In response to the Bank of Korea's rate hike, banks are increasing the interest rate on deposits one after another.
Woori Bank announced that it will raise interest rates for 19 time deposits and 28 savings products starting tomorrow (26th).
The rate of increase in interest rates for these deposit products ranges from a minimum of 0.20 percentage points to a maximum of 0.40 percentage points.
First of all, the term deposit product 'Woori Super' time deposit increased from a maximum of 1.15% to a maximum of 1.45% per annum, 'Woori Super' main transaction savings increased from a maximum of 2.55% to a maximum of 2.80% per annum, and the 'ESG' savings account was the highest. Increases from 1.65% per annum to a maximum of 2.05% per annum.
The interest rate for three bankbook products will be raised by 0.10 percentage points to 0.15 percentage points.
The increased interest rate will be applied to products subscribed from tomorrow.
The same applies not only at branch counters, but also through internet and smartphone banking.
Deposit and exit passbooks are also applied to existing subscribers, and from the effective date of the first interest settlement date, from the 18th of the following month.
Woori Bank said, "In accordance with the Bank of Korea's base rate hike, the interest rate for deposit products has been raised quickly."
The Bank of Korea (BOK) announced this morning that it has decided to raise the base rate by 0.25 percentage points from 0.75% to 1.00%.
In response, Hana Bank also announced that it would raise the deposit interest rate by 0.25 percentage points to 0.40 percentage points.
First of all, we will raise interest rates on five types of savings deposits, including 'Main Transaction Hana' monthly compound interest savings.
Accordingly, the interest rate on 'Hana Travel' savings account is adjusted to 2.70%, up 0.40% points per annum from the highest of 2.30%, and the interest rate on 'Hana OneQ' savings accounts is adjusted to 2.60% per annum, up 0.30% points from the highest of 2.30% per annum.
Starting from the 29th, interest rates on 7 deposit products including 'Challenge 365' savings account and 6 term deposit products including '3·6·9' term deposits will be raised by 0.25 percentage points.
Hana Bank said, "In line with the Bank of Korea's rate hike, we have decided to raise the deposit rate quickly."
It is evaluated that pressure from the financial authorities also played a part in the reason why banks raised the deposit interest rate higher than the base rate hike of the Bank of Korea (0.25 percentage point).
Earlier, Financial Supervisory Service Commissioner Jeong Eun-bo said that the difference in interest rates between deposits and loans has widened significantly and said, "I am thinking to see if the difference in interest rates is being determined rationally and transparently according to existing best practices."