3% Range Savings Accounts Appear... KakaoBank Raises Deposit and Savings Interest Rates by up to 0.40%P

Interest Rate Increase Applies from New Sign-ups on the 4th

[Asia Economy Reporter Minwoo Lee] KakaoBank is raising interest rates on deposit products (savings and installment savings) by up to 0.40 percentage points (p). For some installment savings products, customers can now earn interest rates in the 3% range.

KakaoBank announced on the 4th that it has decided to increase the base interest rates for savings and installment savings accordingly. The revised rates will apply to new subscriptions starting from today.

Interest rates for flexible installment savings and fixed deposits have been raised by 0.10 to 0.40 percentage points. The longer the maturity, the greater the increase.

Specifically, the interest rate for a 1-year fixed deposit has increased by 0.25 percentage points to an annual rate of 2.25%, and the 3-year fixed deposit rate has risen by 0.40 percentage points to an annual rate of 2.70%.

The 1-year flexible installment savings rate has been raised by 0.20 percentage points to an annual rate of 2.40%. For flexible installment savings, customers who apply for automatic transfers can receive an additional preferential interest rate of 0.20 percentage points. In this case, the 1-year flexible installment savings rate becomes 2.60% annually, and the 3-year flexible installment savings can earn up to 3.00% annually.

The 26-week installment savings interest rate has been increased by 0.10 percentage points. If automatic transfers are successfully made for 26 weeks, a preferential interest rate of 0.50 percentage points is provided, resulting in a maximum annual rate of 2.60%.

The base interest rate for the 'Safe Box' product, which allows easy separation and management of balances within an account vault, has increased by 0.10 percentage points to 1.20% annually. One Safe Box can be opened per deposit account, with a maximum storage limit of 100 million KRW. Starting today, all Safe Box accounts will have an annual interest rate of 1.20% applied.

A KakaoBank representative stated, "We raised the interest rates on savings and installment savings to offer competitive benefits to our customers," adding, "We will continue to strive to provide beneficial and enjoyable financial products and services to our customers."

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