Korean Job Discussion Forums

[da_moler]

Is it possible for foreigners to have savings accounts at Korean banks? If so, what are the interest rates like on available accounts? I wire money home to save, but clearly saving in Korea would be a better idea given the much higher interest rates here.

[DeMayonnaise]

I set up a 6 month CD at Nonghyop bank. Every month the took money out of my debit account and transfered it automatically. It got 3.5% on a 6 month CD (A comparable account back home would have...0% interest.). I'd say it's worth it if you're going to be here for a bit. Not sure about a savings account though, this was a CD I couldn't touch for 6 months.

[Vimfuego]

Shinhan do a 4.5% savings account, but you have to leave your money in for at least 2 years. There's a tax incentive too, if you save less than 10 million.

[ttompatz]

[Triban]

I heard Tomato Bank has the best rates? Anyone do any research? How do I go about doing this?