The effect of interfacial microstructures on the bonding strength of Sn–3.0Ag–0.5Cu Pb-free solder bumps with respect to the loading speed, annealing time, and surface finish was investigated. The shear strength increased and the ductility decreased with increasing shear speed, primarily because of the time-independent plastic hardening and time-dependent strain-rate sensitivity of the solder alloy. The shear strength and toughness decreased for all surface finishes under the high-speed shear test of 500 mm/s as a result of increasing intermetallic compound (IMC) growth and pad interface weakness associated with increased annealing time. The immersion Sn and organic solderability preservative (OSP) finishes showed lower shear strength compared to the electroless nickel immersion gold (ENIG) finish. With increasing annealing time, the ENIG finish exhibited the pad open fracture mode, whereas the immersion Sn and OSP finishes exhibited the brittle fracture mode. In addition, the shear strength of the solder joints was correlated with each fracture mode.