Shinhan Bank Raises Base Interest Rates on 25 Types of Savings and Time Deposits by up to 0.7%p

'Shinhan Solmanhae Savings' Up 0.3%p to a Maximum Annual Rate of 5.3%

[Asia Economy Reporter Yoo Je-hoon] Shinhan Bank announced on the 8th that it has raised the base interest rates of 25 types of savings and installment savings products by up to 0.7 percentage points (p) in response to the recent rise in market interest rates.

According to Shinhan Bank, depending on the subscription period for each product, the interest rates for 3 types of fixed-term deposits will increase by 0.5 to 0.7 percentage points, and for 22 types of installment savings, the rates will increase by 0.3 to 0.7 percentage points.

With this increase, the 'Shinhan SOLmanhae Savings,' which offers preferential interest rates to Shinhan SOL users, will rise by 0.3 percentage points to a maximum annual rate of 5.3%. The representative installment savings product for main customers, 'Shinhan Al.SOL Savings,' with a 1-year term, will increase by 0.5 percentage points to a maximum annual rate of 3.7%.

Additionally, Shinhan Bank's flagship Environmental, Social, and Governance (ESG) products, the 'Beautiful Courage Fixed Deposit' will increase by 0.7 percentage points to 3.0% annually, and the 'Beautiful Courage Savings' will increase by 0.7 percentage points to a maximum annual rate of 3.7%.

A Shinhan Bank official stated, "Due to the continuous rise in market interest rates recently, we proactively raised the interest rates on savings and installment savings products to meet the needs of customers who prefer safe assets. We will continue to provide customers with tangible interest benefits through prompt rate hikes in line with the Bank of Korea’s base rate and market interest rate increases."

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