2024-05-04 03:23:05
Registered2024.05.04 12:23
Edit2024.05.04 12:58
Interest rates are falling… What about a “parking account” that earns interest even if you leave it for just one day?
SC Jeil earns a lot of money through “Daily Compound Interest Savings Account”
There is also a parking account that gives 7% interest per year for amounts below 500,000 won.
As interest rates on bank deposits fall to the level of the Bank of Korea’s base interest rate (3.5 percent per year), the concerns of the “deposit group” (a word made up of deposit and investment) are increasing. Although the base interest rate cut is expected to be delayed, bank accounts offering significant interest rate benefits are disappearing.
That’s why money that has nowhere to go is concentrated in a “parking account” that earns interest even if it’s only left for a day. Many investors seek parking accounts to temporarily store public stock subscription redemptions and preliminary subscription funds. Those who find it difficult to lock up their funds for a long time due to tight financial conditions due to high inflation are also looking for smart parking accounts.
Interest rates vary depending on the deposit amount.
As uncertainty grows in financial markets, parking accounts are once again attracting attention. Banks also actively offer parking accounts to secure their liquidity. Local banks and savings banks are more favorable than the big five commercial banks, including Kookmin Shinhan Hana and Woori Nonghyup, in terms of interest rates on parking accounts and deposit limits.
Among commercial banks, SC First Bank sells a parking account that offers an interest rate of around 3% per year. The “Jeil EZ Account” offers interest of 3.1% per annum without any conditions to customers who have not made any transaction with Jeil Bank.
The Daily Compound Interest Savings Account (MMDA), sold until the 30th of this month, also gives interest of up to 3.4% per annum to customers who make their first transaction. The Compound Interest Daily Savings Account is a deposit and withdrawal characterized by compound interest payments based on the daily balance. However, the larger the deposit, the higher the interest rate charged. Based on the balance, if it is more than 100 million won, it will be 1.0%, if it is between 50 million won and less than 100 million won, it will be 0.6% , if it is more than 30 million won but less than 50 million won, it will be 0.3%, and if it is less than 30 million won, it will be 0.1%. That’s why it’s called “the rich person’s parking account.” Interest is calculated on the balance by compounding it daily. Suhyup Bank’s “SH Daily Account” also has a similar structure. While an interest rate of 2.0% per annum is charged for customers with deposits of 10 to 100 million won, the interest rate is significantly lowered to 0.1% per annum for customers who deposit more than 100 million won. Here, new customers can receive up to 3.0% per year when they opt-in to marketing.
Local banks are also introducing various parking accounts. Gwangju Bank’s “365 Parking Account” is beneficial for customers who deposit small amounts in the short term. For amounts less than 10 million won, the highest interest rate is 3.0% per year. Additionally, customers who sign up by the end of this year will benefit from a preferential interest rate of 0.5% for 6 months, with a maximum interest rate of 3.5% per year.
7% interest per year on small deposits
Savings banks are more aggressive in securing deposits. OK Savings Bank offers subscribers of the “OK Chantech Account” an annual interest rate of 7.0%, the highest interest rate in the industry. However, to receive the highest interest rate, the deposit amount must be less than 500,000 won. As the Chantech product name suggests, this is to attract customers who are looking for high interest rates even for small deposits. Additionally, interest is paid at a rate of 3.3% per year for amounts ranging from 500,000 won to 100 million won. For customers with more than 100 million won, the annual interest rate drops to 1.0% per year. Daol Savings Bank and Ecuon Savings Bank also sell the “Fi Connect II Account” and the “Plus Free Deposit”, which offer an annual interest rate of 3.5%. In order to benefit from the highest interest rate, marketing consent or open banking registration is required. A financial industry official said: “It is best to choose a parking account that suits you based on the amount and purpose. »
Reporter Park Jae-won [email protected]
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