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EMKAYES
Joined: 04 Dec 2006
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 Posted: Fri Jan 26, 2007 9:09 pm Post subject: Setting up a Korean Bank fund.. |
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I have a korean friend who is advising me to open a fund at my bank - kb.
She says If I'm staying in korea 1,2 + years and put away like 1mill a month then its a good investment. She recons that after 2 years you can almost double your money? Does this sound right?
My question is. Has anyone done this/doing this now?
Obviously if you havent got any debts back home and you live here for a few years, (not blowing all your dough) then the cash is gonna build up.
You cant just let it sit in the bank with 0% interest... What have people done. |
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RachaelRoo
Joined: 15 Jul 2005
Location: Anywhere but Ulsan!
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| Posted: Fri Jan 26, 2007 9:23 pm Post subject: Re: Setting up a Korean Bank fund.. |
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| EMKAYES wrote: |
She says If I'm staying in korea 1,2 + years and put away like 1mill a month then its a good investment. She recons that after 2 years you can almost double your money? Does this sound right?.
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No, it doesn't.
Be wary of anyone promising high returns. Also, past returns aren't necessarily indicitive of future returns. You can lose money, too. |
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Hanson
Joined: 20 Oct 2004
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| Posted: Fri Jan 26, 2007 10:18 pm Post subject: |
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I've heard there are funds that automatically take money out of your account each month. As I understand it, you enter into a contract that you will put X amount into the fund each month and at the end of the contract period, you collect your cash, plus interest. However, if you miss a payment, the contract is null and void - or you have to pay a cancelation fee or something.
I'd like to know more about this, too. |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Fri Jan 26, 2007 10:23 pm Post subject: |
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I do this at Nong-Hyup Bank. Each month X amount is automatically withdrawn and piles up in their investment fund. My particular fund is tied to the Korean stock market. I'm guaranteed a certain rate of interest, but keep my fingers crossed for the market to go bullish a few months before Feb. '08 when my fund matures.  |
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