SEOUL, Nov. 24 (Korea Bizwire) — Woori Bank, one of South Korea’s largest commercial banks, said Wednesday it will be releasing a new installment savings plan that will provide a high annual interest rate of up to 11 percent for those who walk more than 10,000 steps a day. The availability of this installment savings [...]
SEOUL, Sept. 15 (Korea Bizwire) — Amid the upward trend in interest rates, South Korean banks have released a string of high interest rate deposit and installment savings products. Such products, however, have complicated preferential conditions, making it difficult for depositors to receive the highest interest rate. Welcome Savings Bank, for instance, released a 12-month [...]
SEOUL, July 11 (Korea Bizwire) — Short-term saving products are gaining popularity as the stereotype of saving money by pouring money into deposit or installment saving products for more than one year has lost appeal. KakaoBank Corp., a South Korean internet-only bank, released the ’26 week-long installment saving product’ in June 2018, and the number [...]
SEOUL, Oct. 31 (Korea Bizwire) – More South Koreans have canceled their installment savings accounts before maturity this year, industry data showed Monday, an apparent sign that an increasing number of ordinary people are feeling the pinch from the country’s sluggish economy. The early cancellation rate of installment savings accounts at Shinhan, KB Kookmin, KEB [...]