韩国基准利率升至3%后，定期存款资金回流且银行揽储竞争升温

Banks are expected to raise deposit rates after the Bank of Korea lifted its policy rate for a second consecutive time. Money is already flowing back into time deposits as stock market volatility widens, and further rate increases would strengthen the reverse money move — the shift of funds out of riskier assets and back into bank deposits.
Time deposit balances at the five largest banks — Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH NongHyup Bank — stood at 1,000.7071 trillion won as of the 26th, according to financial industry data on the 27th. That is up 15.7672 trillion won from 984.9399 trillion won at the end of last month. Compared with 949.3998 trillion won at the end of June, balances rose 51.3073 trillion won in less than two months.
The pace of growth has quickened. Time deposits jumped 35.5401 trillion won over the past month alone, and have added more than 15 trillion won this month.
Demand deposits, which allow free withdrawals, moved the other way. Balances at the five banks fell 19.3413 trillion won to 646.5466 trillion won on the 26th from 665.8879 trillion won at the end of last month. That is down 75.7462 trillion won from 722.2928 trillion won at the end of June. Analysts say part of the demand deposit pool, including cash parked for stock purchases, has moved into higher-yielding products such as time deposits.
Headline time deposit rates at the five banks have risen to a maximum of 3.20% to 3.25% a year. NH NongHyup Bank's NH All One e Deposit offers the highest at up to 3.25%. Kookmin Bank's KB Star Time Deposit, Shinhan Bank's Sol Convenient Time Deposit, Hana Bank's Hana Time Deposit and Woori Bank's WON Plus Deposit each pay up to 3.20%.
Limited-issue and specialty products pay more. Shinhan Bank's Shinhan SOL Mate Time Deposit and Woori Bank's Woori's Wish Time Deposit offer up to 3.50% a year, while NongHyup Bank's NH All Wonderful Happiness Companion Deposit pays up to 3.45%.
Other commercial banks and savings banks have joined the competition for deposits. Among 12-month time deposits, The Jeonbuk Bank's JB Direct Deposit Account paid up to 3.75% a year and Standard Chartered Bank Korea's e-Green Save Deposit up to 3.65% as of the 27th, according to the Korea Federation of Banks. Many savings banks offer 4% or more on time deposit products.
Industry officials expect more money to flow into time deposits, with market volatility persisting and the policy rate higher. "Customer demand for safe assets is growing as market volatility increases," a financial industry official said. "Banks that need to expand corporate lending have to secure funding ahead of time, so deposit rate increases and competition over special offers are likely to continue for a while."