KakaoBank Raises Savings and Deposit Interest Rates... Up to 0.40%p Increase

[Asia Economy Reporter Kiho Sung] KakaoBank has raised deposit and savings interest rates following the base interest rate hike.

KakaoBank announced on the 8th that it increased the basic interest rates for deposits and savings by 0.30 to 0.40 percentage points. The increased rates will apply to new subscriptions starting from the 9th.

Both fixed deposits and flexible savings accounts saw a 0.30 percentage point increase regardless of the maturity period. Accordingly, the fixed deposit interest rate, which was 1.20% per annum for one year, will now be applied at 1.50% per annum. The flexible savings interest rate was raised from 1.30% to 1.60% per annum, and an additional preferential interest rate of 0.20 percentage points per annum is offered when automatic transfers are applied.

The 26-week savings plan interest rate increased by 0.40 percentage points from 1.10% to 1.50% per annum. If automatic transfers are successfully made for 26 weeks, a preferential interest rate of 0.50 percentage points per annum is provided, allowing a maximum interest rate of 2.00% per annum.

The Safe Box basic interest rate was also raised by 0.30 percentage points, applying an interest rate of 0.80% per annum. Only one Safe Box can be opened per deposit and withdrawal account, and the same interest rate is applied even if the deposit is held for just one day. The maximum limit is planned to be expanded from 10 million KRW to 100 million KRW within October.

A KakaoBank official stated, "We raised deposit and savings interest rates following the base interest rate hike."

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