KakaoBank Raises Time Deposit Interest Rate by 0.1%p

KakaoBank will raise the interest rates on its time deposit and installment savings products by up to 0.1 percentage points starting November 1. This is an additional increase just two weeks after the previous hike on October 18.

According to KakaoBank on October 31, the interest rate for one-year time deposits will increase by 0.1 percentage points, from 2.6% to 2.7%. The interest rate for one-year installment savings will also rise by 0.1 percentage points, from 2.8% to 2.9%.

A KakaoBank official stated, "We have adjusted the deposit product interest rates in response to rising market rates," adding, "With this rate adjustment, KakaoBank will offer the highest level of deposit and savings rates compared to major commercial banks and internet banks."