The trend of fixed deposits offering annual interest rates in the 4th% range, which began at regional banks, is spreading to major commercial banks. Following Gwangju Bank’s introduction of a fixed deposit exceeding an annual 4% rate for the first time in two years and three months last month, Shinhan Bank has also launched a product offering interest rates of up to 4%.
According to financial industry sources on the 12th, Shinhan Bank launched the “Super SOL Welcome Fixed Deposit” on the 6th, offering an annual interest rate of up to 4% for one-year maturities. The base interest rate is 3.6% for a 12-month maturity and 3.3% for a six-month maturity, with rates reaching up to 4% and 3.7%, respectively, if preferential conditions are met.
The preferential interest rate allows customers to receive an additional 0.2 percentage points (P) if they open the deposit within six months of their first login to “Shinhan Super SOL,” the integrated app of Shinhan Financial Group. Considering that Super SOL was launched in June this year, any customer who signs up by the end of this year will be eligible for the preferential rate.
The remaining 0.2 P is provided to customers with no history of salary transfers through Shinhan Bank in the preceding six months if they deposit a salary of at least 500,000 won per transaction for three or more months after opening the account.
The minimum deposit amount is 500,000 won and the maximum is 20 million won, with sales on a first-come, first-served basis up to a total limit of 500 billion won.
Shinhan Bank President Chung Sang-hyuk said, “This product was designed to provide customers with stable asset management opportunities and to offer benefits for using Super SOL and making their first salary transaction.” He added, “We will continue to introduce products and services that contribute to customers’ financial lives.”
Previously, Gwangju Bank raised the maximum annual interest rate for one-year maturities on its “Good Start Deposit” to 4.04% on the 29th of last month. This marked the first time in approximately two years and three months since June 2024 that a bank offered an annual interest rate exceeding 4% for one-year fixed deposits.
However, Gwangju Bank subsequently lowered its rates again. As of this day, only BNK Busan Bank and Standard Chartered Bank Korea offer interest rates exceeding an annual 4%.
in FINANCE
