[Practical Finance] Put Your Spare Change Here After Stock and Crypto Investments... High-Interest Savings Targeting People in Their 20s and Sole Proprietors

Woori Bank Targets 20s with Small-Sum Savings Products
Hana Bank Launches Customized Savings for Sole Proprietors

As investment funds shift toward stocks, banks are introducing savings products that allow customers to make use of spare change. Unlike in the past, these are not uniform deposit and savings products targeting the entire population. Instead, they are tailored to specific customer segments, such as age groups and occupations. This trend reflects the growing popularity of an investment style in which individuals allocate a significant portion of their assets to stocks and virtual assets, while placing small amounts in safe, high-interest products offered by top-tier banks. Here is a summary of the latest high-interest deposit and savings products released by banks.

Woori Bank launches 8% savings product targeting people in their 20s ... Expanding mobile savings business amid SKT incident

Woori Bank has introduced a high-interest savings product aimed at people in their 20s. To mark Family Month in May, the bank launched the 'Woori Naerisarang Savings.' To sign up for this product, a parent generation customer (aged 50 or older) must gift a sign-up code to a child generation customer (aged 29 or younger). Both the parent and child are required to have Woori Bank accounts.

The maximum monthly deposit is 300,000 won, and the maturity is one year. The interest rate is up to 8%. The base rate is 2% per year, and the preferential rate can be up to 6% per year. If you set up an automatic transfer from a Woori Bank account, you receive an additional 4.0% per year. An extra 1.0% is added for signing up online. If you do not already have a Woori Bank deposit or savings product, you can receive another 1.0%.

To open the savings account, the parent or grandparent must receive their salary through Woori Bank. In the case of retirees, if they receive their pension through Woori Bank, they can send the sign-up code to their child or grandchild. The sign-up code can also be sent to someone who is not a family member. However, it can only be used once per person. Enrollment is limited to 100,000 accounts, and applications are accepted until September 30.

Recently, the number of 'Woori WON Mobile' budget phone subscribers at Woori Bank has increased. This is due to the SK Telecom personal information leak. In response, the bank is launching high-interest savings products to attract more subscribers. Woori Bank has released the 'Woori WON Mobile Savings,' a high-interest savings product linked to 'Woori WON Mobile.' By subscribing to a budget phone plan and setting up automatic payment of phone bills, customers can receive an interest rate of up to 7.0% per year.

The maximum monthly deposit is 200,000 won. The base interest rate is 3.0% per year, and customers can receive a preferential rate of up to 4.0% per year if they use the Woori WON Mobile plan and set up automatic payment of phone bills from a Woori Bank account. This product targets people considering switching from SK Telecom or those interested in budget phone plans.

Within Woori Bank, many employees are opening savings accounts along with subscribing to budget phone plans. It has been reported that Woori Financial Group Chairman Lim Jongryong also switched telecom providers and subscribed to the Woori WON Mobile budget phone plan.

Hana Bank and KB Kookmin Bank launch savings products exclusively for sole proprietors

Yonhap News

Hana Bank recently launched a savings product exclusively for small business owners. As the first financial product under the 'Hana The SOHO' brand, which specializes in small business finance, it attracted significant attention. Like Woori Bank's product, the maximum monthly deposit is 300,000 won, and the maturity is one year.

Depending on the card merchant deposit performance, customers can receive an interest rate of up to 8.0% per year. The base rate is 2.0%, with a preferential rate of 6.0% per year. If the merchant deposit record is maintained for more than six months, an additional 2.0% per year is added. Depending on the number of card companies depositing merchant funds, customers can receive up to 4.0% per year.

One notable feature is the early termination condition. Even if the savings account is closed before maturity, if the funds are used for purposes such as business premises acquisition, payment of lease deposits, or payment of VAT or income tax, the base rate at the time of account opening is applied.

Hana Bank explained that the product was launched as part of efforts to expand customized support for small business owners in an environment of increasing economic uncertainty. The launch of savings products targeting small business owners also has the advantage of expanding loan sales.

Last week, KB Kookmin Bank also launched the 'KB President+ Savings' product for sole proprietors. Preferential interest rates are offered to sole proprietors who receive sales settlement funds, such as card merchant payments, delivery platform payments, or online market payments, into their KB Kookmin Bank account.

The maximum monthly deposit is 500,000 won, the highest among the products. However, the maximum interest rate, including preferential rates, is 6.0%. The base rate is 2.0% per year. Customers receive an additional 2.0% per year for depositing sales settlements, 1.0% per year as a 'President Welcome' preferential rate, and 1.0% per year for participating in events.

Shinhan Bank offers 7.0% to all ... 8.0% for customers with two or more children

Shinhan Bank's savings products are characterized by a slightly higher base rate compared to other banks. The bank offers a maximum interest rate of 7.0% per year to all customers. The product allows a maximum monthly deposit of 300,000 won, with a choice of six-month or twelve-month terms. It is advantageous for those looking to deposit small amounts for a short period. The six-month maturity offers a maximum of 6.5%. The base rate is 2.0%, and the maximum preferential rate is 4.5% per year. For the twelve-month term, the base rate is 2.5%, and the maximum is 7.0% per year.

If you have income deposited into a Shinhan Bank account in your name for more than three months, you receive an additional 1.5% per year. If you have three months or more of Shinhan Card (credit or debit) spending records in your own Shinhan Bank account, you receive an additional 0.5% per year. For young adults just starting their careers, an extra 2.5% per year is added under the 'first income' condition.

The high-interest product that stands out is the 'Multi-Child Savings.' Only those who get married, become pregnant, give birth during the savings period, or have two or more children are eligible to sign up. The maximum monthly deposit is 300,000 won, and the term is 12 months.

The base rate is 2.5% per year. If you get married, become pregnant, or give birth during the savings period, you receive an additional 1.0% per year. If you receive one of the following?parental allowance (welfare benefit), infant, child-rearing, or child benefit?into your own Shinhan Bank account for more than six months, you receive an additional 1.0% per year. If you have two or more minors born after 2007, you receive an extra 1.5% per year; for three or more, an extra 2.5% per year. In addition, first-time Shinhan Bank customers receive an additional 1.0% per year.