Where Are Interest Rates Even Headed These Days?

Agreed, these days it feels iffy no matter where you put your money... Even barely clearing 3% on deposits comes with strict conditions.

Is there a source? I'd like to know where the interest rates were compared.

Don’t just chase the highest interest rate—look closely at the preferential rate conditions. Many say “up to 4% APR,” but in reality it’s a 2.5% base rate, and you have to meet all the conditions to get 4%. Also, instead of switching deposits around, it might be better to spread your money across parking accounts. These days, it’s better to split your money into shorter maturities and roll them over.

When interest rates shot up in 2022, everyone said to grab a 5% deposit if it came along, and the people who did are all sitting pretty now. But now the direction has reversed, so locking in for the long term might actually work against you. I locked into a 3-year one last year too, and looking at rates now, it's a bit disappointing. I'm just rolling over every 6 months to a year.

Well, that's a bit... Isn't it risky to judge based only on interest rates? Considering inflation, real interest rates are still in negative territory, so calling it a 'gain' just by looking at the numbers doesn't quite add up, does it?

After looking into all the preferential rate conditions, they ended up being pretty similar across banks. So I just decided to go with my main bank for convenience. Moving things around for a difference of a few hundred thousand won is stressful too... Hope this helps.

Just stuff it in your pillow lol. Even with interest, it won’t keep up with inflation anyway.