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sligo
Joined: 15 Oct 2008
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 Posted: Tue Jan 11, 2011 6:15 pm Post subject: Savings account |
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I have been here for a few years, and have amassed a sum of money that whilst looks attractive in my current account, isn't getting any bigger. I see myself being here for a few more years, but am also aware that circumstances can change overnight. With this in mind i want a savings account with the high interst rates of a long time saving deal but with no penalty clauses should i need to take my money and run.
I would appreciate any suggestions or advioce you have fromn your experiences of saving (or safely investing) money in Korea.
thank you
D. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Jan 11, 2011 7:46 pm Post subject: Re: Savings account |
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| sligo wrote: |
I have been here for a few years, and have amassed a sum of money that whilst looks attractive in my current account, isn't getting any bigger. I see myself being here for a few more years, but am also aware that circumstances can change overnight. With this in mind i want a savings account with the high interst rates of a long time saving deal but with no penalty clauses should i need to take my money and run.
I would appreciate any suggestions or advioce you have fromn your experiences of saving (or safely investing) money in Korea.
thank you
D. |
There aren't any but you can get 30-90 day fixed term deposits that have rates from 2-4% (up to 5% for 1 year terms) and can arrange for an automatic roll-over of the accounts on maturity.
Your maximum loss on early termination would be about 1/2 of the interest earned for the specific term you are making the early withdraw from.
Your maximum risk would be any loss in the exchange rate (if you needed to send your money abroad or if the currency should devalue).
ANY other investing option will bear further risks (beyond the exchange rate).
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sligo
Joined: 15 Oct 2008
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| Posted: Fri Jan 14, 2011 3:24 am Post subject: |
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| Thanks, i saw an advert foe KEB ex pat savings account on the back of Groove magazine, but the women in t6he bank didn't seem to know the account type existed! |
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