# Internet bank 2%, savings bank 3%
#Securing competitiveness in receiving interest rate hikes
[서울=뉴시스]Reporter Lee Joo-hye = As the competition among banks for financing intensifies during interest rate hikes, the parking pass rate is rising as high as the deposit rate. In Internet banks, parking passbooks that provide an annual interest rate of 2% even if left for one day have become common. In savings banks, a 3% annual parking passbook has also appeared.
According to the financial industry on the 17th, the interest rates on the parking passbooks of three Internet-only banks, Kakao Bank, K-Bank, and Toss Bank, exceeded 2%.
On the 14th, K-Bank raised the interest rate on the parking passbook ‘Plus Box’ to 2.3% per annum. This is the highest level among the three internet banks’ parking passbooks. Plusbox is a product that temporarily stores money and allows you to withdraw it freely at any time. You can deposit up to 3 million won. If you deposit the maximum amount of 300 million won for one month (30 days), you can receive interest of regarding 480,000 won following tax.
Kakao Bank raised the ‘Safebox’ interest rate a week earlier than K-Bank. On the 8th, Kakao Bank raised the interest rate of ‘Safebox’, a parking passbook product, to 2.2% per annum by 0.2 percentage points. The maximum storage limit for one safe box is 100 million won, but if you have multiple safe boxes, you can store more than 100 million won.
Toss Bank’s deposit and withdrawal account interest rate is 2%. It has gained popularity by offering interest rates in the 2% range before other banks. However, due to interest rate hikes by Kakao Bank and K-Bank, the parking passbook interest rate is currently the lowest among the three internet banks. A Tosbank official said, “We believe that the product competitiveness is sufficient with the ‘Receive interest now’ service.
Savings banks also introduced a 3% parking passbook product. On the 13th, OK Savings Bank launched the ‘OK Second Account’, a parking passbook that provides a maximum annual interest rate of 3.3% (before tax). A basic interest rate of 3.0% per annum is applied up to 10 million won, and if you register an account with another bank open banking, you can receive a preferential rate of 0.3% points. A maximum of 1.0% per annum is applied to the amount exceeding 10 million won.
Pepper Savings Bank’s ‘Pepper Parking Passbook’ can receive a maximum interest rate of 3.2% per annum up to 50 million won without any special conditions. An interest rate of 1.0% per annum (before tax) is applied to the amount exceeding 50 million won. Welcome Savings Bank’s ‘Welcome Employee Love Ordinary Deposit’ provides a maximum interest rate of 3% per annum up to 50 million won.
Savings banks and internet banks are competing for interest rates on parking passbooks in order to secure receiving competitiveness as commercial banks’ time deposit rates rise to the mid-to-late 3% range. An official from a savings bank said, “Commercial banks are raising the interest rate for the parking passbook to a level that can defend once morest it while raising the deposit interest rate. The trend is to prefer a parking passbook that can be changed easily.”
While the interest rate of the parking passbook is rising, the limit is decreasing. Considering the low deposit/withdrawal barriers, this is to manage the receipts. A savings bank official explained, “In the case of savings banks, in the past, there were cases where the limit of a parking account was 100 million won or more, or there was no limit.
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