Saving in a bank may not be the best way to “invest” your money especially that interest rates are on the downtrend. Thankfully, Woori Bank is offering a higher interest rate for multicultural families who would like to save some money on an installment basis. It’s called 우리 희망드림 적금 (Woori Hope Dream Savings) and the offer is 7.5% interest.
With this savings account, you could save up to 300,000 won every month for up to one year. The total yield is 3,746,250 won and it’s tax free. You and your Korean spouse can each open an account for a total monthly savings of 600,000 won. The requirements are 가족증명사 (Family Certificate) that you can get from the 동사무서 or village office, an ARC or Korean ID and 기본증명사 (Primary Certificate) for those who’ve acquired Korean citizenship. A personal stamp or 도장 is optional.
Opening a savings account in Woori is a breeze. I went to the nearest Woori Bank last April 30th. It took me less than ten minutes and I only needed basic Korean to communicate with the teller. I just filled in the application form with my name, ID number, address and phone numbers. I chose to sign rather than use a stamp. After the teller input my info, I just had to put in my PIN, gave her the money and got my passbook.
So if you want a higher interest rate on your monthly savings, head on to Woori Bank and ask for the “Woori Hope Dream Savings” for multicultural families. Just don’t forget the requirements ;p