Shinhan Bank Cuts Deposit and Savings Rates: What This Means for Your Money

Bank of Korea cuts base interest rate to reflect other market interest rates

Shinhan Bank panoramic photo. Provided by Shinhan Bank” fetchpriority=”high”/>

Shinhan Bank panoramic photo. Provided by Shinhan Bank

[파이낸셜뉴스] Shinhan Bank will lower deposit and savings interest rates all at once from the 8th. It reflects the market interest rate following the Bank of Korea’s base interest rate cut last month.

Shinhan Bank announced on the 7th that it decided to lower the basic interest rates of major deposit (deposit) products by 0.05 to 0.30 percentage points (p).

The reduction targets include 14 types of deferred deposits and 17 types of accumulated deposits (savings).

A Shinhan Bank official said, “The basic deposit interest rate has been lowered due to the decline in market interest rates. However, the interest rate actually applied preferentially to major time deposit customers will be maintained at the current level.”

Previously, Hana Bank lowered the basic interest rate for 11 types of deposits, including Salary Hana Monthly Compound Interest Savings and 369 Term Deposits, by 0.05% to 0.25% points from the 1st. SC First Bank also lowered the interest rates on major deposit and savings products by 0.3 to 0.8 percentage points.

On the 23rd of last month, Woori Bank lowered the basic interest rate of ‘Woori First Term Deposit’ (12 months) by 0.2%p from 2.2% to 2.0%, and Nonghyup Bank also lowered its main deposit products by 0.25~0.55%p.

gogosing@fnnews.com Reporter Park So-hyun

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