KakaoBank Raises Savings and Deposit Interest Rates by up to 0.20%p

Up to 1.50% Annual Interest Rate on 1-Year Flexible Savings
Enhancing Competitiveness of Deposit Products

[Asia Economy Reporter Kiho Sung] KakaoBank announced on the 20th that it has raised the interest rates on savings and time deposits by up to 0.20 percentage points. The increased rates apply to new subscriptions from this day.

Time deposits with a maturity of less than 6 months will increase by 0.10 percentage points, and those with 6 months or more will increase by 0.20 percentage points. The interest rate on a 1-year time deposit, which was 1.00% per annum, has been raised to 1.20% per annum starting today.

For flexible savings deposits, the interest rate will increase by 0.20 percentage points regardless of the maturity period. The interest rate for a 1-year maturity savings deposit will rise from the current 1.10% per annum to 1.30% per annum. An additional preferential interest rate of 0.20 percentage points is offered when automatic transfer is applied.

KakaoBank stated, “We raised the interest rates on savings products to strengthen the competitiveness of our deposit products.”