Shinhan’s Tax Free Installment Time Deposit Savings Account for Foreign Wives

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Shinhan Bank (신한은행) is offering an installment time deposit savings account with a total of 6% interest rate to marriage immigrants (foreign wives) and other qualified Korean citizens. You can apply for a fixed or free savings account. With fixed savings account, you have to deposit a fixed amount every month. With free savings account, you can deposit any amount at any time of the month. The bank also gives more incentive to those who apply for a fixed savings account with automatic transfer.

  • Savings Plan: 신한 새희망적금 (shin han sae hee mang jeok keum)
  • Regular Interest: 4.5 %
  • Additional Interest (automatic transfer): 1.5%
  • Monthly Deposit: 10,000 – 200,000 won
  • Term: 36 months

I opted for a savings account with a fixed deposit of 200,000 won; and requested for an automatic transfer from my regular Shinhan bank account. You can also set the date of transfer every month according to your preference. What is nice with this account is that it is TAX FREE and you’ll be given more incentive if you apply for an automatic transfer. Also, the term is longer than other savings account.

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Only the annual regular interest is stated on top. The additional interest (1.5%) is actually stated in the explanation below.

  • Total Deposit : 7,200,000 won 
  • Total Interest: 499,500 won
  • Receivable Amount after 3 years: 7,699,500 won

Requirements:

  • Alien Registration Card
  • Family Register / Marriage Certificate
  • Application form (provided by the teller)
  • Initial Deposit

For those who are asking if a marriage immigrant (spouse of a Korean national) can possibly open multiple accounts at different banks, the answer is YES. The maximum monthly deposit for this kind of savings account (for multicultural family) is quite small but it is still a great deal since most time deposit interests in Korea nowadays range from 2.0-3.5% only. So if you want to maximize your savings, apply for multiple accounts at different banks. I have listed some banks in this post. You can terminate the savings plan and get the same amount you deposited even before the term ends; but you will not get the full interest. If you terminate it after 18 months, you’ll get only 4% interest. So make sure to deposit every month and complete the term to enjoy the full interest later. Happy saving!:-)

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