[Asia Economy Reporter Bu Aeri] As commercial banks continue to lower their deposit interest rates, internet-only banks and regional banks have also seen the disappearance of fixed deposits offering over 5% annual interest.
According to the Bankers Association disclosure on the 22nd (as of the 20th), the fixed deposit product with the highest interest rate is DGB Daegu Bank's 'DGB Hamkke Deposit,' offering a maximum annual interest rate of 4.95% (based on 12 months), falling below 5%.
Regional banks and internet-only banks maintained interest rates in the 5% range even when major commercial banks' deposit rates dropped to the 4% range, but now products with 5% rates have vanished.
K Bank's 'Code K Fixed Deposit' offers up to 4.4%, and Kakao Bank's fixed deposit offers up to 4.5% interest rates.
The major fixed deposit products of the five largest commercial banks (KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup) have dropped to the 3% range. The representative deposit products of the five banks (12 months, as of the 20th) recorded interest rates between 3.67% and 3.95%. Earlier this month, the deposit rates of the five banks were in the low to mid 4% range.
Looking at each bank, KB Kookmin Bank's 'KB Star Fixed Deposit' offers up to 3.86% annually, Shinhan Bank's 'Sol Pyeonhan Fixed Deposit' offers up to 3.9%, Woori Bank's 'WON Plus Deposit' offers 3.87%, Hana Bank's 'Hana Fixed Deposit' offers up to 3.95%, and NH Nonghyup Bank's 'NH All One e-Deposit' offers up to 3.67% annually.
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