KakaoBank Raises Savings and Deposit Interest Rates by up to 0.8%p... Lowers Loan Interest Rates
[Asia Economy Reporter Buaeri] KakaoBank is raising savings and deposit interest rates by up to 0.8 percentage points and lowering loan interest rates by up to 0.45 percentage points.
KakaoBank announced on the 4th that the increased savings and deposit interest rates will apply to new subscriptions starting on the 5th, and the lowered loan interest rates will apply to new loans from 6 a.m. on the 5th.
With this increase, the basic interest rate for the 'Parking Account' Safe Box has become 2% per annum. The maximum deposit limit is 100 million KRW, and one account can be opened per deposit and withdrawal account. It offers a 2% annual interest rate even if deposited for just one day.
The 26-week installment savings interest rate is increased by 0.5 percentage points. If automatic transfers are successfully made for 26 weeks, a preferential interest rate of 0.5 percentage points is applied, allowing an annual interest rate of 3.5%.
KakaoBank is raising fixed deposit interest rates by 0.5 to 0.6 percentage points and uniformly increasing flexible installment savings interest rates by 0.6 percentage points.
For fixed deposits, interest rates for terms of one year or longer are increased by 0.6 percentage points. The one-year fixed deposit interest rate is 3.1% per annum, and the three-year fixed deposit interest rate is 3.6% per annum.
Flexible installment savings offer a 0.2 percentage point preferential interest rate when automatic transfer is applied. With the preferential rate, the one-year flexible installment savings offer up to 3.5% per annum, and the three-year flexible installment savings offer up to 4% per annum.
Loan interest rates are lowered. The maximum interest rate for jeonse and monthly rent deposit loans is reduced by 0.452 percentage points from 4.674% to 4.222% per annum.
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The minimum interest rate for mid-credit loans is lowered from 4.78% to 4.581%, and the minimum interest rate for emergency loans is reduced by 0.2 percentage points from 5.598% to 5.382%.
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