Korean Job Discussion Forums

[PeterDragon]

What are the best high interest savings accounts/banks in Korea?

Ideally I'd like a time account where I can deposit 1,000,000 won or a little more per month, and earn interest on my total deposits when the account matures.

However, in 2-3 more months, I should be able to make a 10,000,000 won lump deposit into a time acccount or other interest bearing, non money-market account.

Any suggestions? Any good banks my Korean wife or I could contact?

[bassexpander]

Ask at Wooribank.

Also, Primebank. It's a smaller, but 30+ year-old bank.

They are located in the basement floor of Technomart, just off to the right as you enter underground from the Subway. They also have a really pain-in-the-butt location near Seollung (Coex area) and also Myong-dong. Beware, they don't speak much English there, but interest rates are very good. I have accounts there, one of which I started before the big collapse last year, earning me 8.29%.

http://www.primebanking.co.kr/

Rates are pretty crappy now, though. You won't do much better than between 5.5 and 6 percent on a CD.

[T-dot]

I have 7.6%, but Im pretty sure no bank is offering that rate these days.

Wait till you get a lump sum and see if any bank will give u 5-6%, some are offering 4 right now (I think).

[420bro]

try the second banks. They have better rates and the govt. will guarantee up to 50 million won. I use sky bank in apgujeong. They gave me 7.8% back in jan. but I was there last week and it is now down to 5.6%. Still, it is much better than you will get at most first banks.

[Slowmotion]

How much do these banks expect to be in your savings account for the high interest rates?

[PeterDragon]

I can answer that one, even though I started this query--- the banks look more at duration than total balance. And they look more at end balance, than opening balance.

In other words, it's an installment plan CD---

You agree to put in X amount per month, but you collect interest on the total amount of money paid.

So if you deposit 1 mil a month to a one-year CD at 5% interest, you get 5% of 12 million won at the end of the year.

Does that make sense? There may be other accounts that work differently, that's all I know so far.

[4seasons]

Dear OP

Prime seems to be paying the most right now. About 5.-5% A little more compounded.

For those of you in Central Seoul... they is one near to City Hall Plaza/ Chosun Hotel. If you stand with City Hall at your back, you will see to the left Au Bon Pain. It is right next to Au Bon Pain.

Good luck... and happy savings!!

[Hanson]

For those who are married to a Korean, I got 6.13% on a 2-year CD at Primebank just last week by putting it under my mother-in-law's name - she got a senior citizen deal...

[Hanson]