Chris Infotainment

Rising Interest Rates in Savings Banks In recent months, savings banks have been gradually increasing their deposit rates. This trend follows the actions of commercial banks, which raised their deposit rates to attract funds that were flowing into the stock market. As a result, savings banks have also started to follow suit, adjusting their rates to remain competitive. According to the Korea Federation of Savings Banks, on the 24th, the average interest rate for one-year fixed deposit products at 79 savings banks was 2.71% annually. This represents an increase of 0.02 percentage points from the previous day's rate of 2.69%. This marks the first time in four weeks that the average interest rate for savings bank fixed deposits has reached the 2.7% range. The last time this occurred was on the 29th of last month, when the rate stood at 2.7%. The number of deposit products with interest rates exceeding 3% annually remained at two until the previous day. However, on the 24th, this n...

The Decline of High-Interest Savings Products The number of savings bank deposit products with annual interest rates exceeding 3% has seen a dramatic decline. These products, which act as a financial safety net for ordinary citizens, have dropped from 191 to 48 in just one month. This represents a quarter of the previous level, signaling a significant shift in the landscape of savings options. As deposit rates continue to fall due to prolonged economic stagnation and the government’s tightening of household loans, deposit-focused investors are facing an emergency. With dwindling options to park their funds, many are now searching for alternatives that can provide better returns. According to the Korea Federation of Savings Banks on the 5th, as of the 2nd, just before the holiday, 79 savings banks nationwide offered 49 one-year fixed deposit products with annual interest rates of 3% or higher. While there were 191 such products with rates above 3% as of the 2nd of last month, the nu...