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High-Interest Savings Accounts Selling Like Hotcakes in Korea
South Korean banks have introduced high-interest savings accounts to attract customers, and they are selling rapidly. The demand has surged as interest rate cuts have been fully implemented by the U.S. Federal Reserve (Fed).
KB Chachacha Savings Account Offers Up to 8% Annual Interest Rate
Kookmin Bank’s ‘KB Chachacha’ savings account offers an annual interest rate of up to 8%. The account is available for a limited time, with only 100,000 accounts available until January 25th. Additionally, Kookmin Bank released ‘KB Star Savings Account’ with an annual interest rate of up to 8%, limited to 100,000 accounts.
Money Pouring into Special Savings and Time Deposits
As of the 12th, the balance of savings deposits at Kookmin Bank was 211.9373 trillion won, an increase of 2.3978 trillion won compared to the end of last month. This surpasses the increase of last month (1.9423 trillion won) in just 9 business days.
Shinhan Bank’s ‘Youth First Savings’ Sells Out 200,000 Accounts
Shinhan Bank’s ‘Youth First Savings’ with an annual interest rate of up to 8%, which was introduced in June, sold out all 100,000 accounts. The bank increased the limit to 200,000 accounts at the end of last month. Shinhan Bank also increased the sales limit of ‘Anytime Savings’ with an annual interest rate of up to 7.7% twice. This savings account began selling in July, and 200,000 accounts sold out in just 19 days.
Jeonbuk Bank and iM Bank’s Special Sales End Early
Jeonbuk Bank’s ‘6-month real interest rate special deposit’, which was launched last month, reached its 100 billion won limit in just two weeks. The bank is now selling a follow-up product, the ‘Level Up Real Interest Rate Special’, with an annual interest rate of up to 3.50%. iM Bank’s special sale of the ‘The Coupon Savings’ with an annual interest rate of up to 10% also ended early, extending the sales period until the 19th.
Banks Continue to Offer High-Interest Savings Accounts
Nonghyup Bank is selling the ‘NH Ddeundeun Bapsim Deposit’ with an annual interest rate of up to 3.50% until the end of this month. Gwangju Bank is also selling the ‘Challenge Golden 100 Savings’ with an annual interest rate of up to 7.1%. A bank official stated that demand will likely increase for the time being as interest rates on major deposit products have recently been falling.