Compare Fixed-Rate Deposits in South Korea

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20 live offers compared from 16 providers, from ₩3.50. Updated daily.

What are fixed-rate deposits in South Korea?

A fixed-rate deposit (정기예금) locks a lump sum with a bank for a set term — commonly 6, 12 or 24 months — in return for a guaranteed interest rate. It is one of Korea's most popular saving vehicles for households wanting certainty, sitting alongside instalment savings accounts (적금). The rate is fixed for the full term, so your return is known upfront regardless of what happens to market rates.

How the Korean market works

Deposits are offered by nationwide commercial banks, regional banks and the fast-growing internet-only banks. Rates move with the Bank of Korea base rate, and internet banks such as Kakao Bank and Toss Bank frequently top the tables because they carry lower costs than branch networks. Terms are flexible, and many banks offer preferential rates for opening online, setting up a linked account, or meeting simple conditions. Interest is paid at maturity or monthly depending on the product. Interest earned is subject to Korea's standard financial-income withholding tax, and some savers use tax-advantaged or preferential-rate products, so it is worth checking the after-tax return rather than the headline rate alone.

Benefits

Guaranteed return — The rate is locked for the whole term, so you know exactly what you'll earn.

Capital security — Principal is protected and covered by deposit insurance up to the statutory limit.

Higher rates than instant-access — Committing for a fixed term typically pays more than a demand savings account.

Easy online opening — Internet banks let you open and fund a deposit in minutes from an app.

How to choose

Compare the effective annual rate across the term you want, and check whether the top rate is unconditional or needs qualifying actions. Match the term to when you'll need the money — breaking a deposit early usually forfeits most of the interest. Internet-only banks often lead on headline rates, but regional banks sometimes run special promotions. Confirm whether interest is simple or compounded and paid monthly or at maturity, and check the deposit-insurance position if placing a large sum.

Leading providers in South Korea

Major commercial banks Woori Bank, Shinhan Bank, KB Kookmin Bank and IBK (Industrial Bank of Korea) offer branch and online deposits, while regional lenders like Busan Bank add local competition. Internet-only banks Kakao Bank and Toss Bank frequently post market-leading rates thanks to lean cost bases. Because rates shift with the base rate and promotions, comparing across all three groups before committing is worthwhile.

What it costs

Fixed deposits don't cost a fee — the figures in the brief reflect rates and balances. Typical one-year rates cluster around the mid-single digits, with the brief showing rates from about 3.5% upward. Minimum deposits are usually low, and there is no maximum beyond your comfort with the deposit-insurance ceiling. The main "cost" is the interest penalty for early withdrawal, so only commit funds you can leave untouched for the term.

Protections and regulation

Banks are supervised by the Financial Services Commission (FSC) and Financial Supervisory Service (FSS). Deposits are protected by the Korea Deposit Insurance Corporation (KDIC): the coverage limit rises from ₩50 million to ₩100 million per depositor per bank in 2025, so spreading very large sums across banks keeps everything insured. Rates and terms must be clearly disclosed.

Common questions

정기예금 vs 적금? A 정기예금 locks one lump sum; a 적금 is a monthly instalment savings plan. Can I withdraw early? Yes, but you forfeit most of the agreed interest. Is my money safe? Yes, up to the KDIC limit — ₩100 million per bank from 2025 — so split large balances across banks.

Fixed-Rate Deposits in South Korea — FAQ