韩国多家银行上调存款利率，资金继续从活期转向定期

Shinhan Bank raised base rates on its main deposit and installment savings products by as much as 0.3 percentage points. Industrial Bank of Korea is offering rates in the high 3% range on its small and medium-sized enterprise finance bonds by applying special preferential rates. With upward pressure on market rates continuing, expectations are building that a reverse money move — in which higher bank deposit rates combine with a rush into time deposits — will gain speed.
According to financial industry sources on the 3rd, Shinhan Bank raised base rates on its main deposit and savings products by 0.2 to 0.3 percentage points effective that day. The 12-month base rate on its flagship Sol Convenient Time Deposit rises 0.25 percentage points to 2.55% from 2.30%. The 12-month rate on its standard time deposit also climbs 0.30 percentage points to 2.55%. Base rates on major installment savings products, including the Shinhan S Dream Savings, rise 0.2 to 0.3 percentage points depending on the product and maturity. "Top rates may be revised upward depending on changes in market rates and deposit conditions," a Shinhan Bank official said.
KB Kookmin Bank and Hana Bank are also considering raising deposit and savings rates. The top rate on flagship time deposits at the five major banks currently stands at about 3.20%. If the policy rate and other benchmarks rise, top rates could be revised upward into the mid-3% range.
Standard Chartered Bank Korea also recently adjusted rates on short-term deposit and installment savings products. From the 1st, its Do Dream account, a demand deposit, raised the rate applied to funds held within 30 days of deposit to 0.10% from 0.01%. Base rates on its First Household Savings product were raised 0.25 percentage points across all maturities.
Rates on Industrial Bank of Korea's SME finance bonds, which function much like deposits, have also risen into the high 3% range. With the bank applying special preferential rates, the top rate on its one-year compound-interest tailored bond reaches 3.76%. The SME finance bonds are issued by Industrial Bank of Korea and are not covered by deposit insurance, but they can be purchased at bank branches much like deposits.
Top rates on time deposits at regional and foreign-owned banks have also risen to the high 3% range. The 12-month top rate on Standard Chartered Bank Korea's e-Green Save Deposit and Kyongnam Bank's The Deundeun Deposit Season 2 is 3.85%. The Jeonbuk Bank's JB 1·2·3 Time Deposit offers 3.81%, while iM Bank's The Coupon Deposit and Jeju Bank's J Time Deposit offer 3.80%. Among savings banks, products yielding more than 4% are also increasing, including Dongyang Savings Bank's online time deposit.
Top rates on installment savings products at commercial banks have climbed into double digits. The Jeonbuk Bank's JB Super Seed Savings offers up to 13.50%, Woori Bank's Dugeun Dugeun Lucky Savings 13.00%, and KB Kookmin Bank's KB Card Ssudam Savings 12.00%. iM Bank's The Coupon Savings and The Jeonbuk Bank's Challenge Routine Savings each offer up to 11.00%.
Funds in the banking sector are also shifting rapidly into time deposits. Time deposit balances at the five major banks rose 20.292 trillion won in a month, to 1,005.2319 trillion won at the end of last month from 984.9399 trillion won at the end of July. Over the same period, total deposits grew just 16.7125 trillion won, to 2,265.2114 trillion won from 2,248.4989 trillion won. That means the increase in time deposits exceeded the increase in total deposits. Demand deposits, including money market deposit accounts, fell 1.1579 trillion won to 664.73 trillion won from 665.8879 trillion won. Analysts say the flow of money out of low-cost deposits and into fixed-maturity deposits is becoming pronounced.
With rising global sovereign bond yields adding to upward pressure on domestic market rates, analysts say deposit rate increases and the rush into time deposits are likely to continue for some time. "Expectations are building that the policy rate will rise to 3.5%," a financial industry official said. "If expectations of higher deposit rates combine with a preference for safe assets, the flow of money into time deposits will continue."