Interest rates are rising, should I switch savings accounts? “Cancel if you have not registered for 3 months”

Bank deposit interest rate approaching 5% in the second ‘big step’ of the Bank of Korea

If there are less than 3 months left until the expiry date… “You have to weigh the benefits of a change.”

Interest rates continue to rise… “Short term deposit to sign up for new”

(Seoul = Yonhap News) Reporter Shin Shin-kyung Park Dae-han Min Seon-hee = Kim Min-ho (30), an office worker, recently canceled the savings account he had.

This is because when the interest rate on time deposits in the banking sector reached 5%, it was decided that it would be better to change the savings account.

“It was a 5% savings account with a 3-year maturity, but I canceled it and moved it to a time deposit that pays 4.6% annual interest,” says Kim.

As the Bank of Korea raises the base rate to 3.00%, the interest rates on regular deposits and savings accounts in the financial sector also rise sharply.

Accordingly, the number of financial consumers considering signing up for new savings and savings accounts or switching to savings and savings products has also increased.

Banks said that increases in interest rates will continue for the time being, and that it could be a good strategy to register for deposits and savings accounts that have not been registered for three months after joining.

◇ “If the expiration date is less than 3 months away, keep it… Another way to use Yedamdae”

According to the announcement of the Federation of Banks on the 16th, the one-year term deposit and savings accounts sold by five domestic commercial banks (KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup) rose 4.60% and 5.50%, respectively ‘Everyone.

After the Bank of Korea’s Monetary Policy Committee (Monetary Policy Committee) raised the base rate by 0.50 percentage points on the 12th, banks also began raising interest rates on deposits and savings accounts.

Some commercial banks have raised interest rates on deposits and savings products by up to 1.0 percentage points. Some secondary financial institutions, such as mutual funds and savings banks, offer higher interest rates than commercial banks.

If you are already registered for a deposit or savings account, you should check it from the expiry date.

If there is less than 3 months left until the expiry date, it is better to keep it until the expiry date and then cancel it.

If the term deposit is canceled mid-term, depending on the payment period, you can only receive interest equal to 40 to 80% of the basic interest rate (excluding the preferential interest rate).

If you have a limited special edition deposit with much better terms than existing deposits with one or two months left to maturity, you can use a deposit backed loan.

A commercial bank official said, “You can pre-register using a deposit-backed loan and repay the deposit-backed loan on maturity.” “It could be a good way because it’s up more than 1.25 percentage points,” he said. .

◇ “If you haven’t joined for 3 months, feel free to change it… Recommended for revolving deposits”

Experts advised that if you signed up for less than three months, it is better to cancel early and sign up for another product to get a higher interest rate.

Kim Seong-hee, a WM expert at the NH ALL100 Advisory Center, said, “Recently, the one-year term deposit rate of commercial banks has risen by more than 1 percentage point compared to July.

A commercial bank official also said, “Because interest rates have recently risen, it is not bad to boldly change deposits and savings accounts that are less than three months old.”

If you are signing up for a new savings and savings account, it is best to choose a product with a short maturity.

As the BOK is expected to continue raising the base rate until the beginning of next year, it is very likely that products with higher interest rates will be launched in the future.

Commissioner Kim recommended a ‘revolving term deposit’ where the applied interest rate is reflected from time to time in accordance with market fluctuations. He explained, “Use revolving time deposits to shorten the revolving cycle. In the case of revolving deposits, the maturity of each revolving cycle is fixed and interest is paid, so very little interest is lost even in case of early termination.”

Another commercial bank official also said, “It is good to manage money in 3 months, 6 months, or 1 year, and switch to fixed-term deposits for bond-type funds with poor returns.”

Commissioner Kim also recommended a fixed rate savings insurance product. He said, “Since there is a possibility of a rate cut after the second half of next year, a strategy to secure a long-term high interest rate using fixed rate savings insurance is attractive.

skk999@yna.co.kr , pdhis959@yna.co.kr , ssun@yna.co.kr

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