'Ut Tongjang' Raises Interest Rates at OK Savings Bank... Up to 3% for Amounts Under 5 Million Won

[Asia Economy Reporter Song Seung-seop] OK Savings Bank announced on the 31st that it will raise the interest rate of the ‘OK Eut Account,’ which provides interest even for deposits held for just one day.

The OK Eut Account has applied an annual interest rate of 1.0% for deposits up to 30 million KRW, and 0.1% for the amount exceeding that. With an additional preferential interest rate of 0.2 percentage points, customers could receive up to 1.2%.

With this adjustment, the base interest rate has increased, and the applicable deposit amount threshold has been lowered. Deposits up to 5 million KRW will receive an interest rate of 2.8%, and amounts exceeding that will receive 0.8%. Registering an open banking account with another bank also grants an additional preferential interest rate of 0.2 percentage points.

The OK Eut Account will be sold with a limit of 300 billion KRW. This product can be subscribed to through branches and non-face-to-face channels, and only one account per person is allowed.

An OK Savings Bank official explained, “The interest rate is higher than that of regular deposit products sold by commercial banks, making it effective for short-term management of funds without investment destinations, living expenses, or emergency funds.”

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