best banks to save money in

[robotco]

looking to save some money here in korea and make some cash off the interest as well. anyone know which banks would be best for some long term saving?

[murakano121]

I currently have the Standard Chartered "Do Dream account".

It's a 3.6% instant access +  savings account (including international debit card that works abroad).

Free ATM withdrawals after banking hours at SC as well as other banks (not sure if there's a limit with the latter).

There might be a better deal for interest rates if you really want to lock your cash away long term but for short term a with decent savings rate and easy access, this account is pretty good.

[cragesmure]

I have found ING to be pretty good.  I have a Savings Maximiser account in Australia.  They have no fees of any kind and a high variable interest rate (around 4.5% currently, I think).
Only drawback is that they have no ATMs, so you have to link the account to another bank account to move money to and from the account (and these transactions may attract fees from the second bank).

[robotco]

does anyone happen to know the current interest rates of all the major banks in korea for the most common savings accounts? or could point me in a direction to find that info?

[Davey]

does anyone happen to know the current interest rates of all the major banks in korea for the most common savings accounts? or could point me in a direction to find that info?

major banks? for example, http://bank.keb.co.kr/jsp/product/DP00000000_EN.html. low interest rate. alternatively, you could buy mutual funds that yield higher, but involve more risk obviously.

smaller institutions like the one below offer higher interest savings accounts. i think tomato offers an account that yields about 6% for a 1-year term.


Tomato 토마토 저축은행 www.tomatobank.co.kr

[Daegu Chingu]

Hi everyone!  It looks like people are looking around Korea for the best savings accounts, but I wanted to know if I plan on living in Korea for a long time, maybe five or ten years, would it be better for me to put my savings in an American bank, Korean bank, or both?  I have no idea how long I will end up living in Korea, but I think I will stay here a longer time than most people.  I worry about the fees and difficulty sending a large chunk of money to America when I finally decide to head home.  Which makes more sense and what have you found success with personally?  Thanks in advance for your advice!  :-)

[Daegu Chingu]

I asked a co-worker what she thought about tomato bank and she said that you have to be careful and find out how secure the bank is.  Tomato Savings Bank went bankrupt recently:  http://forums.eslcafe.com/korea/viewtopic.php?p=2692498 

So if you are looking into Korean Savings Banks, you should see what they are rated for security.  My co-worker said there were three levels and that Tomato Bank is the worst level.  So, you may get a better interest rate, but your money may not be secure. 

In the U.S., FDIC insured banks should reimburse you for up to $250,000 but in Korea, their version of this will insure you up to 50,000,000 won.  You had better make sure your savings bank has this before giving them your money. 

Anyway, I am trying to find out more on the internet, but have just got this information from a Korean co-worker who is responsible about her money.  She has a lot of savings in 새마을, which looks like a kind of credit union, that is rated well for being secure.  http://www.kfcc.co.kr/  If anybody else has anything to contribute from reputable sources, that would be great! 

[sejongthefabulous]

Hi everyone!  It looks like people are looking around Korea for the best savings accounts, but I wanted to know if I plan on living in Korea for a long time, maybe five or ten years, would it be better for me to put my savings in an American bank, Korean bank, or both?  I have no idea how long I will end up living in Korea, but I think I will stay here a longer time than most people.  I worry about the fees and difficulty sending a large chunk of money to America when I finally decide to head home.  Which makes more sense and what have you found success with personally?  Thanks in advance for your advice!  :-)

How much can you save a month? Get a CD here with a term of say 2~5 years and set the monthly deposit amount at 30~70 % of what you think you can save every month. Every time you get a couple grand of additional savings get yourself a bond or term deposit, here or back home. If you are worried about currency rates get your self an FX account here, the rates are probably better than your home country.
Adjust the rate if you want to do trickier things like investments.

[jimmyeatworldwar]

thres a bank called "tomato" i know sounds real stupid ,
but they have good interest rate.. meaning it also has a low BIS ratio (meaning it is a less safer bank than the big players out there).

[Koenji]

thres a bank called "tomato" i know sounds real stupid ,
but they have good interest rate.. meaning it also has a low BIS ratio (meaning it is a less safer bank than the big players out there).

weren't they under investigation recently and the K Government shut them down? The boss ended up committing suicide from what I remember....

Edit:  I guess they're back......I did hear good things about them in the past though. Can't really comment on them recently though.

http://koreajoongangdaily.joinsmsn.com/news/article/article.aspx?aid=2944332&cloc=rss%7Cnews%7Cjoongangdaily

http://english.yonhapnews.co.kr/business/2011/09/18/46/0503000000AEN20110918004200320F.HTML

[jimmyeatworldwar]

thres a bank called "tomato" i know sounds real stupid ,
but they have good interest rate.. meaning it also has a low BIS ratio (meaning it is a less safer bank than the big players out there).

weren't they under investigation recently and the K Government shut them down? The boss ended up committing suicide from what I remember....

Edit:  I guess they're back......I did hear good things about them in the past though. Can't really comment on them recently though.

http://koreajoongangdaily.joinsmsn.com/news/article/article.aspx?aid=2944332&cloc=rss%7Cnews%7Cjoongangdaily

http://english.yonhapnews.co.kr/business/2011/09/18/46/0503000000AEN20110918004200320F.HTML

There are TWO tomato's the one that has no governmental suspension is the " TOmato 2". operated nationwide. 

[sejongthefabulous]

KDIC insures bank deposits up to 50 million won. Most banks will be on the list.....but not credit unions. Both Tomato banks are on the list. Tomato (original) is now closed for business but the people with money in there will get up to 50 million won back.
The thing about Deposit insurance is that it takes time to get it back if the bank goes bust. Your interest isn't always 100% returned, only your deposit.  Average interest rates (Korean bank average) over the term are usually awarded. So in the case of a savings bank where interest rates are above average, you will get less than originally planned in the event of needing it.
Either way shop around and let the banks know it, if you go in and discuss rates of similar products from other banks you will be surprised what can happen.