Simple than you would with Beam. Beam accounts promise a minimum 2.00% APY compared with Simple’s 1.55% APY. However, Beam gives its customers the opportunity to claim rewards that can earn them up to 4.00% APY on their funds daily. Beam calls its rewards “billies” and they can be earned by engaging with the app and doing things like referring a friend to Beam. The “billies” are awarded daily between 6 p.m. and 7 p.m. local time. Neither service requires a minimum balance to earn interest on funds.

Beam doesn’t issue users a debit card or give users ATM access like Simple does. Beam is intended for use alongside a primary checking account as a supplementary bank account, while Simple is intended to be used as a primary checking account. If you want to use your money in a Beam account, you must first transfer it out to a primary checking account, which can take up to two days. Beam also doesn’t have any special saving or budgeting features and doesn’t show you spending analytics like Simple does.

As of this writing, Beam is not yet available for widespread use, but Simple is. Beam is still in a “private beta” stage, so it can only accommodate a limited number of customers. If you want to use Beam, you’ll have to sign up on the waiting list, which currently has more than 126,000 names.

Simple vs. Finn by Chase
 SimpleFinn by Chase

Overdraft fee

$0

$0

APY on Checking

1.55% APY ($0-$9999.99)

n/a

APY on Savings

n/a

0.01% APY; up to 0.04% APY

Finn by Chase is a free mobile-first banking option from Chase Bank. Finn by Chase offers checking and savings accounts, and you are required to have both types. For comparison, Simple only offers a checking account. Finn by Chase users earn 0.01% APY on balances below $10,000. For balances that are $10,000-$25,000, Finn users earn 3%, then 0.04% APY on higher amounts. Simple doesn’t offer increased interest on larger balances. Finn does not offer joint accounts, but Simple does.

Both banks issue users Visa debit cards for daily purchases and to use at the ATM. Finn charges $2.50 if you use an out-of-network ATM, while Simple doesn’t charge a fee at all. Finn says its users have access to more than 29,000 in-network ATMs while Simple advertises more than 38,000 in-network ATMs.

The banks both show users’ spending analytics and offer automatic saving features but differ in how their features work.

Finn lets users rate each transaction as a “want” or “need” and how it makes the user feel. Users can choose happy, sad or indifferent faces. Finn also provides users analytics via charts and graphs that summarize their spending habits.

Finally, Simple lets you send money instantly to other users using Simple Instant, but Finn by Chase lets you send money to anyone in the Zelle network, even if they are with a different bank, instantly for free. Both services let users send money with third-party platforms like Venmo, Google Wallet and PayPal.

The bottom line

The Simple bank account is a solid one-stop shop for hassle-free banking and budgeting. Simple, the company, doesn’t charge any fees, but BBVA Compass may charge fees. Make sure you to read the Simple Deposit Account Agreement. Fortunately, it won’t cost you to use their budgeting and analytics system if budgeting and saving is what you’re really after. Additionally, the 1.55% APY on balances up to $9999.99 is a huge perk as you don’t have to maintain a balance requirement to earn the high APY.

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Reviews

Hanmi Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Savings account from Hanmi BankHanmi Bank was founded in 1982 and is currently headquartered in Los Angeles. Part of the parent company Hanmi Financial Corporation, Hanmi Bank has 40 full-service branches throughout California, Colorado, Georgia, Illinois, New Jersey, New York, Texas, Virginia and Washington.Rates for Hanmi Bank may differ by location. Also, rates aren’t currently being advertised on their website so you’ll need to contact Hanmi Bank to confirm them.

This review will cover checking, savings, CD, money market and IRA deposit accounts.

Hanmi Bank checking account options

Regular checking

This account doesn’t earn interest, and if you don’t meet the minimum balance requirement, you’ll be charged a monthly service fee and $0.25 per debit.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $7 (this can be waived)
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: $33 per check

This account doesn’t offer any interest and charges you for each withdrawal if you don’t meet their minimum balance amounts. Unless you’re able to maintain an average daily balance of $1,000 or minimum daily balance of $500, you’ll need to pay $0.25 per debit. This is also the same requirement you need in order to waive the monthly maintenance fee.

The account also comes with e-statements, bill pay, online, telephone and mobile banking. You also get a debit card that comes with its own rewards program, UChoose Rewards. How it works is that you earn one point for each $2 you spend, sometimes more when shopping at participating retailers. Once you reach 1,500 points you can redeem them for various rewards from the bank’s online catalog. You can also use your debit card at more than 25,000 surcharge-free ATMs from the MoneyPass network.

How to get the regular checking account

You can open an account in person or call customer service at 1-855-773-8778 to find out more.

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Green checking and student checking

While there are no monthly fees, you’re limited to how many free transactions you can make.
  • Minimum opening deposit: $200 (green checking) or $50 (student checking)
  • Monthly account maintenance fee: $0
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: $33

This account also doesn’t earn any interest but it does offer students and adults the opportunity to save on monthly maintenance fees. To be eligible for the student account, you’ll need to either be enrolled in a school or be under 18 years old — in which case you’ll need a parent or a guardian as a joint owner.

The only difference between the green checking account and the student checking account is the minimum opening deposit — as a student, you can open it with less money. Otherwise, the features are the same; you get e-statements, bill pay, online, telephone and mobile banking. You also get a debit card that has a rewards program, UChoose Rewards, where you can earn one point (more at participating retailers) for every $2 you spend and redeem them once you reach 1,500 points.

Just because this checking account doesn’t have any monthly fees, doesn’t mean you don’t need to pay anything. You’re only allowed up to three free withdrawals, and more than that will set you back $3 each transaction.

To open a green or student checking account, visit the bank in person, or call customer service at 1-855-773-8778 to find out more.

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Hanmi neighbor/basic checking

Hanmi is batting three for three with non-interest bearing checking accounts.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3 (this can be waived)
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: $33

The Hanmi neighbor/basic checking is the most economical of all the checking account options but you still don’t get unlimited withdrawals. You’ll only get the first 10 withdrawals for free then it’s $0.25 for each one afterward. There’s also a monthly maintenance fee which is waived if you set up a monthly direct deposit, reside in Illinois and are at least 65 years old.

Like the other checking accounts, you get a rewards debit card which earns you one point — could be more at participating retailers — for every $2 you spend and you can start redeeming them for rewards once you reach 1,500 points. You also get bill pay, e-statements, online, mobile and telephone banking.

You can open an account at your nearest branch or call customer service at 1-855-773-8778.

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How Hanmi Bank’s checking accounts compare

Considering the fact that none of these checking accounts earn interest and you need to pay to make withdrawals, we give Hanmi Bank’s checking accounts a hard pass. Sure, the bank offers a rewards program, but it seems hardly worth it.

If you’re looking for the current best rates and low monthly fees, we recommend you check out our list of the 10 best online checking accounts.

Hanmi Bank savings account options

Savings account

Rates offered are fairly competitive but it requires a high minimum balance.
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: none

The rates you see for Hanmi Bank’s savings account isn’t directly advertised on their website, so it’s a good idea to call the bank to ask about the current rates. These are also their promotional rates, which you can only get if you deposit new money. Hanmi Bank defines as money currently not on deposit with them.

Features of the account include an ATM card, e-statements, online, telephone and mobile banking. You’re also able to link it to a checking account for overdraft protection.

Account holders will need to keep a $500 minimum daily balance in order to waive the monthly maintenance fee. You’re also allowed up to six certain withdrawals a month as mandated by Regulation D. Over six and you’ll need to pay $10 for each excessive transaction. If you continually make excessive withdrawals Hanmi Bank could convert your account to one that doesn’t earn any interest.

Ready to open an account? Head to your local branch or call customer service at 1-855-773-8778 to get started.

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Kid’s savings account

No-fee savings account for kids.
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The kid’s savings account is for those whose parents want to help their child learn about how to manage their money a bank. Children under 18 years old can only open this account if the parent or guardian as the primary account holder. The child is a joint owner and can only withdraw funds with the adult’s permission.

Although you don’t get ATM access, your child can access their funds via online, mobile or telephone banking. Remember that Regulation D allows up to six certain withdrawals a month or else you’ll need to pay a $10 excessive withdrawal fee. If continue to violate this restriction, Hanmi Bank could convert this to a non-interest bearing account.

Once the child is 18 years old, the account may be converted to a regular savings account.

Note that this account can only be opened online.

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How Hanmi Bank’s savings accounts compare

Hamni Bank does offer a rate that’s pretty comparable to some of the best rates out there, it does require a high minimum deposit amount. If you don’t have that much cash to spare, the rate for the lowest tier is quite low. In that case, you’re better off checking out our list of the best online savings accounts.

Hanmi Bank CD rates

Installment savings

Great for those who don’t want their CD automatically renewed.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: varies
  • Early withdrawal penalty: Depends on length of term:
  • 7-31 days: 7 days simple interest
  • 32 days to 12 months: 1 month simple interest
  • 12 months or more: 3 months simple interest

The installment savings CD gives you an opportunity to save money by depositing a fixed amount for a predetermined amount of time. It’s a fixed-rate CD, meaning you’ll earn a guaranteed rate of return assuming you keep your funds in the account until maturity and make additional deposits on the dates you originally scheduled. The rates aren’t advertised on Hanmi Bank’s website so you’ll probably want to call the bank to find out their current rates.

You start off by making your initial deposit and schedule a fixed amount to deposit each month, though it does need to be a minimum of $1,000. Interest is then compounded daily and credited to your every account every quarter.

If you stop making scheduled deposits for two months, Hanmi Bank will convert it into a regular savings account. You’ll also receive statements each quarter, or monthly if you elect to make electronic fund transfers.

When your matures, the amount you saved will be paid out. It won’t be renewed automatically and if you don’t make withdrawals, the CD will be converted into a regular savings account.

If you are interested in opening an installment savings account, head to your nearest branch.

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Certificate of Deposit

Hanmi Bank CD’s do not earn compounded interest, which could mean less earnings overall.
  • Minimum opening deposit: $1,000 or $100,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on length of term:
    • Less than 12 months: 1 month simple interest
    • 12 months or more: 3 months simple interest
    • All promotional rates: 6 months simple interest

This is a fixed-rate CD and the rates you see above aren’t advertised on their site, meaning to find their current rates you may need to call Hanmi Bank. Unlike the installment savings CD, you can’t make additional deposits until maturity. You’ll only earn simple interest, which could mean lower earnings. You can choose whether to have interest earned deposited into your CD quarterly, semi-annually or annually. For terms 12 months or less, you can choose to have your interest deposited when your account matures.

Upon maturity, you’ll receive a seven-day grace period in which you can make any changes such as make additional deposits, withdrawals or renew for another term. Otherwise, the CD will automatically be renewed for the same term.

To get started with a Certificate of Deposit from Hanmi Bank, get in touch with your local branch.

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Diamond Freedom CD

Making penalty-free withdrawals is a nice touch.
  • Minimum opening deposit: $50,000 or $100,000
  • Minimum balance amount to earn APY: $25,000
  • Early withdrawal penalty: Only applies if you make more than six withdrawals and depends on length of term:
    • 12 months: 1 month simple interest
    • 24 months: 3 months simple interest

The Diamond Freedom CD gives you the opportunity to make additional deposits and fee-free withdrawals before account maturity. You can make additional deposits in $10,000 increments up to your original opening deposit amount. The rates you see aren’t advertised on their site — call their customer service hotline at 1-855-773-8778 to double-check before opening an account.

For fee-free withdrawals, you can make partial withdrawals — up to $10,000 —seven days apart for the 12-month term and after six months for the 24-month term. Your withdrawal amount can’t be more than half of what’s currently on deposit. Otherwise, you’ll face early withdrawal penalties.

Just like the regular CD, you’ll only earn simple interest. You can choose when you want interest deposited into your CD — at maturity (only for those with terms 12 months or less), annually, semi-annually or quarterly. Thirty days before your account matures you’ll receive a written notice and you’ll get a seven-day grace period upon maturity. If you do nothing. your CD will automatically be renewed for the same term.

If you’re interested in opening a CD, head to your local branch.

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How Hanmi Bank’s CD rates compare

Unfortunately, Hanmi Bank’s CD rates are lower compared with what’s currently being advertised by competitors out there. What’s more, most of their CD products only earn simple interest, meaning that you could be earning less than others that compound their interest. The Diamond Freedom or installment savings CD may be of interest to those who want to make additional deposits or fee-free withdrawals, but we’re not sure the lower rates are worth it.

To find better rates, check out our list of the best CD rates.

Hanmi Bank money market account options

Money market

Looks like you’re better off opening a savings account instead.
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $6 (this can be waived)
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: N/A

The money market account is best for those who want a hybrid checking account as it offers ATM access and limited check-writing capabilities. As it is a savings account, you’re allowed up to six certain withdrawals because of Regulation D, or else you’ll need to pay a $10 excessive transaction fee. Your account could be converted to a non-interest bearing account if you keep making excessive withdrawals.

With this account, you get bill pay, e-statements, online, mobile and telephone banking. You can also link it to a checking account for overdraft protection. To waive the monthly maintenance fee, you’ll need to maintain a $2,500 minimum daily balance each month.

To find out the most current rates, you’ll need to call Hanmi Bank as rates aren’t advertised on their website. You can open a money market account by heading to your local branch or calling customer service at 1-855-773-8778.

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How Hanmi Bank’s money market accounts compare

You’re really not getting much as far as rates go with this account when comparing it side by side with other ones out there. First, the rates are lower than ones advertised from our list of the best money market rates. Next, some of the other accounts have lower balance amount thresholds and also come with limited check-writing capabilities.

All this to say, it may be the wiser choice to go elsewhere.

Hanmi Bank IRA rates

Individual Retirement CD

While you’re getting a guaranteed rate of return, these rates are much lower than other competitors.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Annual account maintenance fee: $10 (this can be waived)
  • Early withdrawal penalty: Depends on length of term:
    • 12 months: 1 month simple interest on closing balance
    • 12-36 months: 3 months simple interest on closing balance
    • 36 months+: 6 months simple interest on closing balance

The IRA CD offers fixed-rate terms. The rates you see above aren’t advertised on the website so before opening an account you’ll want to call Hanmi Bank to confirm rates. In addition, all the terms you see are available nationwide except for California, where account holders can only open a 12-month IRA CD.There’s also an annual fee which Hanmi Bank says you can get waived, though you’ll need to contact the bank to find out exactly how to do so.

Once you make your opening deposit, you can’t make any additional deposits until account maturity. Interest earned is compounded and credited your account every quarter. Once your account matures, you’ll have a seven-day grace period where you can make withdrawals, additional deposits or renew for another term. Otherwise your IRA CD will automatically be renewed.

If you’d like to learn more about this banking product, click the button below. You’ll need to open an account in person at your local branch, though.

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How Hanmi Bank’s IRA CD rates compare

Hanmi Bank’s IRA CD rates are much lower than the ones on our list of the best IRA CD rates we’ve found online. What’s more, if you reside in California, you’re restricted to the 12-month term only. There’s probably no other way to say this but you’ll do better if go with another competitor.

Overall review of Hanmi Bank’s banking products

Some of Hanmi’s CD and savings account rates are pretty comparable to what’s currently being offered out there. However, the rest of their deposit accounts leave lot to be desired. The checking accounts are non-interest bearing and the IRA CD and money market accounts have low rates.

If you’re looking for a decent CD account or have a huge chunk of change to make an opening deposit to put into a savings account, Hanmi Bank could be a good bet. However, for all other products, it’s best to go elsewhere.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Reviews

Columbia Bank Reviews: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Columbia Bank’s checking account options

Totally Free Advantage Checking

A basic checking account that discourages out-of-network ATM usage.
  • Minimum opening deposit: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: $1 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

Columbia Bank’s basic checking account option may be great for those who don’t want to maintain a minimum balance. If you don’t intend on using the ATM much, this can also be a great option since you’ll pay ATM fees plus surcharges for machines outside of Columbia Bank. But this is not an interest-bearing account, so if you want to earn on your money, you should look at its other options.

Totally Free Advantage Checking also comes with free checks, online and mobile banking. The free Visa debit card also comes with Apple Pay, Google Pay or Samsung Pay.

How to get the Totally Free Advantage Checking account

New Jersey residents can open an account by filling out an online application. After choosing which account you want to open and entering your ZIP code, provide personal details such as your name, address and Social Security number. Then you can go ahead and fund the account.

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Yield Plus Checking

Earn a fairly competitive rate, but only if you a high deposit amount.
APYMinimum Balance to Earn APY
0.10%
$0.01
0.15%
$1,000
0.50%
$10,000
1.10%
$250,000
0.10%
$500,000
  • Minimum opening deposit: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Up to six a month; maximum of $20
  • Overdraft fee: $35

This is Columbia Bank’s only interest-bearing checking account. It also offers free ATM usage nationwide. You also don’t need to pay any monthly maintenance fees, but you do need to meet the bank’s qualifications to get the rates mentioned above.

To qualify, you’ll need to make at least one direct deposit each month. Otherwise, your APY will drop to 0.10%. Just like the Totally Free Advantage Checking account, you get a free Visa debit card — with which users can utilize Apple Pay, Google Pay or Samsung Pay — free checks, online and mobile banking.

How to get the Yield Plus Checking account

You can only open this account in person at a branch.

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Advantage Plus Checking

Get some neat perks like cashback rewards and free subscription services.
  • Minimum opening deposit: 1 cent
  • Monthly account maintenance fee: $9 (this can be waived)
  • ATM fee: None
  • ATM fee refund: Up to 10 a month, maximum of $30
  • Overdraft fee: $35

Although you don’t earn any interest with the Advantage Plus Checking account, it does come with a whole host of perks. For one, you can get a rebate — up to $14 a month — on your monthly subscription to services such as Spotify, Netflix or Hulu. Account holders can also enroll in the uChoose Rewards program, where you can earn up to $120 cash back per year on qualifying purchases you make with your debit card.

Other benefits of this account include free checks, money orders, online statements, bonus rates for some CD terms and a rate discount on fixed-rate home equity loans. There’s also free online and mobile banking, as well as the ability to use Apple Pay, Google Pay or Samsung Pay.

To waive the monthly maintenance fee, you’ll need to maintain a $500 daily minimum balance. If the primary account holder is younger than 23, there is no minimum balance.

How to get the Advantage Plus Checking account

You can only open an Advantage Plus Checking account at a branch.

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How Columbia Bank’s checking accounts compare

The rates for the Yield Plus Checking account are on par with some of those on our list of the best online checking accounts. But unlike many of those competitors, it does require a high minimum account balance. We also think the sign-up bonus, along with the cashback feature of the Advantage Plus Checking account, is pretty good if you believe you can maximize that feature. Otherwise, you may want to look elsewhere.

Columbia Bank’s savings account options

Advantage Plus Savings

Link this account to an Advantage Plus Checking account for free ATM access.
APYMinimum Balance to Earn APY
0.15%
$10 ($100 for passbook holders)
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $10
  • Monthly account maintenance fee: $4 (or $2 if you opt for passbook savings)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: N/A

This savings account earns a small amount of interest and may differ in fees depending on the option you choose. If you opt for a passbook account — meant for those who don’t intend to access their account often — you can waive the monthly maintenance fee if you keep a $100 minimum daily balance. For the regular statement savings, you’ll only need to keep a $50 minimum daily balance.

For ATM access, you can link this account (not the passbook option) with the Advantage Plus Checking account. Remember that you’re allowed up to six certain withdrawals because of Regulation D. If you go over six, the bank will charge you a $15 excess transaction fee per withdrawal.

How to get the Advantage Plus Savings account

If you’re a New Jersey resident, you can browse the online application to open an account. You’ll need to indicate which account you want to open and your ZIP code, then fill in details such as your name, address and Social Security number. Afterward, fund the account.

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Kids Count Youth Savings

Your kids can get a higher rate than you.
APYMinimum Balance to Earn APY
0.30%
$1
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $1
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

A parent or guardian can help their kids open this account — choose from a passbook or statement format. The rate is higher than the regular adult account. Columbia Bank will match your child’s initial opening deposit up to $15 as a bonus.

Because of Regulation D, this account is allowed up to six certain withdrawals a month. Columbia Bank will charge a $15 excess transaction fee for each withdrawal over six.

How to get the Kids Count Youth Savings account

Both the child and a parent or guardian need to be present to open this account at a branch.

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How Columbia Bank’s savings accounts compare

We’re not impressed with these savings accounts (even with the bonus on the kids’ option) because the rates fall way short compared to our list of the best online savings accounts. Most don’t have minimum balance requirements, so it looks like you may be better off going elsewhere.

Columbia Bank’s CD rates

Certificates of deposit

The longer terms on these CDs aren’t too bad.
Regular rates
TermAPY
7 days0.10%
28 days0.10%
91 days0.90%
182 days0.90%
9 months0.60%
12 months0.90%
12 months (Advantage Plus rate)1.10%
18 months0.90%
20 months0.45%
24 months0.90%
30 months0.50%
36 months1.00%
48 months1.15%
60 months1.15%
60 months (Advantage Plus rate)2.45%
72 months1.15%
84 months1.15%
Promo rates
TermAPY
20 months (Bump Up CD)1.75%
36 months (Home Saver)1.50%
  • Minimum opening deposit: $500 (except for seven-day and 28-day terms, which is $2,500)
  • Minimum balance amount to earn APY: $500 (except for seven-day and 28-day terms, which is $2,500)
  • Early withdrawal penalty: Depends on length of term:
    • Seven to 28 days: All interest earned
    • 91 days: 30 days’ interest
    • 182 days to nine months: 90 days’ interest
    • 12-20 months: 180 days’ interest
    • 24-84 months: 365 days’ interest

Columbia Bank offers some attractive promotional rates for those who are Advantage Plus Checking account customers. There’s also the Home Saver CD meant to help those who are saving for a home down payment. The Bump Up CD offers account holders the chance to increase their rate once upon request if it goes up during the term.

Except for the seven- and 28-day CDs — where dividends are paid out at maturity — interest is credited quarterly or upon maturity. Interest earned differs depending on your CD term:

  • Seven to 182 days: Interest not compounded
  • Nine to 12 months: Interest compounded quarterly
  • 18-84 months: Interest compounded daily

Upon maturity, your CD will automatically be renewed for the same term, except for the seven- and 28-day CDs. You’ll have a seven-day grace period where you can make changes such as add additional funds, make withdrawals or renew for another term.

How to get Columbia Bank’s CDs

You can only open the 12-, 24- or 36-month CDs online. To do so, fill out the online application by providing details such as your name, address, phone number and a way to fund the account.

For all other terms, you’ll need to head to the nearest branch.

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How Columbia Bank’s CD rates compare

We noticed that some of these CD terms are fairly competitive compared to the ones on our list of the best CD rates. Fortunately, the ones you can open online are some of the higher ones. If you’re not a New Jersey resident though, you have no choice but to look elsewhere.

Columbia Bank’s money market account options

Advantage Money Market

These rates don’t do much for us.
APYMinimum Balance to Earn APY
0.15%
$0.01
0.25%
$2,500
0.50%
$10,000
0.50%
$25,000
0.50%
$50,000
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: $12 (this can be waived)
  • ATM fee: $1 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

This account is best for those who want a hybrid savings account since there is ATM access without linking to a checking account. You’ll also get bill pay, e-statements and free online banking. But the monthly fee and minimum opening deposit seem a bit steep in comparison.

To waive the monthly maintenance fee, you’ll need to agree to receive e-statements and meet the $2,500 daily minimum balance. Since this is a savings account, Regulation D allows you up to six certain withdrawals each month. Exceed that threshold and you’ll face a $15 transaction fee for each one you go over from Columbia Bank.

How to get Columbia Bank’s money market account

You need to head to a local branch to open a money market account.

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How Columbia Bank’s money market accounts compare

Sadly, Columbia Bank is on a bit of a roll when it comes to low rates for its savings accounts. Combined with the fact that you can only open an account in person, you’re probably better off looking at competitors, such as the ones on our list of the best money market accounts.

Columbia Bank’s IRA account options

IRA CD rates

Some of the rates are pretty low on these retirement versions of CDs.
Fixed rates
TermAPY
91 days0.90%
4 months0.10%
5 months0.10%
182 days2.00%
7 months0.10%
8 months0.10%
9 months0.60%
10 months0.10%
11 months0.10%
12 months1.10%
14 months0.10%
18 months1.25%
20 months0.45%
24 months0.90%
30 months1.45%
36 months1.20%
40 months0.75%
42 months0.75%
48 months1.15%
60 months1.15%
72 months1.15%
84 months1.15%
Promo rate
TermAPY
20 months (Bump Up rate) 1.75%
Variable rate
TermAPY
18 months0.90% Variable
  • Minimum opening deposit: $500 ($100 for variable-rate CD)
  • Minimum balance amount to earn APY: $500 ($100 for variable-rate CD)
  • Early withdrawal penalty: Depends on length of term:
    • 91 days: 30 days’ interest
    • Four to nine months: 90 days’ interest
    • 10-20 months: 180 days’ interest
    • 24-30 months: 270 days’ interest
    • 36-84 months: 365 days’ interest

The IRA CDs offer fixed-rate and variable-rate choices, along with a Bump Up option — you can request a one-time rate increase if it goes up during your CD term.

Interest is compounded depending on your term, except for the 91- to 182-day ones, where interest is not compounded. For terms of seven to nine months or 12 months, interest is compounded quarterly. For terms of 10 or 11 months, as well as between 14 and 84 months, interest is compounded daily. All CD terms credit interest earned either quarterly or at maturity.

When your CD matures, your account is automatically renewed for the same term unless you make changes within the seven-day grace period — additional deposits, withdrawals or renewing for another term.

How to get Columbia Bank’s IRA CDs

You can only open an IRA CD account in person.

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How Columbia Bank’s IRA CD rates compare

Most of these CD rates fall flat when compared to other places. Even with the Bump Up CD option, you’re probably not going to get nearly as high of a rate of return like the ones on our list of the best IRA CD rates. You may want to do yourself a favor and do some comparison shopping.

IRA savings account

You can choose between a passbook or distribution account.
APYMinimum Balance to Earn APY
0.15% (distribution)$0.01
0.15% (passbook)$50
  • Minimum opening deposit: 1 cent
  • Minimum balance to earn APY: 1 cent or $50
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

You can choose from a passbook or distribution account — both offer the same rate. The main difference is that with a passbook account, you are expected to keep the money in the account or not access it as often. The distribution account is one where you want to make more withdrawals — though be careful as you may get penalized if you take money out before you’re 59½. The interest in the distribution account is compounded daily, while the passbook option interest is compounded quarterly.

Remember that Regulation D allows account holders up to six certain withdrawals a month, or else you’re looking at a $12 excess transaction fee from the bank for each one you go over.

How to get Columbia Bank’s IRA savings account

You’ll need to head to a local branch to open an IRA savings account.

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Overall review of Columbia Bank’s banking products

Unfortunately, the rates for Columbia Bank’s deposit account products aren’t that great. They’re consistently lower than other competitors, except for a few of the fixed-rate CD terms. Besides, only New Jersey residents can open accounts here. Those living outside of the Garden State have to look elsewhere.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.