Financial institutions are introducing high-yield savings options to draw in new clients.
KB Kookmin Bank introduced the ‘KB Card Sseu-Dam Savings’ on the 21st, providing an annual interest rate of up to 12%. The product has a 6-month term, allowing monthly deposits between 10,000 and 300,000 Korean won. The base interest rate is 2% per year, but those who do not have any KB Kookmin personal credit card payment history in the last six months can get an extra 6 percentage points if they acquire a card and spend at least 100,000 Korean won over three months. An additional 2 percentage points are offered for the first salary transfer, while 1 or 2 percentage points are given if the average monthly balance in a checking account is more than 500,000 or 1 million Korean won, respectively. A total of 100,000 accounts are available for sale.
Shinhan Bank launched the ‘Shinhan Savings 9-Dan’ on the 14th, with a limited offer of 200,000 accounts available until the end of next month. Individuals who haven’t had any Shinhan Bank deposits, savings, or subscription products in the last six months can earn up to 9% annual interest by enrolling in a one-year term plan with a maximum monthly deposit of 300,000 Korean won by the end of this month. New clients are eligible for an 8% annual return. Additionally, existing customers can also get 5% annually if they use a Shinhan Card linked to a Shinhan Bank account as their payment method for at least three months after signing up for the savings product.
Hana Bank’s “From Today, Hana Savings” provides an annual interest rate of up to 7.7% for new clients. Customers who haven’t used Hana Bank services in the last six months are eligible for a 6.7% annual return, with an extra 0.5 percentage points if they opt for automatic transfers and agree to marketing communications. The product has a six-month term, allowing monthly deposits of up to 200,000 South Korean won.
Woori Bank’s ‘Woori Bingo Savings’ offers a base annual interest rate of 2.75%, which can increase to as much as 10.25% annually by fulfilling 9 financial task requirements. These tasks involve making payments with the Woori Card, depositing salary, pension, or living expenses, setting up automatic utility bill transfers, conducting currency exchanges or international money transfers, and depositing housing-related subscriptions. The account has a 1-year term with monthly deposits capped at 500,000 South Korean won.
Kakao Bank’s ‘My Child Savings’ service enables parents to open an account for children below the age of 17, with monthly contributions reaching up to 200,000 South Korean won. Should automatic transfers be made for a minimum of 6 months within the one-year term, an annual interest rate of 7% will be granted. The account may be automatically renewed if the child is still under 18 years old when the term ends.
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