Deposit interest rates falling, up to 0.55%p↓… Which products have high interest rates?

/Newsis

Since the Bank of Korea lowered its base interest rate, bank deposit and savings interest rates have been falling one after another. There are voices saying that it is difficult to find a deposit product with an annual interest rate of 3.5% or more at a bank unless you meet the requirements and receive a preferential interest rate.

According to the financial sector on the 15th, after the Bank of Korea lowered the base interest rate by 0.25 percentage points (p) last month, all five major commercial banks, including KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup, lowered their deposit and savings interest rates.

KB Kookmin Bank lowered deposit and savings interest rates by up to 0.25 percentage points (p) on the 13th. The interest rate reduction products include 10 types of deferred deposits (term deposits) including ‘National Super Term Deposit’ and 12 types of accumulated deposits (term savings) including ‘KB Exciting Travel Savings’. It was lowered by 0.1~0.25%p by product and period.

Shinhan Bank and Hana Bank also lowered interest rates on term deposits and savings products by 0.05~0.3%p and 0.05~0.3%p.

Woori Bank lowered its savings interest rate by 0.2%p on the 23rd and 1st of last month, respectively.

NH Nonghyup Bank lowered the term deposit interest rate by 0.25 to 0.4 percentage points and the savings interest rate by 0.25 to 0.55 percentage points.

An official from the banking sector explained, “As the base interest rate was lowered, the interest rate fell as the actual market interest rate was reflected in the deposit interest rate.”

Comparison of bank deposit/savings product base interest rates and highest interest rates (including preferential interest rates)/Korea Federation of Banks

Accordingly, it has become difficult to find products with an interest rate of 3.5% or more per annum among bank deposit products unless preferential interest rates are applied.

According to Korea Federation of Banks deposit product interest rate comparison, the deposit products with the highest basic interest rate were Nonghyup Bank’s ‘NH All One e-Deposit’ and Sh Suhyup Bank’s ‘Hey Term Deposit’, which paid an annual interest rate of 3.42% for 12 months. .

Woori Bank’s ‘WON Plus Deposit (3.37% per year)’ and Jeonbuk Bank’s ‘JB Direct Deposit Account (3.35% per year)’ followed.

The basic interest rate of savings products (free savings type) was higher than that of deposit products. The savings product with the highest base interest rate on a 12-month basis is K Bank’s ‘Code K Free Savings’, which offers an annual interest rate of 3.8%. Woori Bank’s ‘WON Deposit (3.7% per annum)’, iM Bank ‘Bonus Savings I Created (3.65% per annum)’, and Jeju Bank’s ‘MZ Plan Savings (3.6% per annum)’ followed.

A savings product that is easy to meet requirements and offers a high preferential interest rate is IBK Industrial Bank of Korea’s ‘IBK Carbon Zero Savings (7% per annum)’. Compared to the electricity usage (kWh) in the month of subscription, a preferential interest rate of 0.5%p is provided if monthly regular usage is low 3 to 5 times over a 10-month period, and 1%p if it is 5 or more times. When these conditions are met and maturity is terminated, a preferential interest rate of up to 2%p per annum is provided on top of the basic interest rate of 2.5%. You can receive an interest rate of at least 5% per year.