Korean Job Discussion Forums

sligo · Joined: 15 Oct 2008

I'm looking to open up a high interest savings account. I don't want to send any money home, i just want to maximise the interest paid. I have no set amount per month i would like to save, so i would like a non-restricted account (i.e. no upper or lower amount that must be saved). As for terms, 1 or 2 years is fine. Does anyone know of a high interest paying account (4% or more would be great) that fits the bill? I would rather not troll the high street and check all the banks. Thanks in advance.

newb · Joined: 27 Aug 2012 Location: Korea

sligo · Joined: 15 Oct 2008

I think you should be replying to my thread "What savings rates are not available" not this one. As i have an account at 3.22% ( but limited to 1m a month, and i don't want to open several accounts) i will ignore your last post.

giraffe · Joined: 07 Apr 2009

Yes there are high interest savings accounts here. I think they call them time savings accounts .. All the banks have them ! You can either put away a fix amount monthly. Or just put 1 lump sum and keep it there! The interest is only paid once the account comes to maturity after 1 , 2 or 3 years. The maximum you can put into one of these accounts is 30 million won . If you have more money you can just open an other one .

About interest rates. No banks ( as far as I know ) offer 4% interest rates on these accounts anymore / right now ! 4% was last years rate. These days most banks will only give you 2.9% rate for high interest accounts. You might be able to get 3.2% if you keep the money in there for 3+ years....

Anyways interest rates suck now for savings accounts. Which is directly tied to the housing market.. That's why most landlords these days want to either do monthly rents or woelsei . Also why jeonsei is really expensive these days. Low interest rates = low return on jeonsei investments for landlords

Good luck.

candy bar · Joined: 03 Dec 2012

I bought a CD last week that pays 3.8%. 18 months.

Requirements:
minimum deposit 100 million won [ 100,000,000 ]
active account minimum 1 year
VIP status

atwood · Joined: 26 Dec 2009

newb · Joined: 27 Aug 2012 Location: Korea

laynamarya · Joined: 01 Jan 2010 Location: Gwangjin-gu

If you are married to a Korean, there are a number of banks that offer high interest rates to multicultural families. We have a very good deal with IBK.

littlelisa · Joined: 12 Jun 2007 Location: Seoul

I got one at KEB at 3.27% for one year. Actually, I think it's possible to put more than 30 million won in it, but it's apparently just stupid because the taxes on it go up really sharply after that amount. At least, that's what the lady I talked to said. So if you're putting more than 30 million, it's better to do it in two accounts.

candy bar · Joined: 03 Dec 2012

candy bar · Joined: 03 Dec 2012

candy bar · Joined: 03 Dec 2012

candy bar · Joined: 03 Dec 2012

goreality · Joined: 09 Jul 2009

Shinhan is offering something like 3% on a one year ongoing deposit saving account. I don't remember the maximum or minimum. They offer up to 1% bonus (total 4%) by meeting certain conditions. Having your company directly deposit your pay in to the account then straight to that gives you .5, the others involve using your bank a bit, but should be about to get 3.7or8 without too much problems.

thatkidpercy · Joined: 05 Sep 2010

I was in the post office on Tuesday and saw an advert for one of their fixed-term deposit savings accounts that was offering 4.9% over 2 or 3 years. I think you had to put away a minimum of 1mil a month (so, exactly what you don't want), but it might be worth popping in and seeing what other products they have.