Shinhan Bank Raises Deposit and Savings Rates by 0.1~0.4% Points, "Reflecting Market Rates"

Measures Following Bank of Korea's Base Rate Hike

Woori Bank Also Raised Deposit and Savings Account Interest Rates Earlier

Shinhan Bank will raise its deposit and savings account interest rates. This measure follows the Bank of Korea's decision to increase the base rate by 0.25 percentage points.

According to the financial sector on the 21st, Shinhan Bank changed the interest rate for its 1-year "Sol Convenient Time Deposit" from 2.9% per year to 3.2% per year as of today.

Starting from the 22nd, the base interest rates for 13 types of lump-sum deposit products will be increased by 0.2 to 0.4 percentage points, depending on the product and term. The interest rate for the 1-year "Shinhan S Dream Time Deposit" will rise from 2.05% per year to 2.30% per year.

The interest rates for 17 types of installment savings products will also be raised by 0.1 to 0.3 percentage points, depending on the product and term. The interest rate for the 1-year "Shinhan S Dream Installment Savings" product will be changed from the previous 2.00% per year to 2.25% per year.

A Shinhan Bank representative explained, "We reflected changes in market rates following the Bank of Korea’s base rate hike."

Previously, Woori Bank also raised the interest rates for its major deposit and savings products by 0.25 to 0.30 percentage points starting from the previous day.

This content was produced with the assistance of AI translation services.