KakaoBank Raises Basic Interest Rates on Savings and Time Deposits by up to 1.2%P

SafeBox Interest Rate Also Raised by 0.40%p... Annual 2.6%

[Asia Economy Reporter Yu Je-hoon] KakaoBank announced on the 18th that it will raise the base interest rates on savings and deposit products by up to 1.20 percentage points (p) starting from the 19th. This measure reflects the Bank of Korea's base rate hike on the 12th.

First, KakaoBank raised the base interest rate of its demand deposit account (parking account) called 'Safe Box' by 0.40 percentage points to 2.6% per annum. The maximum deposit limit for Safe Box is 100 million KRW, and one account can be opened per deposit and withdrawal account, offering an annual interest rate of 2.60% even if deposited for just one day.

KakaoBank also increased the interest rate of the '26-week installment savings' product by 0.30 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 interest rate of 4.00%.

Additionally, the interest rate for fixed deposits with a 1-year maturity has been raised by 1.20 percentage points, offering an annual interest rate of 4.50%. Fixed deposit rates for 2- and 3-year maturities have been increased to 4.55% and 4.60% per annum, respectively. For flexible installment savings, a preferential interest rate of 0.20 percentage points is applied when automatic transfers are set up. With the preferential rate, 1-year flexible installment savings offer a maximum annual interest rate of 4.40%, and the 3-year product offers 4.50% per annum.

A KakaoBank official stated, "We raised deposit interest rates reflecting the Bank of Korea's base rate hike on October 12," adding, "We will continue to do our best to provide not only convenient financial services but also more benefits to our customers."

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