K Bank Raises Savings and Deposit Interest Rates by up to 0.6 Percentage Points

[Asia Economy Reporter Kiho Sung] Internet-only bank K Bank announced on the 13th that it will raise deposit and savings interest rates by up to 0.6 percentage points. The increased rates will be applied from today.

The interest rates for the ‘CodeK Time Deposit’ will be adjusted upward by subscription period: for 1 year or more, from 1.5% to 2.0% per annum; for 2 years or more, from 1.55% to 2.1%; and for 3 years or more, from 1.6% to 2.2%.

K Bank also offers a ‘Rate Guarantee Service’ that retroactively applies the increased interest rates. This service applies the raised rates retroactively from the deposit subscription date without the inconvenient process of cancellation and re-subscription if the rate increases within 14 days after subscription. For example, if a customer subscribed on the 1st of this month at an annual rate of 1.5% (1 year), the new rate increase will automatically apply a 2.0% rate retroactively from the deposit subscription date.

Savings interest rates are also adjusted by product and subscription period, offering a maximum annual rate of 2.5%.

The basic interest rates for the ‘Main Transaction Preferred Flexible Savings’ are raised as follows: for 1 year or more, from 1.35% to 1.7% per annum; for 2 years or more, from 1.4% to 1.8%; and for 3 years or more, from 1.45% to 1.9%. Adding the maximum preferential rate of 0.6%, the applied rates become up to 2.3% for 1 year or more, 2.4% for 2 years or more, and 2.5% for 3 years or more.

The ‘CodeK Flexible Savings,’ which offers the highest interest rate without conditions, will increase rates from 1.8% to 2.1% for 1 year or more, from 1.85% to 2.2% for 2 years or more, and from 1.90% to 2.3% for 3 years or more.

A K Bank official said, “We have raised the interest rates on deposit products across the board following the base rate hike,” adding, “We will ensure that customers can enjoy the highest level of financial benefits in the banking sector more quickly and conveniently.”

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