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son of j
Joined: 06 Jun 2005
Location: South Korea
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 Posted: Tue Jul 06, 2010 5:45 pm Post subject: Fixed Deposits at Korean banks |
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Does anyone know if foreigners are allowed to open fixed deposit accounts in Korea?
(these are long-term accounts that carry a higher interest rate...)
I have an account at Woori, and noticed the CD rates are over 3%!
thanks! |
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Milwaukiedave
Joined: 02 Oct 2004
Location: Goseong
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| Posted: Tue Jul 06, 2010 6:53 pm Post subject: |
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| Yes, we are. I have one through KB Bank and you can ones at different time intervals. If possible shop around and look at other banks as well. The rates do vary quite a bit. |
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wormholes101
Joined: 11 Mar 2003
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| Posted: Tue Jul 06, 2010 7:09 pm Post subject: |
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Yes, I have two at NongHyup.
It seems (and I'm not sure 100% because I did this without language assistance) that fixed amount deposits earn a higher rate (approx 1% higher) than a variable amount account.
In other words, I have two accounts, one which earns 4.6% (I can't add anything to this) and another which earns 3.6% (I can add money as I wish). |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Jul 06, 2010 7:34 pm Post subject: Re: Fixed Deposits at Korean banks |
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| son of j wrote: |
Does anyone know if foreigners are allowed to open fixed deposit accounts in Korea?
(these are long-term accounts that carry a higher interest rate...)
I have an account at Woori, and noticed the CD rates are over 3%!
thanks! |
I have a term deposit (fixed amount, 1 year fixed term) that pays about 5.5% at woori.
I assume by CD you mean something similar?
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son of j
Joined: 06 Jun 2005
Location: South Korea
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| Posted: Tue Jul 06, 2010 8:17 pm Post subject: |
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that's great news!
thanks for the info!
(yeah, a CD is another term for fixed deposit.) |
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Murakano
Joined: 10 Sep 2009
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| Posted: Tue Jul 06, 2010 9:05 pm Post subject: |
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| wormholes101 wrote: |
Yes, I have two at NongHyup.
It seems (and I'm not sure 100% because I did this without language assistance) that fixed amount deposits earn a higher rate (approx 1% higher) than a variable amount account.
In other words, I have two accounts, one which earns 4.6% (I can't add anything to this) and another which earns 3.6% (I can add money as I wish). |
is that the Standard Chartered "Do Dream" account? I have the 3.6% (not fixed) one.....pretty decent account incl international card that works, day to day banking and savings account all in one and getting interest.
| ttompatz wrote: |
| son of j wrote: |
Does anyone know if foreigners are allowed to open fixed deposit accounts in Korea?
(these are long-term accounts that carry a higher interest rate...)
I have an account at Woori, and noticed the CD rates are over 3%!
thanks! |
I have a term deposit (fixed amount, 1 year fixed term) that pays about 5.5% at woori.
I assume by CD you mean something similar?
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was that recent? I don't see many banks offering 5.5% in today's climate. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Jul 06, 2010 9:14 pm Post subject: |
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| Murakano wrote: |
was that recent? I don't see many banks offering 5.5% in today's climate. |
It rolled over about 5 months ago.
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farfromhome
Joined: 01 Jun 2006
Location: seoul
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| Posted: Wed Jul 07, 2010 5:13 am Post subject: |
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be careful -- a "CD" in korea is NOT the same as a "CD" in the US. read the fine print, and ask a korean friend for help if necessary.
any and all savings/CD/high-interest accounts with a major (kb, shinhan, hana, etc.) korean bank or otherwise are only "FDIC" (the korean equivalent) insured to 5천만원 (currently <US$50,000). also, make sure you understand the consequences of "pulling out" early.
shop around, but youll be lucky to find anything higher than 3% at the moment.  |
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raindrop
Joined: 01 Apr 2010
Location: USA
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| Posted: Thu Jul 08, 2010 11:23 pm Post subject: |
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| I have an AMA account with Woori, in addition to my regular banking account. Does anyone have any information on this type of account? When I opened a bank account, the teller automatically set me up with this. Everything is in Korean so I really have no idea if I can withdraw money from it or not. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Jul 09, 2010 1:35 am Post subject: |
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| raindrop wrote: |
| I have an AMA account with Woori, in addition to my regular banking account. Does anyone have any information on this type of account? When I opened a bank account, the teller automatically set me up with this. Everything is in Korean so I really have no idea if I can withdraw money from it or not. |
Call the Woori help line and ask. They have English service during regular business hours and they are VERY HELPFUL with things like this.
| farfromhome wrote: |
| shop around, but youll be lucky to find anything higher than 3% at the moment. |
Actually, the Korean central bank just raised the key rate today so you can expect rates on term deposits to marginally rise as well.
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tatu
Joined: 23 Jun 2006
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| Posted: Fri Jul 09, 2010 5:43 am Post subject: |
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| Just opened one last week. After taxes and fees it comes out to 4.7% There are a few savings banks that still offer better returns. Of course things have come down. I had an account 2 years ago at 6.3% after taxes and fees. |
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wormholes101
Joined: 11 Mar 2003
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| Posted: Fri Jul 09, 2010 8:54 am Post subject: |
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| tatu wrote: |
| Just opened one last week. After taxes and fees it comes out to 4.7% There are a few savings banks that still offer better returns. |
Which banks?
The figures I quoted were gross. After taxes, mine came don nearly 1%. |
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tatu
Joined: 23 Jun 2006
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