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Finance

Toss Bank raises rates on upfront-interest time deposit to 3.0 percent

Toss Bank raised interest rates on its time deposit that pays interest upfront, aiming to strengthen its deposit-gathering competitiveness. The bank set the annual rate at 2.7 percent for three-month terms, 2.8 percent for six-month terms and 3.0 percent pretax for 12-month terms, up 0.2 to 0.3 percentage points. Customers can deposit 1,000,000 won to 1 billion won and use the prepaid interest for spending or reinvestment.

Finance

Mortgage loan rates rise for fifth month, highest in 2 years and 3 months

South Korea’s weighted-average interest rate on new bank mortgage loans rose in February for a fifth straight month to 4.32 percent, the highest since November 2023, Bank of Korea data showed. In contrast, the overall household loan rate fell 0.05 percentage point to 4.45 percent as credit loan rates edged down and their share declined. Corporate loan rates rose to 4.20 percent, lifting the overall bank loan rate to 4.26 percent.

Finance

Banks raise deposit rates to counter stock market money move

Deposit products paying around 3 percent a year are reappearing in South Korea as lenders try to prevent funds from moving into a rising stock market. Major banks have made small increases in time-deposit rates, while NH NongHyup Bank has raised some one-year products to 3.05 percent. Time-deposit balances at the top five banks rose in February but remain below last November. Internet-only banks and savings banks have lifted rates more aggressively, while commercial banks remain cautious as market rates fall.