A one-year fixed deposit with an annual interest rate exceeding 4% has appeared in the banking sector for the first time in two years and three months. Deposit rates are rising rapidly as market interest rates climb and banks' need to raise funds intensifies.
According to financial industry sources on the 29th, Gwangju Bank raised the maximum annual rate for its one-year "Good Start Deposit" to 4.04% on the same day. This followed an increase from 3.99% on the 23rd to 4.02% the previous day, marking an additional hike of 0.02 percentage points (P) in just one day. The product offers a base rate of 3.54% annually, plus preferential rates of 0.4% P for first-time deposit customers and 0.1% P for those who consent to service notifications, allowing the maximum rate to be achieved relatively easily. This marks the first time in about two years and three months since June 2024 that the interest rate on one-year fixed deposits in the banking sector has surpassed 4% annually.
Deposit rates at other banks are also approaching 4%. △Jeonbuk Bank offers a maximum annual rate of 3.93% for one-year deposits, △Busan Bank offers 3.92%, and △Gyeongnam Bank offers 3.85%. Among internet banks, △KakaoBank offers 3.70%, △K bank offers 3.61%, and △Toss Bank offers 3.60%, trailing behind the regional banks.
While rates at major commercial banks are relatively lower, they have collectively raised deposit rates since September. The one-year fixed deposit rate at NH NongHyup Bank is currently 3.55% annually, while KB Kookmin and Woori Bank stand at 3.50%, and Shinhan and Hana Bank are around 3.40%. In particular, Kookmin Bank, Woori Bank, and Hana Bank have raised rates twice this month, as deposit rate increases continue across the banking sector.
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