Five Major Banks Raise Deposit and Savings Rates After Base Rate Hike

[Financial News] The five major banks have all raised their deposit and savings rates.
According to the financial sector on the 23rd, Nonghyup Bank raised its fixed-deposit rates by 0.25 to 0.30 percentage points. The move reflects market interest rates, including the Bank of Korea's base rate hike.
For the one-year NH All-One e-Deposit, the rate was raised by 0.30 percentage points from 2.95% to 3.25%.
Installment deposits were raised by 0.25 to 0.30 percentage points, while subscription deposits and the asset-building savings account were increased by 0.25 percentage points.
Hana Bank also raised the interest rate on its one-year time deposit by 0.30 percentage points on the day, from 2.9% to 3.2%. It was the third increase this year.
As KB Kookmin Bank, Shinhan Bank and Woori Bank had already raised their deposit and savings rates, the five major banks have now all increased deposit rates.
On the 22nd, KB Kookmin Bank raised the rate on its flagship non-face-to-face time deposit product, with a one-year maturity, by 0.3 percentage points from 2.9% to 3.2%. For its flagship savings product, also with a one-year maturity, the rate was lifted by 0.20 percentage points from 3.25% to 3.45%.
On the 21st, Shinhan Bank also raised the rate on its one-year Sol Comfortable Time Deposit from 2.9% to 3.2%. The base rates on 13 fixed-deposit products, including Shinhan S Dream Time Deposit, will rise by 0.2 to 0.4 percentage points from the 22nd. As a result, the one-year Shinhan S Dream Time Deposit rate will increase from 2.05% to 2.30%.
The base rates on 17 installment savings products, including Shinhan S Dream Savings, will also rise by 0.1 to 0.3 percentage points. The one-year Shinhan S Dream Savings rate will climb by 0.25 percentage points from 2.00% to 2.25%.
Earlier, Woori Bank also raised its deposit and savings rates by 0.25 to 0.30 percentage points starting on the 20th.
[email protected] Seo Ji-yoon Reporter