How to Compare Savings and Parking Account Rates in Korea

As of October 2026, the most reliable way to compare savings rates in South Korea is to use the official disclosure sites rather than ranking articles. For term deposits (jeonggi yegeum) and installment savings (jeokgeum), use Finlife, the product comparison site run by the Financial Supervisory Service (FSS). For parking accounts, which are high-interest demand deposits you can withdraw from at any time, use the Korea Federation of Banks consumer portal for commercial banks and the Korea Federation of Savings Banks portal for savings banks. The workflow is the same everywhere: enter your amount and term, filter by institution type, eligibility and sign-up channel, then open the product details to check bonus conditions and balance limits before comparing after-tax interest.

All three sites are in Korean only. This guide translates the menu labels and filters you will see, so you can work through them with a browser translation tool if needed. The menus described here were checked on each site in October 2026.

Which official site covers which product

Start by deciding what kind of money you are placing. A KB Think guide produced in cooperation with the FSS splits Korean savings products into three groups: term deposits for a lump sum held to a fixed date, installment savings for regular monthly contributions, and demand deposits (ipchulgeum jayu yegeum) for money you move in and out freely. A parking account is simply a demand deposit that pays a higher rate than an ordinary checking account.

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Product	Where to compare	Key filters
Term deposit	Finlife › 저축 (Savings) › 정기예금	Amount, term, sector, interest method
Installment savings	Finlife › 저축 › 적금	Monthly amount, term, contribution type
Bank parking account	KFB consumer portal › demand deposits	Bank, interest payout, sign-up channel
Savings bank parking account	KFSB portal › 입출금자유예금	Top-rate band, interest payout, channel

Finlife's savings menu also lists demand deposits and tax-advantaged products, and its notice section links to the association disclosures. For parking accounts, though, the association portals are more useful because they show the balance that qualifies for the top rate.

Filtering term deposits on Finlife, step by step

On the term deposit page, fill in the filters from top to bottom:

1. Deposit amount (저축 금액): up to 1 billion won. Enter the amount you will actually deposit so the after-tax interest column matches your situation.
2. Planned term (저축 예정기간): 1, 3, 6, 12, 24 or 36 months. Pick a term that ends before you need the money to avoid early withdrawal.
3. Sector (금융권역): all, banks, savings banks, or credit unions (신협조합). Choosing credit unions shows products offered by individual unions.
4. Interest method (이자계산방식): simple or compound. Some products appear twice, once for each method, so selecting one keeps the list clean.
5. Region (지역): 17 provinces and metropolitan cities from Seoul to Jeju, useful for regionally focused institutions.
6. Eligibility (가입대상): unrestricted (제한없음) for the general public, low-income only (서민전용), or partially restricted (일부제한) for specific groups. The site asks you to check the detailed requirements for the last two.
7. Sign-up channel (가입방법): branch, internet, smartphone, agent, phone banking or other. Keep only internet and smartphone if you cannot visit a branch.
8. Bonus conditions (우대조건): filters such as online sign-up, rollover, primary bank relationship, first-time customer, age, and other product use.

The results table shows the pre-tax rate, after-tax rate, an after-tax interest example, the maximum bonus rate, eligibility and interest method. The key detail: the pre-tax rate in the list is the base rate without bonus conditions. Finlife notes that a higher rate may apply if you meet the bonus conditions listed under product details. Shortlist two or three products with the compare checkbox and read each product's bonus conditions and post-maturity rate.

Installment savings: separate by contribution type first

The installment savings page works the same way with two differences. You enter a monthly amount (up to 10 million won) and the site calculates the total, and the results include a contribution type column:

• Fixed installment (정액적립식): the same amount every month, suited to a steady salary.
• Flexible installment (자유적립식): any amount at any time within the term, suited to irregular income.

Do not rank the two types together. Finlife does not calculate after-tax interest for flexible plans because contributions vary. Also remember that each monthly payment only earns interest for the months left until maturity, so an installment plan earns less interest than a term deposit of the same total at the same headline rate. The after-tax interest example column reflects this and is a better guide than the rate itself.

Parking accounts: check the balance that earns the top rate

The most common mistake with parking accounts is assuming the headline rate applies to the whole balance. The savings bank federation's demand deposit page splits results into three columns:

• Base rate (기본금리): the lowest rate the product can pay.
• Top rate including bonuses (최고금리): the highest rate available when bonus and other requirements are met.
• Balance eligible for the top rate (최고금리 적용 가능 금액): the amount the top rate actually applies to.

You can filter by top-rate band (under 1%, 1% or more, up to 4% or more), interest payout frequency (on demand, monthly, quarterly, semi-annual, annual) and sign-up channel. The federation says the top rate depends on bonus conditions and the amount, so it should be confirmed with the savings bank.

In practice, decide your average balance first. If the eligible balance is smaller than that, assume the excess earns a lower rate. The larger your balance relative to the cap, the closer your effective rate moves toward the base rate. Check payout frequency too, because it changes when interest is added back to principal.

For commercial bank parking accounts, the KFB portal lets you filter by bank, payout method and channel. According to KB Think, those results are pre-tax and may differ from live rates, so confirm with the bank before opening an account.

Reading pre-tax and after-tax interest

Every rate on Finlife is an annual rate. A 6-month product shows its rate annualized, so you earn roughly half that percentage over the 6 months.

The after-tax rate deducts Korea's 15.4% withholding tax on interest income (14% income tax plus 1.4% local income tax). Using an assumed rate for illustration: 10 million won in a 12-month simple-interest deposit at 3.00% earns 300,000 won before tax. Withholding of 15.4% takes 46,200 won, leaving 253,800 won. The after-tax rate is 3.00% × 0.846, about 2.54%. Keep the same deposit for 6 months and pre-tax interest is about 150,000 won.

The after-tax figures on screen are illustrative: Finlife rounds down to the won and assumes monthly compounding for compound products, and it advises confirming the exact amount with the institution. Use the numbers to compare products, not as a final payout.

Rates can also lag. Finlife states that terms change frequently and may be disclosed late, and the savings bank federation gives a similar warning. Narrow your shortlist on the comparison site, then check that day's rate in the institution's app.

Final checks: deposit insurance and early withdrawal

Higher rates often come from savings banks and mutual credit cooperatives, so check deposit protection. According to the Financial Services Commission Q&A, Korea raised its deposit protection limit to 100 million won from September 1, 2025. Banks and savings banks are covered by the Korea Deposit Insurance Corporation, while regional agricultural and fisheries cooperatives, credit unions, Saemaul Geumgo and forestry cooperatives are covered by their central federations, all at 100 million won.

The limit applies per person, per institution, combining principal and interest. Multiple accounts at one institution are added together: in the FSC's example, deposits of 30, 40 and 50 million won at one bank total 120 million won, of which 100 million won is protected. Deposits at different institutions are protected separately, up to 100 million won each. Protected interest uses the lower of the contracted rate and a rate set by the insurer or federation. Funds, performance-based products, securities firm CMAs and subordinated bonds are not protected, which is a key difference between a CMA and a bank parking account.

Finally, check early withdrawal terms. Ending a term deposit or installment plan early means a lower rate. The savings bank portal shows a representative early-withdrawal rate for a 12-month product closed after 6 months, so add it to your comparison if you might need the money early. Product details also list the post-maturity rate, which applies if you leave funds in place after maturity, so set a reminder for the maturity date.

The full sequence: define the purpose and term, pick the right site for the product, filter by amount, term, sector, eligibility and channel, read the bonus conditions and balance caps, compare after-tax and early-withdrawal figures, confirm you are within the protection limit, and recheck the live rate before applying.

Sources

• 정기예금 | 저축 | 금융감독원 금융상품통합비교공시 금융상품한눈에
• 상품공시 - 입출금자유예금 | 저축은행중앙회 소비자포털
• 예금보호한도 상향 관련 주요 QA | 금융위원회 주요정책문답
• 예금 금리 비교 방법 | KB Think (금융감독원 협력 콘텐츠)