Rolling Bonuses and New Year's Money... There Are Also Safe Savings and Time Deposits Available

Safe Products with Principal Guarantee
High-Interest Products Also Follow One After Another

[Asia Economy Reporter Kiho Sung] After the Lunar New Year holiday, savings and deposit products that effectively manage bonuses or New Year's money are gaining attention. Especially because principal protection is possible, these products are popular among customers seeking safe investments. Although 0% interest rates have become commonplace, if you look carefully, high-interest products offering 5-6% rates are being launched one after another.

If you use Woori Bank as your main bank, you should not miss the ‘Woori Magic Savings by Woori Card’ product. This product offers an annual interest rate of 6%. Considering that existing bank savings and deposit interest rates are between 0-1%, this is an attractive high-interest product. It is a follow-up product to the ‘Woori Magic6 Savings,’ which sold out within two months of its launch last year.

If short-term storage is needed, consider a 'Parking Account'

If you have a lump sum such as a bonus, you should also check out the ‘Parking Account’ products. Usually, parking accounts have interest rates in the 0% range, but Pepper Savings Bank launched the ‘Pepper Lulu Parking Account’ product, which offers 2% annual interest even if you deposit for just one day, to commemorate the relocation of its head office and new headquarters. If the deposit amount is 3 million KRW or less, 2% annual interest is provided; if it exceeds 3 million KRW, 1.5% annual interest is given, with a maximum deposit limit of 200 million KRW. It is an exclusive product for non-face-to-face channels, so there is no need to visit a branch, which is also attractive.

K Bank also operates the parking account ‘Plus Box,’ which offers an annual interest rate of 0.7% even for a one-day deposit. This product allows deposits up to 100 million KRW and is especially popular as a perfect product to park standby funds amid high stock price volatility and a surge in initial public offerings (IPOs) these days.

JT Savings Bank’s parking account ‘JT Jump Up Savings Deposit’ offers a basic interest rate of 1.3% per annum (variable rate). JT Jump Up Savings Deposit guarantees interest benefits even if deposited for just one day, with no separate conditions such as deposit period or balance maintenance. This product can be subscribed to through the Savings Bank Association’s mobile application SB Toktok Plus. JT Chin-Ae Savings Bank also operates a ‘Savings Deposit’ product offering up to 1.5% annual interest (differential rates applied depending on deposit amount).

New Year's Money Accounts Should Consider Both Interest Rates and Services

There are also various products suitable for saving children’s New Year's money. In particular, besides interest rates, various additional services for children and teenagers make these products more attractive.

Shinhan Bank has launched the ‘My Junior Savings.’ This product is available to those under 18 years old. It offers a maximum interest rate of 2.2% per annum for those under 18. If conditions are met, ‘free enrollment in safety insurance’ is possible. Hana Bank offers the free installment savings product ‘I Dream Hana Savings,’ which is good for depositing New Year's money. This product allows registration of the desired university before the child turns 14, and if the child actually enters this university, a preferential interest rate of 2% per annum is applied for one year before maturity.

NH Nonghyup Bank’s ‘NH Good Children Savings’ is also a financial product exclusively for children. It is suitable for elementary school students who want to steadily save small amounts like New Year's money every year. If siblings join together on the same day, a preferential interest rate of 0.1 percentage points is provided. KB Kookmin Bank’s ‘KB Young Youth Savings’ is available to those under 18, with a contract period of one year. The interest rate is 0.85% per annum, and depending on whether conditions are met, up to 1.3 percentage points of preferential interest can be received. In particular, an additional 0.5 percentage points is given when registering the child’s growth celebration and fingerprint.

This content was produced with the assistance of AI translation services.