Business · Economy · 3 hrs ago
South Korean short-term bank deposits hit record 470.6 trillion won
South Korean short-term bank deposits reached a record 470.6 trillion won at the end of September.
The figure covers term deposits with maturities of less than one year and was the highest since records began in 2002.
Their balance rose 10.3% in a year, while deposits shorter than six months grew even faster, by 24.7%.
Savers may be choosing shorter terms because they expect interest rates to rise and want the option to move their money into higher-paying accounts later.
Short-term accounts have also offered better rates than some longer-term ones: deposits lasting six months to under a year averaged 3.74% in September, compared with 3.57% for one-year deposits.
Banks are raising rates and competing for deposits, with some special offers reaching 4%; the figures suggest savers are favouring flexibility, though no specific next step is stated.
South Korean banks’ deposits with maturities under one year reached a record 470.6 trillion won at the end of September.
The balance was up 43.9 trillion won, or 10.3%, from a year earlier, according to Bank of Korea data.
Depositors may be choosing shorter terms because they expect interest rates to rise and want to move money into higher-rate products later.
Deposits with maturities under six months rose 24.7% year on year, while deposits of three years or more fell 22.4%.
In September, the average rate for deposits with terms of six months to under a year was 3.74%, above the 3.57% rate for one-year deposits.
- Who
- South Korean banks and depositors.
- What
- Deposits with maturities under one year reached a record 470.6 trillion won.
- When
- At the end of September; the article was published on November 14, 2026.
- Where
- South Korea.
- Why
- Depositors may be keeping funds in short-term accounts because they expect rates to rise and want the option to switch to higher-rate products.
This story does not have two clearly opposing sides.
The balance of deposits with maturities under one year stood at 414.5 trillion won.
The balance rose to 440.3 trillion won.
The balance increased to 463.6 trillion won.
The balance reached a record 470.6 trillion won.
- Short-term deposit balance
- 470.6 trillion won at the end of September
- Year-on-year increase
- 43.9 trillion won, or 10.3%
- Deposits under six months
- 269.1 trillion won; up 24.7% year on year
- Deposits of three years or more
- 26.1 trillion won; down 22.4% year on year
- Six-month-to-under-one-year rate
- 3.74% in September, compared with 3.57% for one-year deposits