Korean Job Discussion Forums

[McQwaid]

Right now I have a regular savings acct with KB. The interest is really low. I have quite a bit of savings that I'd like to make some interest from. What about these high interest accts I keep hearing about?

My friend just got a new apt. and he only had to give them Key money. It was 30 grand or something like that, but he doesn't have to pay rent cuz his Key was so high that the apt. owner makes money off his key money through interest.

Can I get one of these high interest accts or is there some kind of catch, like, you have to be Korean or something like that?

Thanks for any help guys ...

[Wangja]

Currently I am getting 4.3% on 30-day USD deposits from Shinhan and 5.7% on KRW with KITC.

KITC have a branch in the Holiday Inn at Mapo.

[Return Jones]

[Wangja]

Yep, that's the one.

It is a 90-day account, sorry I don't know the minimum deposit, but probably quite low.

[jinju]

5.5% at Samsung bank. 2 branches in Seoul. Yeoido and at yeoksam station, 3 minute walk from the Star Tower.

[McQwaid]

Does anyone have a high interest acct with Kookmin (KB) ?

[Zyzyfer]

There's some 7% accounts (I think they're referred to as "fund" in Korean) that are floating around. I don't know much about it, but if you have a money-minded Korean friend, I'm sure they would know.

[SpedEd]

McQwaid:

I can hear what you're saying about growing a nest egg, but if you want to really make your money work for you, why not invest in a solid mutual fund. There are many out there that have returned *at least* 10% over the last 5-7 years.
I think too many people are turned off by the markets because it isn't *guaranteed* to grow your money, or even preserve your captial. But it's a proven fact that over the long haul (the last 70 years!) the North American stock market has returned in the neighborhood of 12%. I first educated myself on the subject, then got my feet wet with mutual funds, as the money management is placed with someone else. I would read a good book on the topic of investing such as "One Up on Wall Street" by Peter Lynch. Morningstar is an online service that rates many different mutual funds www.morningstar.com.
I've been impatiently waiting to transfer my first wad of won to my north american account to fund a couple of investments...

[jfballin]

Wanja: Is the KITC branch in Mapo as English friendly as their website?

Jinju: Do you have any more details about those accounts? Are they funds? 5.5% annually?

[Wangja]

[Chillin' Villain]