South Korea's Savings Banks Hit 3.9% Average Rate Today, Up 55 Basis Points

According to the Central Association of Savings Banks of Korea, the average 12-month deposit rate across 79 savings banks reached 3.90% on July 7, up 55 basis points from last month. Over 152 deposit products now offer rates above 4%, with some institutions pushing beyond 4.6%. The rate gap with commercial banks widened to 73 basis points, compared to 29 basis points in early June, as institutions compete for deposits amid stock market capital outflows.
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