Woori Bank’s Hope Dream Savings Account Maturity

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.

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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.

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Maximum deposit per month 300,000 won x 12 months = 3,600,000 won

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.

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Old and new passbook

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Start of another journey with Woori Bank’s Hope Dream Savings Plan Hehehe!🙂

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!🙂

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6 thoughts on “Woori Bank’s Hope Dream Savings Account Maturity

  1. Ms. Lanie, I am Dianne. You don’t know me po pero I know you. I’ve been following your blog for quite a while na po. I am also married to a Korean. I just want to thank you for posting lots of helpful information like this po. I opened an account when I saw your post last year at mayron pa for different banks. Ang bait nyo naman po para mgresearch at ishare sa readers ninyo ang ganitong info to think na most people keep it for themselves pag pera na ang pag uusapan. I told my husband po and asked him to go with me to the bank kasi nga po hindi pa ako masyado marunong ng Korean. I feel nervous paglalabas ng bahay because of communication barrier.he.he.he. Buti nalang detailed yung post ninyo atleast alam alam ko ano ang kailangan gawin. he.he. Excited po ako matapos yung account ko. Kahit pakonti konti basta may ipon. Salamat po ulit. Keep on blogging! I am a silent reader of your blog. God bless.🙂

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  2. Miss Lanie, thank you so much po sa pag post. Guide po ito para sa aming mga walang alam dito sa Korea. Nakapag open po ako ng account for multicultural families dahil nabasa ko po sa blog ninyo. I admire your generosity po sa time and knowledge ninyo po. Detalyado talaga kayo magpost. Keep it up po. God bless you and Sir Andy.

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  3. Ms. Lanie thanks for posting this. Naku itry ko din mg open ng account sa ibat ibang banks to increase my savings. Wow nakaka inspire naman ito. Sa akin kasi sa ordinary ATM ko lang iniipon ang money ko. Kesa naman nakatunganga lang, mas mabuti pa sa time deposit nalang may interest pa. Hayz! Thanks for inspiring me. God bless you po. -Joy

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  4. Hello Miss Lanie! Thanks for posting this. Yung pagsulat po ng word na termination dapat po ba hangul? Naku kailangan ko pala mgpractice nyan.

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