Savings accounts with annual interest rates over 9% emerge... Banks compete in deposit interest rates

[Asia Economy Reporter Buaeri] As the Bank of Korea implemented a big step by raising the base interest rate by 0.5 percentage points, banks are also raising deposit interest rates one after another. In the secondary financial sector, savings products with interest rates in the 9% range have appeared. The 'reverse money move,' where funds that had poured into stocks are flowing back into savings and deposit products, has also begun in earnest. The balance of savings and deposits at the five major commercial banks (KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup) increased by more than 21 trillion won in the first half of this year alone.

According to the financial sector on the 16th, the interest rate for the 'Post Office × Shinhan Card Ujeong Savings' product, launched by Shinhan Card and the Korea Post, has been raised to a maximum of 9.7%. This comes three weeks after the same product's interest rate was raised to 9.2% on the 24th of last month. The base interest rate was 2.15%, but it increased by 0.5 percentage points to 2.65% per annum. However, the savings subscription period is one year, with a monthly payment limit of 300,000 won.

However, the conditions to receive the highest interest rate are relatively strict. To receive the base interest rate of 2.65% plus an additional 0.45% preferential rate from the Post Office, the free savings must be maintained until maturity. The Shinhan Card usage conditions must also be met. An additional 6.6% interest rate is applied through special rewards provided by Shinhan Card. The number of new subscriptions for this product has already surpassed 26,000 accounts.

Commercial banks are also raising savings and deposit interest rates one after another. KB Kookmin Bank will raise the interest rates of 33 types of fixed deposits and installment savings by up to 0.7 percentage points starting from the 18th. Earlier, Shinhan Bank also raised the interest rates of 25 types of savings and deposits by up to 0.7 percentage points on the 8th.

Hana Bank raised the interest rates of a total of 30 types of savings and deposits, including 22 types of installment savings and 8 types of deposits, by up to 0.9 percentage points starting from the 14th, and Woori Bank also raised the interest rates of 21 fixed deposits and 25 installment savings by up to 0.8 percentage points. NH Nonghyup also raised savings and deposit interest rates by up to 0.6 percentage points. The internet-only bank K Bank also raised the interest rate of its parking account 'Plus Box' by 0.8 percentage points.

Accordingly, savings and deposit products with interest rates in the 3-5% range have appeared at commercial banks. For KB Kookmin Bank, the 'KB My Fit Savings' will change to a maximum annual rate of 4.4%. The 'KB Double Moa Deposit' will be raised to a maximum of 3.05% per annum, and the 'KB Companion Happiness Savings' will be raised to a maximum of 3.9%, each increased by 0.5 percentage points.

The 'Shinhan Solmanhae Savings,' which offers preferential interest rates to Shinhan SOL users, has a maximum annual rate of 5.3%, and the representative installment savings for main customers, 'Shinhan Al.Sol Savings,' has a maximum annual rate of 3.7% for a one-year term.

Woori Bank's 'Woori SUPER Main Transaction Savings' has a maximum annual rate of 4.15%, and the 'Woori Eusseuk (ESG) Savings' has a maximum annual rate of 3.7%.

Hana Bank's 'My Home Double-Up Savings' has a maximum annual interest rate of 5.5% for a one-year term, and the interest rates for 'Main Transaction Hana Monthly Compound Interest Savings,' 'Salary Hana Monthly Compound Interest Savings,' and 'Pension Hana Monthly Compound Interest Savings' are up to 3.7% for a one-year term and up to 4% for a three-year term.

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