Despite the domestic base rate rising to 3%, the interest rates paid by securities firms on customer deposits remain significantly lower. For a deposit of 1 million won, Mirae Asset Securities offers the highest rate, while Samsung Securities leads for deposits of 100 million won. The difference in interest earned over a year can reach up to 650,000 won depending on the firm.
According to the Korea Financial Investment Association on August 30, the interest rates on Korean won deposits vary widely among the top 10 securities firms based on their capital and the amount deposited. Following two consecutive rate hikes by the Bank of Korea on July 16 and August 27, the base rate increased from 2.50% to 3.00%. While some firms have adjusted their deposit interest rates, the levels applied differ significantly.
Starting September 1, Mirae Asset Securities will apply an annual rate of 2.25% for deposits of 1 million won, the highest among competitors. This is followed by Kiwoom Securities at 2.00%, Hana Securities at 1.75%, Meritz Securities at 1.50%, Samsung Securities at 1.05%, KB Securities and Daishin Securities at 1.00%, and NH Investment & Securities at 0.80%. Korea Investment & Securities offers 0.70% for amounts over 500,000 won, while Shinhan Investment & Securities will apply 0.70% across all amounts starting September 7.
If 1 million won is maintained for a year, the pre-tax interest earned from Mirae Asset Securities would be 22,500 won. Mirae Asset is increasing its rate for amounts under 1 million won from 2.00% to 2.25%, while maintaining 0.60% for amounts over 1 million won.
As the deposit amount increases, the rankings change. Samsung Securities applies a flat annual rate of 1.05% regardless of the amount. For a deposit of 100 million won held for a year, the pre-tax interest would be 1,050,000 won, the highest among the ten firms.
Korea Investment & Securities and Shinhan Investment & Securities offer 0.70% for 100 million won, yielding about 700,000 won, while Hana Securities provides 0.65%, resulting in approximately 650,000 won. Mirae Asset, Kiwoom, KB, and Daishin Securities apply 0.60% for amounts over 1 million won, yielding around 600,000 won. Meritz Securities uses a tiered rate, applying 1.50% for the first 1 million won and 0.60% for the excess, resulting in about 609,000 won. NH Investment & Securities applies 0.80% for up to 1 million won, but the rate for 100 million won is only 0.40%, leading to an annual difference of 650,000 won compared to Samsung Securities.
Notably, there is a structure that applies relatively higher interest rates for smaller deposits. KB Securities raised its rate for amounts under 1 million won from 0.85% to 1.00% at the end of June, while lowering the rate for amounts over 1 million won from 0.85% to 0.60%. Kiwoom Securities also applies 2.00% for amounts under 1 million won and 0.60% for amounts over that.
A representative from the securities industry stated, "As the base rate rises, investor interest in deposit interest rates may increase. It is essential to carefully examine the rates applied by each firm based on the deposit amount, as they vary significantly."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.