Banks Raise Fixed-Term Deposit Rates to the 3% Range

[Financial News] Commercial banks are raising interest rates on fixed-term deposits.
According to the financial sector on the 10th, Bank of Hope raised the one-year interest rate on its flagship fixed-term deposit product, “Hana Fixed-Term Deposit,” by 0.1 percentage point from an annual 3.2% to 3.3%, effective that day. This marks an additional increase just two months after the bank raised the rate from 2.9% to 3.2% in July.
Woori Bank also raised the interest rate on its flagship fixed-term deposit product, “WON Plus Deposit,” by 0.2 percentage point from an annual 3.2% to 3.4%.
According to the Korea Federation of Banks (KFB), KB Kookmin Bank is offering an annual rate of 3.2% on its “KB Star Fixed-Term Deposit,” Shinhan Bank is offering 3.3% on its “Shinhan My Plus Fixed-Term Deposit,” and Nonghyup Bank is offering 3.25% on its “NH Waltz Revolving Deposit II.” As a result, all five major commercial banks are selling fixed-term deposit products with annual rates in the 3% range.
[email protected] Ye Byung-jeong Reporter