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  • kayakee
  • Waygookin

    • 11

    • November 29, 2015, 10:55:03 pm
    • Korea
Interest rates all time low! So sad
« on: June 09, 2020, 05:15:22 pm »
Last year I put some money away in my bank for 1 year at 2.2% and got a good return.
Today I just put it back in and added more money but found out it was only 1.1% ...a 50% drop from what I had.

So even though I put in more money this time, I will make less money for it :(

My bank is NH.  Anybody else have get a really low rate? is 1.1% actually pretty good...I heard it was below 1% so
the bank teller told me I got a good deal at 1.1%



Re: Interest rates all time low! So sad
« Reply #1 on: June 09, 2020, 07:03:25 pm »
Makes it way easier to buy a house. Oh wait you live in Korea.
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  • thunderlips
  • Hero of Waygookistan

    • 1913

    • June 07, 2012, 10:01:55 am
    • South Korea
Re: Interest rates all time low! So sad
« Reply #2 on: June 09, 2020, 09:26:24 pm »
My USA bank just lowered rates too. I was getting 2.1% now it’s down to 0.99%. F’ing japan! 


  • gogators!
  • The Legend

    • 4104

    • March 16, 2016, 04:35:48 pm
    • Seoul
Re: Interest rates all time low! So sad
« Reply #3 on: June 10, 2020, 06:33:39 am »
It's a new normal indeed regarding interest rates when someone describes 2.2% as a good return.


  • pkjh
  • Hero of Waygookistan

    • 1827

    • May 02, 2012, 02:59:44 pm
Re: Interest rates all time low! So sad
« Reply #4 on: June 10, 2020, 07:36:48 am »
Used to remember the 5% interest days for just a savings account. And my parents say it used be like 15% way back. Just imagine the interest you'd be paying on a mortgage if rates were that high...


  • fka
  • Expert Waygook

    • 513

    • September 05, 2019, 06:37:44 pm
    • Seoul
Re: Interest rates all time low! So sad
« Reply #5 on: June 10, 2020, 11:00:37 am »
I don't know about the situation in Korea, but credit unions in the US and UK generally pay more generously than banks. They use the term dividends as opposed to interest rate, so I'm being careful to not say that they pay a higher interest rate. The effect is the same though. I was getting 5% from a credit union during the 2008-09 recession, when banks were paying less than 1%. They tend to be a lot more ethical than the big banks, too.

In fact I think there was a discussion about credit unions in Korea on here a while ago but searching for it brings up the 504 Gateway Timeout message right now.


  • JNM
  • The Legend

    • 4440

    • January 19, 2015, 10:16:48 am
    • Seoul, South Korea
Re: Interest rates all time low! So sad
« Reply #6 on: June 12, 2020, 04:28:07 pm »
I don't know about the situation in Korea, but credit unions in the US and UK generally pay more generously than banks. They use the term dividends as opposed to interest rate, so I'm being careful to not say that they pay a higher interest rate. The effect is the same though. I was getting 5% from a credit union during the 2008-09 recession, when banks were paying less than 1%. They tend to be a lot more ethical than the big banks, too.

In fact I think there was a discussion about credit unions in Korea on here a while ago but searching for it brings up the 504 Gateway Timeout message right now.
Credit Unions are co-operatives; the customers are the shareholders, so that “dividend” includes interest and operating profit. They usually try to keep profits low (unlike banks with shareholders to feed.)