Home Business The interest rate is higher than the base rate… Bank deposit interest rate close to 3

The interest rate is higher than the base rate… Bank deposit interest rate close to 3

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Photo = Getty Images Bank.

Major commercial banks have raised interest rates on deposits and savings accounts to a level that exceeds the rate hiked by the Bank of Korea. As loan interest rates have risen sharply, customer dissatisfaction is accumulating due to the widening of the loan-to-deposit interest rate gap, and the financial authorities are expected to check the deposit rate calculation system.

According to the banking industry on the 26th, KB Kookmin Bank, Hana Bank, and Woori Bank announced that they would raise interest rates on deposits and savings accounts by up to 0.40 percentage points. The previous day, the Bank of Korea raised the key interest rate by 0.25 percentage points to 1.0% per annum.

Starting today, Hana Bank will raise interest rates on five products, including ‘Main Transaction Hana Monthly Compound Interest Savings’, by 0.25% to 0.4% points. Through this, the interest rate for ‘Hana OneQ Savings Savings’ will be changed to a maximum of 2.6% per annum, and ‘Hana One Q Savings Savings’ to a maximum of 2.7% per annum. In addition, from the 29th, interest rates on 13 products, including ‘Challenge 365 Savings’, will be raised by 0.25 percentage points.

An official of Hana Bank said, “In line with the base rate hike, we decided to raise the deposit interest rate quickly to resolve the uncertainty of deposit and savings account users.”

Woori Bank will also raise the interest rate on incoming products by 0.25% to 0.4% from today. Applicable items are 19 fixed deposits, 28 savings accounts, and 3 deposit and withdrawal products. The interest rate for ‘Our Super Term Deposit’ will be changed from 1.15% to 1.45% per annum, Woori Super’s main savings account from 2.55% per annum to 2.80% per annum, and ESG savings account from 1.65% per annum to 2.05% per annum. . The increased interest rate will be applied to products subscribed from today. Deposit and exit passbooks are applied from the first interest settlement date after the effective date.

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Woori Bank said, “In accordance with the Bank of Korea’s base rate hike, interest rates on deposit products have been raised quickly.”

KB Kookmin Bank also decided to raise interest rates on 43 deposits and savings accounts by up to 0.40 percentage points from the 29th. The interest rates on 17 time deposit products such as the ‘National Super Term Deposit’ and 26 savings-type deposits such as the ‘KB pounding travel savings account’ are applicable. Accordingly, the maximum interest rate based on the 3-year maturity of the non-face-to-face exclusive product KB Companion Happy Savings will increase to 3.10% per annum, and the maximum interest rate for the KB DoubleMoa deposit will increase to 1.80% per year.

In particular, the savings account for preferential products related to small businesses will also be raised by up to 0.40 percentage points. The maximum interest rate for the three-year maturity KB member preferential savings account will be changed from 2.10% per annum to 2.50% per annum, and the business preferential installment savings account will be changed from 2.45% per annum to 2.85% per annum. The interest rate on term deposits for ‘KB Green Wave 1.5℃’, an ESG (environmental, social, and governance) specialized product, will also increase by 0.30 percentage points to apply a maximum annual rate of 1.7% based on one year.

An official of KB Kookmin Bank explained, “We decided to raise the deposit rate by reflecting the increase in the base rate and the market interest rate.

In addition, Shinhan Bank and NH Nonghyup Bank are also considering raising the interest rates on deposits and savings accounts by 0.20% to 0.40% points within the next week.

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The reason banks raised interest rates on deposits and savings deposits more than the rate of increase (0.25 percentage points) was because there were many criticisms that the rate of increase in deposit rates was slow and narrow while lending rates rose rapidly.

It is interpreted that pressure from the financial authorities was also taken into account. On the 19th, the Financial Supervisory Service (FSS) convened the deputy chiefs of commercial banks in charge of credit and said that they would review the loan/receipt rate calculation system. Jeong Eun-bo, the head of the Financial Supervisory Service, also recently stated that “the difference between the deposit rate and the loan rate is very wide.”

Eunbit Koh, reporter at Hankyung.com [email protected]

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