Hana Bank Raises Deposit Rates Again, Increasing by 0.4% in a Month

Recent competition among banks for deposit rates has intensified, with Hana Bank announcing an increase in its time deposit rates.

According to the financial sector on October 1, Hana Bank raised the interest rate on its main time deposit product, 'Hana Time Deposit,' by 0.2 percentage points. As a result, the rate for a one-year term has increased from 3.4% to 3.6% per annum.

This marks the third rate hike by Hana Bank in less than a month. Following increases of 0.1 percentage points on September 10 and September 22, the bank has adjusted its rates upward again after just nine days. In total, the one-year term rate has risen by 0.4 percentage points in less than a month.

As market interest rates have risen, other banks are also following suit with deposit rate increases. Shinhan Bank, for instance, raised the interest rate on its main time deposit product, 'Sole Comfortable Time Deposit,' from 3.4% to 3.5% per annum the previous day. This follows a previous increase from 3.2% to 3.4% on September 9, marking another rate hike in less than a month.