JT Savings Bank Raises Deposit Interest Rates... Offering Up to 2.2% Annually

[Asia Economy Reporter Minyoung Kim] JT Savings Bank announced on the 22nd that it has raised interest rates on deposit products, including non-face-to-face time deposits, by up to 0.3 percentage points.

The products subject to this interest rate increase are ▲non-face-to-face time deposits (0.3 percentage points) ▲non-face-to-face revolving time deposits (0.3 percentage points) ▲regular time deposits (0.1 percentage points) ▲revolving time deposits (0.1 percentage points). Depending on the product type and subscription conditions, interest rates of 1.8% to 2.2% per annum are offered.

This is the second interest rate hike by JT Savings Bank this month. Previously, JT Savings Bank raised interest rates on deposit products by 0.1 percentage points to support ordinary customers facing difficulties due to the prolonged COVID-19 pandemic in preparing lump sums and expanding stable assets.

With this interest rate increase, the interest rate on JT Savings Bank’s non-face-to-face time deposits is 0.37 percentage points higher than the average time deposit interest rate of 1.73% in the savings bank industry.

Choi Seongwook, CEO of JT Savings Bank, said, "We implemented this interest rate increase with the hope that it will help customers build their assets even a little during these difficult times caused by the prolonged COVID-19 pandemic and the low-interest-rate era. We will continue to provide various financial benefits tailored to customers’ situations and practice true financial services for ordinary people."