Installment Savings Account Features
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24/7 Online Banking
Access your installment savings account on your time, your way. Whether you prefer to use an app during your morning coffee or checking your account late at night, we’re here for you.
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No Service Charge
There are no hidden fees or management charges. With installment savings accounts, every penny you deposit comes right back with interest.
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Multiple Term Options
We offer installment savings accounts with terms of 1, 2, 3, 4, or 5 years, enabling you to find the optimal solution for your financial plans.
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Fixed Interest Rate
Lock in your installment saving’s interest rate upfront so you know exactly what growth to expect years down the line—no surprises and no risk.
Product Information
Personal installment savings accounts let you put away a little each month while offering greater returns on your money than a traditional savings account. Watch your balance grow over time, setting yourself up for major milestones ahead.
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Minimum Opening Deposit
Opening deposit/monthly deposit amount varies based on the term and goal amount.
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Goal Amount
$1,000 to $100,000
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Monthly Service Charge
$0
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Interest
Interest rate varies depending on the goal and term of the installment savings account.
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Transaction Limitation
Your monthly deposit must be automatically transferred from a linked checking or savings account at Bank of Hope. This allows you to set up your personal installment savings account, and then sit back while your savings automatically accumulate.
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Closing Fee
A closing fee may be imposed for early withdrawals.
| Goal / Term | 12 Mo. | 24 Mo. | 36 Mo. | 48 Mo. | 60 Mo. |
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| APY* | 3.05% | 3.05% | 2.79% | 2.53% | 2.02% |
| $1,000 | $81.99 | $40.38 | $26.62 | $19.79 | $15.84 |
| $5,000 | $409.92 | $201.90 | $133.09 | $98.95 | $79.17 |
| $10,000 | $819.84 | $403.79 | $266.18 | $197.89 | $158.34 |
| $15,000 | $1,229.76 | $605.69 | $399.27 | $296.84 | $237.51 |
| $20,000 | $1,639.68 | $807.58 | $532.36 | $395.78 | $316.67 |
*The stated APY (Annual Percentage Yield) of 3.05% for a term of 12 months, 3.05% for a term of 24 months, 2.79% for a term of 36 months, 2.53% for a term of 48 months, and 2.02% for a term of 60 months are accurate as of 4/17/2023. The rate is fixed until your maturity date. A minimum opening deposit varies depending on the Contract Term. The Goal Amount ranges from $1,000 to $100,000. The amount at maturity may be different from the original Goal Amount. The Goal Amount is guaranteed only when the monthly payments are made according to the monthly payment schedule. The account must be funded within 10 calendar days from the account opening date. Your monthly payment must be automatically transferred from a linked checking or savings account at Bank of Hope. The account must be closed at maturity. If you choose to withdraw the amount before maturity, you must withdraw the entire balance and close the account. A closing fee will apply for early withdrawal before maturity. Fees may reduce earnings on the account. Terms and conditions are subject to change without notice. A copy of the Deposit Account Agreement and Account Product Disclosure are available upon request. Account Product Disclosure is also available in the online application portal.
Interest Compounding and Crediting Frequency: Interest on your account will be compounded daily using the daily balance method and credited to your account at the end of each calendar quarter and at maturity. This method applies a daily periodic rate to the principal in the account at the end of each day. We will use an interest accrual basis of 365 (or 366 in a leap year) for each day in the year. Interest begins to accrue on the business day you deposit noncash items (for example, checks). If you close your account before interest is credited, you will receive the accrued interest. Interest will not accrue after the maturity date. Fees may reduce earnings on the account.
Transaction Limitation: Your Monthly Deposit must be automatically transferred from a linked checking or savings account at Bank of Hope. Other types of deposit are not allowed (i.e., Over the counter, Transfer through Online Banking, ATM, etc.) The account must be closed at maturity. If you choose to withdraw the amount before maturity, you must withdraw the entire balance and close the account. A closing fee will apply as described below.
Closing Fee: When the account is closed within 90 days of the open date, there will be a $20 closing fee. When the account is closed after 90 days of the open date and before maturity, Bank of Hope will impose a closing fee equal to the interest paid during the previous quarter.
Find a branch near you to open an account!
*The stated APY (Annual Percentage Yield) of 3.05% for a term of 12 months, 3.05% for a term of 24 months, 2.79% for a term of 36 months, 2.53% for a term of 48 months, and 2.02% for a term of 60 months are accurate as of 4/17/2023. The rate is fixed until your maturity date. A minimum opening deposit varies depending on the Contract Term. The Goal Amount ranges from $1,000 to $100,000. The amount at maturity may be different from the original Goal Amount. The Goal Amount is guaranteed only when the monthly payments are made according to the monthly payment schedule. The account must be funded within 10 calendar days from the account opening date. Your monthly payment must be automatically transferred from a linked checking or savings account at Bank of Hope. The account must be closed at maturity. If you choose to withdraw the amount before maturity, you must withdraw the entire balance and close the account. A closing fee will apply for early withdrawal before maturity. Fees may reduce earnings on the account. Terms and conditions are subject to change without notice. A copy of the Deposit Account Agreement and Account Product Disclosure are available upon request. Account Product Disclosure is also available in the online application portal.
Interest Compounding and Crediting Frequency: Interest on your account will be compounded daily using the daily balance method and credited to your account at the end of each calendar quarter and at maturity. This method applies a daily periodic rate to the principal in the account at the end of each day. We will use an interest accrual basis of 365 (or 366 in a leap year) for each day in the year. Interest begins to accrue on the business day you deposit noncash items (for example, checks). If you close your account before interest is credited, you will receive the accrued interest. Interest will not accrue after the maturity date. Fees may reduce earnings on the account.
Transaction Limitation: Your Monthly Deposit must be automatically transferred from a linked checking or savings account at Bank of Hope. Other types of deposit are not allowed (i.e., Over the counter, Transfer through Online Banking, ATM, etc.) The account must be closed at maturity. If you choose to withdraw the amount before maturity, you must withdraw the entire balance and close the account. A closing fee will apply as described below.
Closing Fee: When the account is closed within 90 days of the open date, there will be a $20 closing fee. When the account is closed after 90 days of the open date and before maturity, Bank of Hope will impose a closing fee equal to the interest paid during the previous quarter.
FAQ about Personal Installment Savings Accounts
A traditional savings account enables customers to easily deposit and withdraw funds as needed, while also allowing their money to earn a modest interest rate. To learn more, check out our Personal Savings & MMA page.
In comparison, the holder of an installment savings account agrees to make regular deposits of a predetermined amount. They usually cannot access their funds without incurring a penalty before the terms end. However, installment savings accounts offer higher interest rates.
Personal installment savings accounts and certificates of deposit (CD) share many similarities. For both offerings, customers commit to holding their money within the account for a pre-set amount of time. In turn, they receive greater interest than what they’d earn with a more flexible checking or savings account.
The key distinction between the two is that CDs require you to deposit your funds all at once. Alternatively, installment savings accounts let you divide your deposit into monthly deposits. Many customers find that making multiple contributions of smaller amounts reduces their short-term financial burden, ultimately motivating them to save more than they would have otherwise.
Yes! Bank of Hope has its deposits insured by the Federal Deposit Insurance Corporation (FDIC) to the fullest extent allowed by law. This means that, if for any reason Bank of Hope is in a position in which we cannot pay the money you are owed, you will still receive up to $250,000 of your installment savings account through government-backed insurance.
It’s important that every reputable financial institution be able to give its customers this peace of mind, despite the extremely low likelihood of such a scenario occurring.
Bank of Hope does not limit the number of installment savings accounts you can hold at once, granting you the freedom to possess accounts with varying terms.
However, for some, laddering installment savings accounts may not be the best strategy for maximizing returns. A banking specialist is available to review your specific objectives and financial situation to help prepare a plan that balances your need to access funds with generous interest rates.
