From tomorrow, the internet-only bank KakaoBank will lower the interest rates on savings and time deposits by up to 0.7 percentage points (p).
According to the financial sector on the 27th, KakaoBank will lower the interest rates on six products, including time deposits and savings, by 0.2 to 0.7 p starting from the 28th. As a result, the interest rate on time deposits (12-month maturity) will decrease from 3.10% to 2.90%, a reduction of 0.2 p.
In the case of free savings, the 12-month maturity interest rate will drop from 3.50% to 3.10%, a decrease of 0.4 p, while the interest rate for two-year or longer maturities will fall from 3.50% to 2.80%, a drop of 0.7 p. A representative from KakaoBank noted, "Due to the base rate cut, the interest rates on savings and time deposits have been adjusted downward."