A Few Thrifts Buck Rate Fall
Though interest rates have been falling, some mutual savings banks have been raising eyebrows by boosting their deposit interest rates.One bank, Hyundai Swiss Credit Bank, recently raised the rates for its one-year time deposits from 8.3 percent to 8.5 percent. This is the second time in two months the bank has hiked its rates, which are now the industry's highest.
The savings banks that are paying more interest are doing so in order to attract funds to finance their popular small loans. Officials at commercial banks have warned investors, though, to keep their investments diversified because of the deposit insurance ceiling of 50 million won ($38,100).
with the Korea JoongAng Daily
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