Cider Bank, 2% Interest Account (The Highest Interest Rate in Korea)

2% Interest Bankbook

In Korea, interest rate of bank is very low.
Most of normal bank accounts provide about 0.1% of annual interest.
It's been years since this kind of situation.
In Korea, there was also a time when people could receive 10 percent of the interest from banks.
However, not these days.
This may be the general picture of a country whose economy has developed and entered a long-term low-growth structure.

But,
Have you heard of "Cider Bank"?

(1) the bank account with the highest interest rate (excluding installment savings, among general bank accounts). at the present time (May. 2020),
(2) no performance/additional transaction conditions are required,
(3) among the deposit and withdrawal account. 

So I opened it recently and have been using it.

I recently searched all the savings banks in the country and tried to find the best deposit and withdrawal bank account.

First-tier bank interest is too low.
Interest on savings banks is high.

There are some famous savings banks in Korea, but there are so many small banks I've never heard of before.

I looked up hundreds of products with editing Excel.


Among them, this  'Cider bank' provides the highest interest rate bankbook.

If you know another better condition of bankbook, I would appreciate it if you could you let me know.


Of course, I do have a higher interest rate account.
However, they provide it only when additional performance/additional transaction conditions are met.


But,
The 2% interest rate of the cider bank is the interest rate provided without the requirement of other additional transaction terms.


plus,

(4) There is no limit.

Many savings bank products, The high interest rate products are limited to \10 million WON or \30 million WON. Only within this limit set, they provide high interest.

By the way, this cider bank account has no such limit.
(Note : The protection of depositors by law in savings banks is 50 million won, so it's better not to deposit more than that.)


plus,

(5) It is internet bank. So, it can be opened in a non-face-to-face manner, and it is also easy to lift the deposit and withdrawal limit.

Most of new bank accounts in Korea requires to go to the bank branch and submit documents and inform them of the purpose of financial transactions.
It is difficult to open a bank account these days in Korea.
There is an inconvenience that if there is no additional submitting of documents for lifting the deposit and withdrawal limit, it will not work well. Normally, without the submission of those documents, the deposit and withdrawal limit would be \0.5~1 million Won in a day.

By the way, this cider bank provides 100% online product that doesn't need to go to a bank at all.

Releasing the deposit and withdrawal limit is also possible by simply authenticating the document photos online.


plus,

(6) Restrictions on opening two or more bank accounts within a month in Korea, can be easily released.

I opened this cider bank account a week after opening an account with another bank.

After consulting with 'Cider Bank', I heard that if you submit documents online, such as a certificate of employment and a certificate of health insurance eligibility, you will be able to release the limit for more.

I sent the document and waited a few days (about three days) for it, and the limit was released.

It's so comfortable.


plus,

(7) All fees are free.

Many banks provide free of charge on normal transaction by internet banking, these days.

However, even automatic transfer to other bank is free of charge at Cider Bank. (Most bank don't provide this without fulfillment of certain requirements.) These conditions are not often found in other financial products.

Plus, all ATM fees are free at Cider Bank.

It's amazing that even ATM at convenience stores are free of charge. (This is a very rare condition. There are many free of charge condition for normal ATM. But, ATM at convenience store is always expensive in Korea. To draw money after working hour of normal ATM, convenience store is the only option.)

To receive this benefit,
You need to use 'Check Card' by 'Cider Bank'
I will post about this 'Check Card' soon.


Finally,

(8) I think it is relatively safe among savings banks.

What I felt while searching/comparing most of the savings bank products in Korea, there are so many small savings banks in Korea that I have never heard of before.

It seemed like there are dozens to a hundred of them.

I feel more comfortable where I've heard of the name at least once.(Although the law protects it by 50 million won.. But a safer bank is better among them, right?)

When I first heard the name of this Cider Bank', I thought it was one of the banks that I've never heard of.
But, turns out, this bank is an online exclusive bank made by 'SBI Savings Bank'.

I think 'SBI savings bank' is a little bit recognizable in Korea. I thought it was relatively safe.


You can visit the Homepage of Cider Bank.


I hope it helps a lot of people in Korea.



Thank you.