Yuanta Securities Lowers IRP Account Fees to Industry's Lowest Level

[Asia Economy Reporter Lee Seon-ae] Yuanta Securities announced on the 1st that it will lower IRP account fees to the industry's lowest level and hold an event offering cash coupons to new customers and those transferring IRP accounts from other companies.

An IRP (Individual Retirement Pension) is a retirement preparation pension account that allows individuals to make personal contributions during their working years, invest in various products such as deposits, RP, funds, ETFs, and receive tax credit benefits. After retirement, the retirement funds can be managed with tax deferral and received as a pension after the age of 55.

In particular, management and asset management fees are charged annually according to contracts with retirement pension providers and automatically deducted from the IRP balance. As a result, many users do not feel the actual fees. However, since it is an account used for a long period, the fees incurred each year can affect the rate of return, making it an important factor to carefully consider when choosing a financial institution.

Accordingly, Yuanta Securities will waive all fees for IRP accounts opened to receive tax credits starting from the 1st, and reduce fees to an annual rate of 0.1% by summing all fees when retirement funds are deposited. This is the lowest fee level compared to all retirement pension providers (banks, insurance, securities, etc.).

To celebrate the fee reduction, Yuanta Securities will hold an event until June 30th for customers who newly open a Yuanta IRP account or transfer an IRP account from another company for the first time. During the event period, customers who open a personal IRP account at Yuanta Securities for the first time, deposit more than 1 million KRW, and set a fund purchase ratio of 10% or more will receive a 5,000 KRW cash coupon. Additionally, customers who transfer a personal IRP account from another company to Yuanta Securities will receive a cash coupon of 10,000 KRW for transfer amounts between 1 million KRW and less than 10 million KRW, 15,000 KRW for amounts between 10 million KRW and less than 50 million KRW, and 25,000 KRW for amounts of 50 million KRW or more.

Shin Nam-seok, Head of the Retail Business Division, said, “IRP accounts are gaining attention not only as a means of retirement preparation but also as a tax-saving tool,” and added, “We hope that Yuanta Securities’ IRP account, with its lowest fees, will serve as a reliable stepping stone for retirement.”

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