Last year, I blogged about the time deposit savings accounts for multicultural families offered by different banks in Korea. The sample photo that I posted was my passbook from Woori Bank. My WB account had reached its maturity date last month. However, I wasn’t able to withdraw it right away because I was too busy. Few days ago, I got a message from the bank reminding me of the termination of my account.
This morning, I finally had the chance to visit the bank. I gave my passbook to the teller and told her that my account had already reached its maturity date. She asked for my ID and asked me to sign the termination form. I just wrote my name, affixed my signature and wrote “해지” (termination). Then she asked what I wanted to do with the money: whether to send it to my other bank account or just withdraw it in cash. Here’s a photo of my receipt.
By the way, it’s not true that this savings account is tax-free. 22,680 won was deducted from the total amount. With this savings account, you can earn 124, 619 won as interest if you deposit 300,000 won every month and keep it for one year. Perhaps you’ll be asking why is the total interest lesser than 270,000 won (7.5% of 3.6M). Again, this is an installment kind of time deposit account. You don’t deposit the 3.6M at once. Therefore, the bank doesn’t keep (invest) your entire principal deposit for one whole year. Your first deposit is kept for a year, your second deposit for 11 months, your third for 10 months……and your last deposit for a month. Check my other post on how is the interest computed. 🙂
If you want to apply for a new account, you need to show your documents (family register and marital certificate) and fill out an application form again. The bank just wants to check the information about you- whether you have the same phone number and whether you live in the same address. The process is just very quick. It took me only 10 minutes to terminate my old savings account and apply for a new one.
The friendly teller suggested that I should apply for another savings account if I want to save more than 300,000 won. Though the interest rate for Woori Hope Dream Savings account is high (7.5 %), the maximum deposit is quite low and the term is also short (1 year). Well, I didn’t tell her that I also have other similar time deposit accounts in other banks. Haha. Anyway, she made me another account which is ideal for bigger amount of savings and with longer term. I’ll explain about that in a separate post soon. 🙂
If you are married to a Korean national, don’t miss this chance to grow your money. Check my other blog post about the different banks that offer high-interest time deposit savings accounts for multicultural families in Korea. Happy saving! 🙂