Top 24-Month Term Deposit Products in Korea: Highest Interest Rates and Preferential Conditions

Data = Financial Supervisory Service (when depositing 10 million won for 24 months)

The highest interest rate among 24-month term deposit products of banks in the second week of September was 3.25% per annum. If you take advantage of preferential conditions, you can receive a higher interest rate by even 0.1% points.

Top 5 Term Deposit Products with the Highest Interest Rates

According to the Financial Supervisory Service’s integrated comparison of financial products, the top 5 term deposit products with the highest interest rates are:

1. Jeonbuk Bank’s ‘JB 123 term deposit (lump-sum payment on maturity)’: 3.25% per annum
2. Industrial Bank of Korea’s ‘IBK Lifetime Family Account (Real-rate Regular Deposit)’: 3.20% per annum
3. Gyeongnam Bank’s ‘BNK Main Transaction Preferential Term Deposit’ and Jeju Bank’s ‘Jeju Dream Term Deposit (Individual/Maturity Payment)’: 3.15% per annum
4. Gyeongnam Bank’s ‘BNK The Joeun Term Deposit’, Gwangju Bank’s ‘Mizwol Comprehensive Term Deposit’, and Nonghyup Bank’s ‘NH All One e-Deposit’: 3.05% per annum

Preferential Conditions for Each Product

Each product has its own preferential conditions that can increase the interest rate. For example:

• Jeonbuk Bank’s ‘JB 123 term deposit’ offers a preferential interest rate benefit of up to 0.3% points depending on the number of automatic re-deposits.
• Industrial Bank of Korea’s ‘IBK Lifetime Family Account’ offers a preferential interest rate of up to 0.20% per annum, including a preferential interest rate of 0.05% per annum for each customer and a preferential interest rate of 0.15% per annum for the main transaction.
• Gyeongnam Bank’s ‘BNK Main Transaction Preferential Term Deposit’ offers a preferential interest rate of 0.1% for new customers who deposit one of the following: salary, pension, or merchant payment; have a payment history with a Gyeongnam Bank credit or check card; and have not held a Gyeongnam Bank regular deposit within 6 months from the date of subscription.

How to Check and Compare Term Deposit Products

To receive preferential interest rates, you must carefully check the preferential conditions for each product. You can check more products on each bank’s app or website, or on the Financial Supervisory Service’s Integrated Comparison of Financial Products Disclosure.

It’s also important to note that the transaction conditions, such as interest rates for each product of financial companies, may change frequently and result in delayed announcements. Therefore, it’s recommended to inquire with the relevant financial company before making a transaction.