Savings Bank Notes Regular Deposit Highest Interest Rate 4.10% per annum
The average interest rate also rose by 0.03%p in one month.
Savings banks have raised the interest rate on term deposits as the deposit balance has fallen below the 100 trillion won mark, and are trying to secure funds. Term deposits with an annual interest rate of 4% have reappeared after two months. However, as the outlook for the second half of the year is not bright, it is expected that they will only maintain the deposit amount rather than compete for deposits as before.
According to the Korea Federation of Savings Banks on the 21st, the highest interest rate for regular deposits (12 months) at 79 savings banks nationwide the previous day was 4.10% per annum.
Woori, Sangsangin Plus, Union, and Jo Eun Savings Banks are offering regular deposits with an interest rate in the 4% range. Woori Savings Bank’s regular deposit (non-face-to-face) interest rate is the highest at 4.10% per annum, while the regular deposit interest rates of Sangsangin Plus, Union, and Jo Eun Savings Banks are 4.00% per annum.
It has been about two months since the reappearance of regular deposits with an annual interest rate of 4% at savings banks in mid-July.
The average interest rate of savings banks also rose due to the rise in the deposit interest rate. The average interest rate of regular deposits at 79 savings banks nationwide rose by 0.03 percentage points in one month to 3.68% as of the 20th.
This is a trend that is in contrast to commercial banks that have lowered their deposit interest rates in response to the decline in market interest rates. The regular deposit interest rates of the five major banks, including KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup, have fallen below the base rate. As of the 20th, the highest interest rates for the major regular deposit products of the five major banks are 3.35-3.42% per annum.
Savings banks are increasing interest rates not only for one-year term deposits, but also for nine-month term deposits and deposit/withdrawal deposit products.
The previous day, Aekyun Savings Bank launched the ‘Easy Pay Account’, a simple payment preferential deposit and withdrawal account with an annual interest rate of up to 3.8%. SBI Savings Bank raised the interest rate on term deposits (1 year) by 0.3% points to a maximum of 3.9% at the end of last month and introduced a 9-month maturity section. The same maximum interest rate of 3.9% as 12 months is applied to term deposits with a 9-month maturity.
The increase in the deposit interest rate of savings bank notes is interpreted as an attempt to secure funds in a situation where the balance of deposits continues to decline. According to the Bank of Korea, the balance of deposits of savings bank notes fell below 100 trillion won for the first time in 2 years and 8 months. As of the end of July, the balance of deposits was 99.9128 trillion won, the smallest since November 2021 (98.6843 trillion won).
A savings bank official said, “As deposits decrease, there is a tendency to secure funds by raising deposit interest rates for a short period of time, focusing on small and medium-sized companies that need funding.”
However, it is expected that savings banks will have difficulty in significantly increasing their deposits in the second half of the year due to difficulties in loan sales. Due to the sluggish lending, the balance of savings banks’ loans has also fallen below 100 trillion won. As of the end of July, it was tallied at 96.9415 trillion won. This is the lowest level in 2 years and 9 months.
An industry insider explained, “In theory, lowering interest rates is a good environment for savings banks to engage in lending, but right now, they have to prioritize issues such as real estate project financing (PF), so they are not in a position to actively engage in sales.” He added, “Since there is less need to secure funds for lending, the balance of deposits is bound to decrease.”
[서울=뉴시스]
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2024-09-22 04:51:34