Shinhan Bank Raises Three-Month Deposit Rate to 3.10% a Year, Reflecting Demand for Short-Term Fund Management

[Financial News] Shinhan Bank has raised its deposit rates to reflect growing demand for short-term fund management. The three-month rate rose by 0.25 percentage points, entering the 3% range per year for the first time since January last year. According to financial industry sources on the 30th, Shinhan Bank raised its three-month deposit rate from 2.85% to 3.10% per year, effective that day. The three-month rate has reached the 3% range for the first time since it stood at 3.10% per year on January 9 last year.
The six-month rate rose from 3.15% to 3.30% per year, an increase of 0.15 percentage points, while the 12-month rate climbed from 3.40% to 3.50% per year, up 0.10 percentage points. The shorter the maturity, the larger the increase.
A Shinhan Bank official said, "As we have recently entered a period of rising interest rates, more customers are seeking to manage their funds over the short term." The official added, "We raised rates, focusing on short-term rates, to reflect these market conditions and customer demand."

[email protected] Ye Byeong-jeong Reporter