Why I Got a Reality Check While Looking Up Savings Account Rates
I went through bank apps comparing savings account interest rates, and unless it was a special promotion, they were all pretty much the same. It made me wonder whether it's even worth hopping from app to app for a 0.2%p difference.
I figured I'd be better off just opening a parking account with that time instead.
6 answers
Agreed, a parking account is the answer, for real.
If it's 0.2%p, even with 1 million won deposited, that's only a 2,000 won difference over a year... You'd be better off working one hour at a part-time job instead lol
Well, I don't know about that. Installment savings are ultimately about chasing special offers, and even that 0.2%p adds up over a few years—you can't just ignore it. It's only a few taps in an app, so what's the big deal?
I gave up on that last year too. I switched after seeing Bank A's special offer, but the preferential rate required card spending plus three automatic transfers, and I couldn't meet the conditions, so I ended up with the base rate of 2.1%. It's far more important to read the terms carefully from the start than to switch.
You know parking account rates change all the time, right? Last year they were giving 3.5% a year; now it's 2.3%. Instead of going all-in on one place, it's more realistic to split it across 2-3 parking accounts and check every quarter.
Got a source? Which bank was it, and what was the rate?