Korean Job Discussion Forums

[winterfall]

I have a woori & KEB account and the interest rates are terrible. It's either 0 or .001%. Can anyone recommend an account with a decent rate, .5-.9%? Or is this the general policy to foreigners?

[methdxman]

[ThingsComeAround]

Tomato Bank
http://www.tomatobank.co.kr/

Korea Investment Savings Bank**
http://www.kibank.co.kr/tfbk/index.jsp

** Be careful here because the teller didn't want to give me internet banking- something about "the bad foreigner" cheated them out of money

There are others. Ask a Korean friend to help find one nearest you.

[winterfall]

[ThingsComeAround]

i think Solomon (the one with the cuties singing in the commercials) is also an investment bank

http://www.solomonbank.com/

Actually, I have a story about the Korea Investment bank-
last year, I opened an account there. Deposited 10,000.
When I got home, realized that I didn't get the internet banking codes. Whatever. Went bank during my lunch hour and found out that they didn't want to give it to me for three months because I was a foreigner and some Chinese foreigners used that bank for their scams. Riiight....

Went to Tomato and haven't looked bank.

Not saying that Tomato doesn't do that, but bring a list of questions (and a fluent speaker of K) to be sure you can keep an eye on your money no matter which bank you choose.


Almost time to see if my 10,000 has matured into 10,050

[alistaircandlin]

The Dream account with SC first bank gives around 3.5% taxable interest. They only start paying interest after the money has been in the account for one month though, and therefore recommend you don't use it if you make a lot of withdrawals.

Woori Bank also have an account with pretty good interest, but I think you have to specify a minimum term - I'll check this one later.

[winterfall]

For the tomato bank, is there an option to just put a lump sum in there instead of having to put x in every month? Since the yield is pretty good. I'm thinking about leaving my severance and pension in it when I move back home

[ThingsComeAround]

[christeacher]

[quote="alistaircandlin"]The Dream account with SC first bank gives around 3.5% taxable interest. They only start paying interest after the money has been in the account for one month though, and therefore recommend you don't use it if you make a lot of withdrawals.

I have used SC First Bank (Hangul:SC제일은행) since 2008. Back then, the rate was 5% I believe. Happy with the service. Another option is to open up a CMA, cash management account with a Korean investment bank. They pay a higher interest rate than most banks.

[decolyon]

Sadly the global recession is not kind to savings. Pretty much anywhere is going to be in the .01% area rate.

This is because this is the rate central banks and reserves set for smaller banks in their own country. Or in common terms "prime." Prime is the interest figured on savings accounts as well as loans. Once central banks start raising their interest rates, smaller banks will too. Several factors go into that though.

Watch the Fed rate in America. The Federal Reserve pretty much sets the tone for everyone else. Did I say everyone else just does what the Fed does? No. I said sets the tone. Right now Fed rates are at .01%. We're looking at that maybe hitting .1% by the end of this year if all things go great. By 2013, you might see rates up to 1% again. But still, that's so painfully low. In 2007 before the Great Recession, it was common to find things near 6%. Ah, the good old days.

[winterfall]

For anyone that's interested. KEB has a 91 day CD with a 3.08% yield. Minimum balance is a little high at 5 million Won. But that's not terribly bad considering its only 91 days

[winterfall]

[Lazio]

Usually second tier banks offer better rates. Best if you have Korean help who can search on the rates online. We are getting almost 5% at Sinhyeop (I guess) 20 mil. will give us 960,000 interest after one year. It's not taxable. Also, it's not available at all the branches. One actually needs to go to a certain location. You can't access your money for a year though...

[chungbukdo]

[meridian]