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diver
Joined: 16 Jun 2003
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 Posted: Sun Feb 08, 2009 11:31 pm Post subject: Minimum Deposits for CDs in Korean Banks |
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One of the options I am looking at for investing right now is building a CD ladder. I am a complete newbie. I am simply following basic advice. My wife and I have our health/medical taken care of. Our debts are done with. Next step - emergency fund.
Anyway, one of the options re: the emergency fund is a CD ladder, BUT Korean banks seem to have very high minimums on opening a CD (5,000,000 won being the lowest I've seen so far). Does anyone know aof any banks with a 1-2,000,000 won minimum, or other advice that a newbie investor would find easy to follow?
Thanks. |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Sun Feb 08, 2009 11:52 pm Post subject: |
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PrimeBank located in the basement of Technomart.
The rates are anywhere between 7 and 8.29 percent. You can also get a basic ATM account that was around 5.5 percent last time I checked. I believe they're on KB's system, so you can use KB machines at no charge during daylight hours.
No minimum on several accounts.
There is a nice guy there who speaks some English. |
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diver
Joined: 16 Jun 2003
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| Posted: Mon Feb 09, 2009 12:12 am Post subject: |
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| bassexpander wrote: |
PrimeBank located in the basement of Technomart.
The rates are anywhere between 7 and 8.29 percent. You can also get a basic ATM account that was around 5.5 percent last time I checked. I believe they're on KB's system, so you can use KB machines at no charge during daylight hours.
No minimum on several accounts.
There is a nice guy there who speaks some English. |
I hope Prime Bank is national. I am in Daejeon. Thanks. |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Mon Feb 09, 2009 12:42 am Post subject: |
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Oh... well, you can do a lot of the banking via ATM once you set it up, I'd guess? My wife set up a transfer from her Shinhan account into Primebank on a monthly basis. That's what I'd suggest you do.
I think their branches are only in Seoul.  |
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aquaponics08
Joined: 22 Dec 2008
Location: Korea
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| Posted: Tue Feb 10, 2009 11:55 am Post subject: |
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| bassexpander wrote: |
PrimeBank located in the basement of Technomart.
The rates are anywhere between 7 and 8.29 percent. You can also get a basic ATM account that was around 5.5 percent last time I checked. I believe they're on KB's system, so you can use KB machines at no charge during daylight hours.
No minimum on several accounts.
There is a nice guy there who speaks some English. |
Good info. But you might want to look at their rating before you jump on, several Korean banks were downgraded in ratings in the last week, including KB. |
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diver
Joined: 16 Jun 2003
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| Posted: Tue Feb 10, 2009 6:44 pm Post subject: |
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| BTW, my bank (SC First...who I am pretty happy with overall) told me that there is no compounding interest in Korea. I find that hard to believe. Does anyone know the score on this? |
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Chamchiman
Joined: 24 Apr 2006
Location: Digging the Grave
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| Posted: Tue Feb 10, 2009 8:45 pm Post subject: |
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What kind of rates are people getting on their CDs these days?
Six or eight months ago, it seemed like every bank had a banner in their window advertising 6.5%, 7.1%... These days though I don't see those same advertisements. Like diver, I've been happy with SC Bank, but they just lowered their interest rate on their savings accounts from 5.1% to 4.1%. Can't help but think CDs are going down as well.
Anyone? |
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