Hana, Woori and now Nonghyup... Commercial banks continue raising deposit rates (comprehensive)

[Financial News] Commercial banks are raising fixed-term deposit rates to reflect rising market interest rates.
According to the financial sector on the 10th, Nonghyup Bank plans to raise the rates on its non-face-to-face product, 'NH All One e-Deposit,' by 0.2–0.3 percentage points depending on the subscription period, starting on the 11th.
The rate will rise by 0.2 percentage points for subscription periods of at least six months but less than 24 months, and by 0.3 percentage points for periods of at least 24 months but less than 36 months. Accordingly, the annual rate for a one-year term will increase from 3.25% to 3.45%.
Bank of Hope also raised the one-year rate on its flagship fixed-term deposit product, 'Hana’s Fixed-Term Deposit,' from an annual 3.2% to 3.3%, an increase of 0.1 percentage points, effective that day. This marks an additional increase just two months after the rate was raised from 2.9% to 3.2% in July.
Woori Bank also raised the rate on its flagship fixed-term deposit product, 'WON Plus Deposit,' from 3.2% to 3.4% annually, an increase of 0.2 percentage points.
According to the Korea Federation of Banks (KFB), KB Kookmin Bank is offering an annual rate of 3.2% on 'KB Star Fixed-Term Deposit,' Shinhan Bank is offering 3.3% on 'Shinhan My Plus Fixed-Term Deposit,' and Nonghyup Bank is offering 3.25% on '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.
A bank official explained, "This measure reflects the Bank of Korea’s policy-rate hike and rising market interest rates."

[email protected] Ye Byung-jung Reporter