Korean Job Discussion Forums

[mcgeta]

I'm going to be here for 12 months and aim to save up the equivalent of between �5000 to �9000 (tell me if you think this is unrealistic).

Is it worthwhile opening a savings account whilst i'm here? I already have a regular current account with Shinhan Bank and was wondering if it's easy to get a savings account too. What is the interest like etc?

Thanks

[Vimfuego]

I was offered a savings account with Shinhan paying 4.5%. Seems like it's a minimum two-year investment though. Speak to the guy at the foreign desk in the Gwanghuman (sp??) branch.

[mcgeta]

Cheers mate, if it's a two year thing then I can't do it but i'll ask the guy anyway...

[ThingsComeAround]

There are savings accounts that let you save from one month to ten years, at Shinhan, too. I just happened to look up the info just before seeing your post.
I believe you may be interested in Term or Installment Deposit accounts.

http://www.shinhan.com/en/about/product/internet.jsp?mn_id=1006010000

[mcgeta]

...even better, people on this forum are very helpful!

Thanks

[Arthur Dent]

I was at the Seoul Global center today and saw a poster advertising service directed at foreigners from KEB bank. The service they were advertising was mostly free English internet banking and overseas transfer discounts. However, this was just the poster, so there may be more to it.

[alinkorea]

probably your best would be where a set amount is automatically taken from your main bank account each month and put into a savings account. All banks have this. Interest would be around 4%

[DaffyD73]

My advice - though there will proberly be better interest rates other places.

SC first Dream account - 3.6% interest after 31 days in account (0.1% for day 1 -30) it allows you some freedom as you can withdraw your cash at any time to take advantage of any currency swings that may happen.

Remember you plan on saving and then taking that cash home - do not tie yourself to having to take the exchange rate at the time that you leave for all of your cash - 6 mths from now the exchange rate might be the best it has been for 1 or 2 years and the smart thing would be to take advantage of it - but to do that you would have to break your term deposit which may have been getting 4 or 5% but because you are breaking it they will give you 0.1% the current account rate.

the Dream account is a FIFO first in first out so the motivation is to only deposit not withdraw and therefore earn the 3.6% but you have the freedom of an on call account - plus the internet banking system they have is pretty good - for doing your banking at your desk.

And no i don't work for them i have SC for savings, HSBCdirect (used to have high on call interest - for salary DC), and KEB for CC, day to day cashATM access and Overseas Transfering - all of them have very good Internet banking english sites.
My 2 cents.