[Anchor]
Deposit balances at major domestic commercial banks have surpassed 1,000 trillion won. As the domestic stock market recently experienced a sharp decline, market funds appear to be flowing back into relatively safe time and savings deposits. Banks are also stepping up efforts to attract customers.
This "money move" is reported by Lee Tae-gwon.
[Reporter]
Although the sharp downward trend has halted, the KOSPI remains down nearly 30% from its peak.
With the semiconductor rally fading and high volatility persisting, exhausted investors are turning their attention to relatively safe bank savings and time deposits.
[Lee Su-ho and Lee Su-jin / Gangseo-gu, Seoul: "Recently, because the volatility (in the stock market) is so high, I think it's a time when naturally our interest goes back to the banking sector after all."]----
In fact, investor deposits—considered funds waiting on the sidelines for the stock market—dropped below 100 trillion won this month.
Demand-deposit accounts at the five major banks, which allow for quick withdrawals and deposits, peaked at some 698.7 trillion won in June before plunging to the 640 trillion won range.
On the other hand, time deposit balances reached 1,009.6 trillion won as of the 27th, an increase of nearly 7% compared to the beginning of the year.
The rise in the average interest rate for 12-month time deposits at commercial banks from 2.84% per annum early this year to 3.48% last month has also influenced this "reverse money move," driving funds back from the stock market to banks.
[Lee Jung-hwan / Professor, Department of Economics and Finance, Hanyang University: "Thinking that (the base rate) might be raised one more time, expectations regarding the Bank of Korea's benchmark interest rate policy are already being reflected in market rates in advance..."]
Banks are actively working to attract customers by launching special high-interest savings products with double-digit rates.
Maximum interest rates mostly hover around the 7% to 9% range, with some products offering up to 12%.
[Park Ok-soon / Gwanak-gu, Seoul: "Back when it was just one-something percent, I used to think, 'Isn't that all the same?' But when they offer over 10 percent, it changes your mind."]
However, experts advise that investors need to carefully review these products, as receiving the maximum interest rate requires meeting various preferential conditions—such as credit card spending targets—and the maximum eligible deposit amounts are often limited.
(Video Reporter: Seol Chi-hwan, Video Editor: Park Ji-in, Design: Seo Seung-hyun and Lee Ga-jin, VJ: Jeong Han-wuk)
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