December 11, 2017, 05:24:10 PM

Author Topic: Savings accounts  (Read 11880 times)

Offline Mezoti97

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Re: Savings accounts
« Reply #40 on: December 07, 2017, 09:39:08 AM »
Also, how did you guys get a credit card? Did your savings account play any apart in that? Would having a savings account help you get a credit card.

Been wanting to get one and wasn't sure which bank I should go with. I have a KEB and two NH accounts

It is possible to get a credit card based on the amount of savings you have alone (although it needs to be quite a lot) -- however, more likely than not, the bank will determine whether you qualify for a credit card based on your salary and will ask to see your pay stub for proof.  Your visa status will also be an important factor as well.

Offline DMZabductee

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Re: Savings accounts
« Reply #41 on: December 07, 2017, 10:34:51 AM »
I was able to get my credit card through KEB (before the merger) at the same time as I opened my very first account here. I just asked them for one, signed a few forms and it arrived in the mail shortly after.

This was over 4yrs ago so I'm fuzzy on the details but I think I just showed them my contract and visa. I hadn't received any paychecks yet so I had no money in my account. Didn't seem to be a problem. HOWEVER I was lucky enough to have my CT with me so she did all the heavy lifting, speaking-wise.

If I had been there alone, not knowing any Korean, I might have gotten the "No, sorry, foreigner impossible" spiel. But as my case proves, it's quite possible. You might just have to be a little forceful and not take "No" for an answer.

Online lifeisgood6447

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Re: Savings accounts
« Reply #42 on: December 07, 2017, 12:00:58 PM »
Same as above with KEB. Prior to going, I looked up which cards I liked, and I also called KEB, and had them talk to a branch to make sure someone could speak English. I must say, usually when I call a play that I need something like this, I speak slowly, clearly, and I make it a point to be nice (and at least sound flexible, from the start).  I asked for the person I was recommended to talk to. I then, showed my contract and ARC. She told me I had to wait for the card, and that some months later, I could call and see about upping the limit, if I wished. It was really an overall pleasant experience. At that time I didn't have much savings, if any, and I went there right after I got my pay check. In order to do it, I also made a new bank account, and made that my primary bank account for work. Now, since I have it all set up, I could just change my primary account at any time, and it wouldn't matter, so there is that idea; you can always kind of override that kind of stuff in another way, if you want.

Online sligo

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Re: Savings accounts
« Reply #43 on: December 07, 2017, 12:36:21 PM »
Anyone beating 2% fixed term, or 2.5% monthly deposit for savings accounts?  Also, apart from KEB Hana and Shinhan, are any banks doing house savings deposit accounts at 3% or there abouts?  What about foreign spouse savings accounts, any of them still about?

Online Kamm28

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Re: Savings accounts
« Reply #44 on: December 07, 2017, 12:41:24 PM »
Thank you for the information everyone!

Online CJ

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Re: Savings accounts
« Reply #45 on: December 07, 2017, 01:05:11 PM »
I take it the people here with savings accounts are lifers? If you're not, hook up your account to the KEB easy-one account and bang the lot out when the exchange rate is favourable, which is right now in my case. I'd rather have cash in my account back home than here with the won liable to do silly things (if you're not for the long-haul in Korea).

Offline Pecan

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Re: Savings accounts
« Reply #46 on: December 07, 2017, 01:08:08 PM »
Anyone beating 2% fixed term, or 2.5% monthly deposit for savings accounts?  Also, apart from KEB Hana and Shinhan, are any banks doing house savings deposit accounts at 3% or there abouts?  What about foreign spouse savings accounts, any of them still about?
Yes, you can beat 2% via a CD at a two-tier bank, but I would only go up to the KDIC amount.  Anything beyond that is a risk most wouldn't take.

I did that years ago, when it was like 4.8% (was gaining 200,000KRW each month), but it was stupid, as my other investments in the market did far, far better.

I'm obviously not a financial adviser, so...

Offline Dave Stepz

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Re: Savings accounts
« Reply #47 on: December 07, 2017, 01:37:52 PM »
What about foreign spouse savings accounts, any of them still about?

We had a Woori Bank one a couple of years ago which had a high rate on it, can't remember quite, maybe 6%.  When we went to close it and check about starting a new one they said that due to 'fraud abuses' they were no longer offering them.

Offline Mezoti97

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Re: Savings accounts
« Reply #48 on: December 07, 2017, 02:20:22 PM »
Also, apart from KEB Hana and Shinhan, are any banks doing house savings deposit accounts at 3% or there abouts?

The last time I checked (a few months ago), NongHyup offers that.

Online sligo

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Re: Savings accounts
« Reply #49 on: December 07, 2017, 08:37:27 PM »
Also, apart from KEB Hana and Shinhan, are any banks doing house savings deposit accounts at 3% or there abouts?

The last time I checked (a few months ago), NongHyup offers that.

I thought their interest was not fixed.  Is that still true?

What about lump sum deposit?

Offline Mezoti97

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Re: Savings accounts
« Reply #50 on: December 08, 2017, 01:00:04 PM »
I thought their interest was not fixed.  Is that still true?

What about lump sum deposit?

Yeah, it's a floating interest rate for the housing savings deposit account with NongHyup, not a fixed one.

As for a lump sum deposit, do you mean a CD and whether or not the interest rate is fixed for CDs? If so, I think it's a fixed interest rate, although I think it also might depend on the type of CD account.