"Up to 9% annual interest, deposit products flood the market"...Selling stocks and returning to banks?

"Deposit products offering up to 9% annual interest have emerged." As liquidity has shifted back to banks amid recent stock market declines, competition for attracting deposits through higher interest rates is intensifying.

Shinhan Bank will launch a new one-year flexible deposit product called "Shinhan Deposit 9-Step" on the 14th, offering up to 9.0% annual interest. Each individual can open only one account, and sales are limited to 200,000 accounts until September 30.

The base interest rate is 3% annually, with a bonus rate of up to 6%. Customers who have not held Shinhan Bank time deposits or housing subscription products in the six months prior to joining will receive a 5.0 percentage point (P) bonus. Additionally, those who meet Shinhan Card (credit or debit) transaction requirements for at least three months will receive a 2% P bonus. Notably, if customers have not held Shinhan Bank time deposits or housing subscription products in the six months before joining and make a new deposit of up to 300,000 won by August 31, they will qualify for the full 6% P bonus rate, earning up to 9.0% annual interest.

With recent stock market volatility increasing, banks are launching deposit products with base rates reaching 7–8%. Previously, Toss Bank introduced "Kiwobayo 31-Day Deposit," a challenge-type daily savings product, attracting attention by offering up to 10% annual interest.

Woori Bank launched "Our Wish Deposit" to commemorate the 150th anniversary of Kim Gu's birth, offering up to 8.29% annual interest. NH NongHyup Bank also introduced "Nongshim Cheonsim Deposit," offering up to 8.15% annually to mark its founding anniversary.

Deposit rates are also rising. The "Nongshim Cheonsim" deposit from Agricultural Cooperative Bank offers up to 3.7% annual interest. Woori Bank's "Our Wish Deposit" is set at around 3.6%. Due to rapid sales reaching the 1st trillion won limit, the bank decided to expand the sales cap but lowered the rate by 0.1 percentage points, adjusting the maximum rate to 3.5% annually.

Shinhan Bank is currently conducting its sixth round of sales for "Shinhan SOL Mate Time Deposit," a senior-focused deposit product offering up to 3.5% annual interest for customers aged 50 and above.

Regional banks are also joining the race for higher deposit rates. Jeonbuk Bank introduced "The Dream Special Deposit" with an annual rate of 3.80% for one month in August. Busan Bank launched "BNK My Way Deposit," offering up to 3.4% annually, valid until the end of this month.