KakaoBank to Raise Fixed Deposit Rates by Up to 0.20 Percentage Points

Flexible Savings Account Rates Also Increased

Internet-only bank KakaoBank will raise the interest rates on its fixed deposits and flexible savings accounts by up to 0.20 percentage points starting December 13.

According to KakaoBank on December 12, the interest rate for fixed deposits with a maturity of 24 months or longer will increase from 2.40% to 2.60% per annum. The rate for deposits with a maturity of 3 months or more but less than 6 months will rise from 2.65% to 2.75%, and for those with a maturity of 6 months or more but less than 24 months, the rate will go up from 2.85% to 2.95%, each by 0.10 percentage points.

For flexible savings accounts, products with a maturity of 24 months or longer will see the rate increase from 2.40% to 2.60%, and those with a maturity of 12 months or more but less than 24 months will rise from 3.05% to 3.15%.

KakaoBank has decided on this additional increase just one month after raising the interest rates on deposit products three times-on October 18, November 1, and November 12. KakaoBank explained, "The adjustment was made in response to the rise in market interest rates."