[서울=뉴시스]Reporter Lee Joo-hye = Savings banks’ free deposit/withdrawal deposit (parking account) products are included in the comparative disclosures of the Financial Supervisory Service. As financial consumers’ accessibility to interest rate information increases, it is expected that they will be able to receive more interest by comparing the highest interest rate and limit.
According to the financial sector on the 22nd, the Financial Supervisory Service plans to allow savings banks’ deposit and withdrawal free deposit products to be compared at a glance in the ‘Financial Product Comparison Disclosure System’ starting next month.
Until now, savings banks have only provided information on deposit products through ‘Financial Products at a Glance’, but this is being expanded.
Current savings bank deposit and withdrawal free deposit interest rates can be compared through the Korea Federation of Savings Banks.
Since June, the Korea Federation of Savings Banks has been providing information such as the base interest rate and maximum interest rate of deposit and withdrawal free deposit products sold by 79 savings banks nationwide through product disclosure on the consumer portal. It also informs you of the amount to which the highest interest rate applies.
According to the announcement, the product with the highest interest rate as of today is OK Savings Bank’s ‘OK Chan Tech Account’, with the highest interest rate including the preferential interest rate of 7.0% per annum. However, the amount to which the highest interest rate can be applied is less than 500,000 won. An annual rate of 3.3% applies to amounts exceeding 500,000 won, and 1.0% per year applies to amounts exceeding 100 million won.
Next, Accuon Savings Bank’s ‘Simple Pay Account’ provides an interest rate of up to 3.8% per year, and the highest interest rate is applied up to 5 million won. If you meet preferential conditions such as simple payment transaction performance, you can receive the highest interest rate. An annual interest rate of 3.0% is applied to amounts exceeding 5 million won.
JT Savings Bank’s ‘JT Jump Up II Savings Account’ can receive interest rates of up to 3.6% per annum up to 50 million won. An annual rate of 3.3% applies to amounts exceeding 50 million won, and 0.5% per year applies to amounts exceeding 100 million won.
Daol Savings Bank’s ‘Fi Connect II Account’ has a maximum interest rate of 3.4% per annum, but there is no limit to the amount to which the maximum interest rate can be applied. If you meet the conditions such as first-time transaction customer or open banking registration, you can receive the highest interest rate.
A product with a high base interest rate is Yegaram Savings Bank’s ‘e-RUN Parking Account’. The base interest rate is 3.5% per year and applies up to 100 million won. Interest is paid quarterly.
Next, Accuon Savings Bank’s ‘Plus Free Deposit’ offers a basic interest rate of 3.2% per annum. The highest interest rate is 3.4% per year, and if preferential conditions are met, the highest interest rate is applied up to 20 million won. If the amount exceeds 20 million won, you can receive interest of 3.2% per year.
You can compare commercial banks’ deposit and withdrawal deposit interest rates through the Korea Federation of Banks’ consumer portal.
In the banking sector, SC First Bank’s ‘SC First Hi Account’ pays up to 4.0% interest per year. The highest interest rate for Kakao Bank’s change savings product ‘Piggy Bank’ and K Bank’s meeting account product ‘Meeting Fee Plus’ is 8.0% per year.
Meanwhile, according to statistics from the Bank of Korea, the deposit balance of savings banks was KRW 102.5684 trillion as of the end of September, an increase of KRW 1.6116 trillion from the previous month. It increased for two consecutive months due to demand for high-interest products such as parking accounts and deposits.
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**What are some potential downsides or risks associated with parking accounts that consumers should be aware of before investing?**
## World Today News Interview: Parking Accounts Taking Center Stage
**Introduction:**
Welcome back to World Today News. Today, we’re diving into the heated competition in the savings market, focusing on the recent surge in popularity of parking accounts. Joining us today are two experts: [Guest 1 Name], a financial analyst specializing in consumer banking trends, and [Guest 2 Name], a representative from the Korea Federation of Savings Banks.
**Section 1: The Rise of Parking Accounts**
**Host:**
Let’s start with the big picture. [Guest 1 Name], we see a clear trend of consumers moving towards high-interest “parking accounts.” What factors are driving this shift? Is it purely about chasing higher returns, or are there other contributing elements?
**[Guest 1 responds]**
**Host:**
[Guest 2 Name], can you shed light on the perspective of savings banks? What steps are your members taking to remain competitive in this evolving landscape, particularly in attracting new customers and retaining existing ones?
**[Guest 2 responds]**
**Section 2: Comparing Options: Navigating the Maze**
**Host:**
One of the key takeaways from the article is the importance of comparing interest rates and understanding the terms and conditions associated with different parking accounts. [Guest 1 Name], can you offer some practical advice to our viewers on how to effectively evaluate these products and make informed financial decisions?
**[Guest 1 responds]**
**Host:**
To make the comparison process even easier, the Financial Supervisory Service is including parking accounts in their “Financial Product Comparison Disclosure System.” [Guest 2 Name], how do you anticipate this change impacting consumer awareness and ultimately, their choices?
**[Guest 2 responds]**
**Section 3: The Future of Parking Accounts**
**Host:**
Looking ahead, how sustainable is the current popularity of parking accounts? [Guest 1 Name], what potential challenges or adjustments might we see in the future, both for consumers and financial institutions?
**[Guest 1 responds]**
**Host:**
[Guest 2 Name], what are the long-term goals of the Korea Federation of Savings Banks regarding parking accounts? How do you see these products evolving to best cater to the evolving needs and expectations of your clients?
**[Guest 2 responds]**
**Outro:**
We’d like to thank our guests for sharing their valuable insights. This has been a fascinating exploration into the world of parking accounts. For our viewers, remember to conduct thorough research and make informed decisions based on your individual financial situation.
Stay tuned for more in-depth coverage of financial trends and consumer insights right here on World Today News.
