Up to 3% Annual Interest Applied on Deposits up to 3 Million KRW
Welcome Savings Bank announced on July 31 that it will launch the 'Welcome All-in-One Account for Foreigners' starting from August 1.
The bank explained that it has created a deposit product that allows foreign residents in Korea to freely deposit and withdraw funds.
The account applies a tiered interest rate based on the deposit balance. For balances up to 3 million KRW, an annual interest rate of 3.0% is applied. For amounts exceeding 3 million KRW, an annual rate of 0.5% (before tax) is applied. There are no additional preferential rate conditions, making it easy for foreigners to benefit from the interest rates.
This deposit product accrues interest even if funds are deposited for just one day. It can also be used as a parking account for small amounts such as emergency funds or pocket money.
Any foreign resident in Korea with a foreign registration card can open the account at a Welcome Savings Bank branch or through the mobile banking application, Welbang.
A Welcome Savings Bank representative stated, "We plan to continue introducing a variety of products exclusively for foreign customers in the future."
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