Savings Banks Increasing High-Yield Deposit Products Offering Over 4% Interest

High-yield deposits with annual interest rates in the 4% range are making a return.

High-yield deposit products offered by savings banks, which had slowed down for a while, are increasing once again.

Products offering over 4% per year have reportedly increased more than sixfold over a span of two months.

According to the National Federation of Savings Banks, the average interest rate for a 1-year time deposit at savings banks nationwide was recorded at 3.87% per year.

In particular, out of a total of 313 time deposit products, 127 products offer an interest rate of 4% or higher per year, marking more than a sixfold increase compared to the end of August.

Some products are providing a maximum interest rate of 4.12% per year.

This move by savings banks to raise interest rates is interpreted as an effort to prevent customer outflow, following recent increases in deposit rates by commercial banks.
※ Please note: This article was translated by AI and may contain errors.