Korean Job Discussion Forums

enns · Joined: 02 May 2006

Hoping to lock some money in for 6+ months, which bank offers the best interest? Or are there any other high interest savings options out there in Korea?

bassexpander · Joined: 13 Sep 2007 Location: Someplace you'd rather be.

www.tomatobank.co.kr

Seriously.. it's a legitimate bank. Interest rates are at the bottom left.

I believe you are protected up to 50 million won by the gov't.

poet13 · Posted: Tue Oct 28, 2008 10:09 pm Post subject:

I remember in the states when it was impossible to get more than a few percent. 8.064% at Tomato is pretty wild.

I think I'm going to have to open an account there.....wherever there is.

thrylos · Joined: 10 Jun 2008

Just locked a 7.25% rate for 12 months with KB bank. You need a 10 million won minimum, though. Not sure about 6 months.

BTW, they don't really advertise these rates, either in the bank or in their brochures...You have to ask them at the financial services desk...

poet13 · Posted: Tue Oct 28, 2008 10:21 pm Post subject:

Really? I bought 10 mill TDs a week or so ago, but the rate was only 6.3%. I should cancel them and change to a higher rate.

teacha · Joined: 09 Oct 2008 Location: South Korea

Easter Clark · Joined: 18 Nov 2007 Location: Hiding from Yie Eun-woong

bassexpander · Joined: 13 Sep 2007 Location: Someplace you'd rather be.

Well, that would be an interesting podcast.

The thing is, banks like KB, as mentioned above, are coming out with some very competitive interest rates. I'd probably go with one of them, first, but I follow my wife on many of these things.

We're actually involved in Prime Bank. They have offices in Myong dong at 02-3014-7000, Yeoi-do at 02-369-3600, Techno-mart at 02-3424-7000, Kangdong at 02-476-7800, and Bon-jom 02-3014-7000.

They offered a slightly better rate than Tomato when we joined 6 months ago. Not sure what they have now.

They had an English-speaking lady at Tomato. It's in Seongnam somewhere.. can't remember which station it was near. It was in Seongnam City. We were there last March, I think. We ended up not opening an account there, because we found Prime Bank online that same day, and got a better rate (my wife thought the rate at Tomato was better, but was mistaken or something).

bassexpander · Joined: 13 Sep 2007 Location: Someplace you'd rather be.

The website for Prime Bank is www.primebanking.co.kr , but you have to use Internet Explorer. I can't get it to work with Firefox AT ALL.. just get a single line of gibberish.

Here were their rates, as of tonight -- there are some better ones on a pop-up, too (one is 8.04 or so) with special conditions:

개월 연7.50%
6개월 연7.90%
1년 연7.90%
2년 연7.10%

These rates change, so sometimes Tomato is better than Prime, or visa-versa, Prime is easy to find, because they own the Technomart building (Green Line, Ganbyeon station), and have offices there. I think in the back, if memory serves. By the way, I think these banks are pretty much for savings you aren't going to need to withdraw from but once in a blue moon -- for building interest. I didn't get a card -- just a passbook. Still great rates, though.

sojourner1 · Posted: Wed Oct 29, 2008 3:45 am Post subject:

Wow, you're getting 2 to 2.5 times more % return then you do in the states as my stateside savings account is at 3% and expected to fall to 2.25% by the end of this week. That's a big deal if you're playing with big money. No wonder why wealthy American investors are sinking all their money into Asia for the past decade.

I guess the Asian banks are yielding since it's anticipating these deposits will be used for business development and economic growth that will result in more returns for investors and the economy. That too was the original idea of the American system that influenced emerging economies, but America is not dishing it up anymore like it once did. I suspect emerging economies will become stagnant for investing when it's finished developing.

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea

The central bank (BOK) just cut its rate by .75% and may cut again soon to ease the stress on the economy so the rates will start dropping here pretty soon if you are not locked in already.

.

majesticmako · Joined: 12 Oct 2008

are there any of these tomato or prime banks in the gangnam, seoul area?

xCustomx · Joined: 06 Jan 2006

I know there is a Tomato Bank at Sunae station in Bundang. Come out of the subway station, walk towards the Subway sandwich shop (i think exit 3), and turn right at the road. The Bank should be on your left when you come to the next street. Kind of confusing directions, but I don't know of any other landmark near the bank

RuffledFeathers · Joined: 16 Oct 2008

Is it possible to open an account, and lock in for 6 months WITHOUT being in Seoul??

pkang0202 · Joined: 09 Mar 2007

Anyone know places in Seoul that speak English?

I tried a couple banks in my area. I was trying to convey general questions like:

Saving Account
Interest rates
Penalty fees if the account is closed early
Deposit minimums

No one understood what the hell I was saying.

Prime Bank sounds like a heck of a deal. Is there someone I can go to and make an appointment with that speaks English?

Basically, I'm looking for a 6 month-1 year thing. I'll put down a lump sum now, and I want them to withraw money from my bank account every month. Then at the end, I want the lump sum.