Installment Savings for Multicultural Families

Last year, I opened an installment savings for multicultural families at Woori Bank. They have a special interest rate for multicultural families. The ordinary rate is 4.0% and an additional 3.5% is added after maturity.
There are other banks offering a higher interest rate on installment savings account for multicultural families. Some of them offer the husband the same rate, while others are exclusively for the female immigrant.
KB (Kookmin Bank) 국민은행
– 국민해복적음 (Kookmin Happy Savings)
– Interest: 7.5%
– Duration: 1 year
– Maximum monthly savings: 500,000 won
– Maximum amount: 6 million won
– Only the woman married to a Korean is allowed
Woori Bank 우리은행
– 우리희망드림적음 Woori Hope Dream Savings
– Interest: 7.5%
– Duration: 1 year
– Maximum monthly savings: 300,000 won
– Maximum amount: 3.6 million won
– Korean husband can also open an account
Gyeongnam Bank 경나은행
– 희망모아적음 Hope Savings
– Interest: 7.0%
– Duration: 1 year
– Maximum monthly savings: 300,000 won
– Maximum amount: 3.6 million won
– Korean husband can also open an account
IBK (Industrial Bank of Korea) 기업은행
– 사라나눔적음 Love Share Savings
– Interest: 6.2%
– Duration: 1-3 years
– Maximum amount: 10 million won
– Only the woman married to a Korean is allowed to open an account
Shinhan Bank 신한은행
– 새희망적음 New Hope Savings
– Interest: 6.0%
– Duration: 1 year
– Maximum monthly savings: 200,000 won
– Maximum amount: 2.4 million won
– Only for the married immigrant

KEB (Korea Exchange Bank) 외환은행
– 1004나눔적음 Cheerful Gift Savings
– Interest: 6.0%
– Duration: 1 – 3 years
– Maximum monthly savings: 300,000 won
– Maximum amount: 3.6 million won
– Korean husband can also open an account
– You can also open an account for your child
What documents do you need to open an account?
– For Korean citizens, just bring your Korean I.D. and 기본증명서 (Personal History document) from the village office.
– For non-Korean citizens, bring your ARC and 가족증명사 (family document) from the village office.
On your bank book, you may not notice the full interest of the account. Usually, the 기본 or ordinary interest is written plus the 우대 or additional interest.

Remember! You will not get the full interest if you miss a payment. So make sure that you could actually make monthly “payments” to your installment savings for multicultural families.