NH NongHyup Bank's 8.15% savings account sells out in two days
Shinhan offers 9%, Toss 10% as banks compete on special-rate products
Fixed deposits at five major banks rise 35.54 trillion won in a month
As stock market volatility intensifies, money seeking stable returns is flowing back into bank deposits and savings accounts. Banks are rolling out high-yield special-rate products with annual returns of 7 to 10 percent to attract customers, heating up competition for deposits. NH NongHyup Bank's "NH Nongsim Cheonsim" savings account, launched at a maximum annual rate of 8.15 percent, sold out all 10,000 slots within two days of its release.
According to financial industry sources, the account — launched Monday — sold out its 10,000-slot limit the following day, Tuesday.
"Among the special-rate savings products we have introduced in recent years, this is the first time the limit has been exhausted within two days of launch," an NH NongHyup Bank official said.
The NH Nongsim Cheonsim account is a one-year product that accepts monthly deposits of up to 300,000 won ($212). Customers who meet preferential conditions — including joining the Nongsim Cheonsim Citizens' Participation Group — qualify for the maximum annual rate of 8.15 percent. For those who deposit the full 300,000 won each month over the year, totaling 3.6 million won, the pre-tax interest at the maximum rate comes to about 130,000 won at maturity.
The pace of sales was faster even compared with NH NongHyup Bank's recent high-yield offerings. The "NH Modu Travely" savings account, launched July 31 with a maximum annual rate of 7.30 percent, ran for eight days before closing Aug. 7.
Industry officials point to rising stock market volatility as one factor driving the rapid inflow into high-yield savings products. Although the Kospi has shown a rebound — surging as much as 3.7 percent in a single session recently — retail investors worn down by the roller-coaster market have been slow to return. Amid that uncertainty, many are turning to the relative stability of bank deposits and savings accounts, boosting interest in high-yield special-rate products.
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Banks are responding to this demand with a string of high-yield special-rate launches. Shinhan Bank on Friday introduced "Shinhan Savings 9-dan," a one-year flexible savings account offering a maximum annual rate of 9.0 percent. The product accepts monthly deposits of up to 300,000 won and will be available — capped at 200,000 accounts — through Sept. 30.
Toss Bank has launched a "Grow It: 31-Day Savings" account at a maximum annual rate of 10 percent, while Woori Bank is selling its "Our Wish" savings account at up to 8.29 percent annually. Competition is also intensifying on the fixed-deposit side: NH NongHyup Bank's "NH Nongsim Cheonsim" deposit offers a maximum annual rate of 3.70 percent, and Woori Bank's "Our Wish" fixed deposit offers up to 3.60 percent.
Fixed-deposit balances at the five major banks are growing rapidly. Combined fixed deposits at KB Kookmin, Shinhan Bank, Hana, Woori Bank and NH NongHyup Bank reached 984.94 trillion won at the end of July, up 35.54 trillion won from a month earlier. By Wednesday the total had climbed further to 991.44 trillion won.
"Given how much money flowed into the stock market from the second half of last year through early this year, the need for banks to attract deposits is growing as that trend reverses," a banking industry official said, predicting that competition on high-yield special-rate products could intensify further.
rim@heraldcorp.com
