Effect of Base Rate Hike... Woori Bank to Raise Savings and Deposit Interest Rates by up to 0.4%P

[Asia Economy Reporter Song Seung-seop] Woori Bank announced on the 26th that it will raise the interest rates on 22 regular deposits and 16 installment savings accounts by up to 0.40 percentage points.

This measure came after the Bank of Korea raised the base interest rate by 0.25 percentage points from 1.50% to 1.75% on the same day.

The interest rate on Woori Bank's non-face-to-face exclusive product, ‘Woori First Transaction Preferential Deposit,’ will increase from 2.8% to 3.1% per annum, and the ‘WON Deposit’ will rise from 2.30% to 2.50%. For the ‘WON Installment Savings,’ the rate will go up from 2.8% to 3.00%, and the ‘Woori Eusseuk (ESG) Installment Savings’ will increase from 2.65% to 2.90%.

A Woori Bank official said, “We promptly raised the interest rates on deposit products following the base rate hike.”