Banks to cut interest rates on deposits and savings accounts one after another... Korea's Corporate Bank to cut by up to 0.5%

The Korean banking industry is cutting interest rates on deposits and savings funds. In response to the decline in market interest rates, moves to secure profits have come to the fore.
On the 16th, IBK Industrial Bank reduced interest rates on 26 products, including fixed-term deposits, savings deposits, and ordinary deposits, by 0.10 to 0.50 percentage points.
The interest rates will be lowered. This will affect a wide range of deposit products. Woori Bank also lowered the interest rates of seven fixed-term deposit products and 11 installment-term savings products by 0.10 to 0.25 percentage points on the 15th.
On the 15th, internet-only Tosbank also cut the base interest rates for its 3- and 6-month prepayment fixed-term deposits by 0.20 percentage points from 2.70% to 2.50%.
According to data released by the Korea Federation of Banks, the highest interest rates on fixed deposits at major banks such as KB Kookmin Bank, Shinhan Bank, Hana Bank, and Woori Bank are in the mid-2.60-2.70% range.
It remains at that level.