Business · Companies · 3 hrs ago
South Korea’s credit unions launch savings account paying up to 7%
South Korea’s credit unions launched a new savings account called Donghaeng Sarang for people facing financial hardship.
It is open to people including basic livelihood benefit recipients, people with disabilities, young adults preparing to live independently and members of single-parent families.
The account runs for 12 months, with deposits of 50,000 to 200,000 won each month.
The base rate is 3.3%, and customers can earn extra interest by making every planned monthly deposit and meeting an automatic-transfer condition.
The maximum annual rate is 7% when all bonus conditions are met.
Sales are limited to 20,000 accounts, with one account allowed per person.
Customers can apply at credit union branches nationwide, and can check detailed eligibility and rate conditions online or at a branch.
South Korea’s National Credit Union Federation has launched a 12-month savings plan offering up to 7% annual interest to financially vulnerable customers.
The Donghaeng Sarang Savings Plan is limited to 20,000 accounts.
Customers can deposit between 50,000 and 200,000 won each month.
The base rate is 3.3%, with up to 3.7 percentage points in additional interest for meeting conditions.
Eligible groups include people receiving basic livelihood support, people with disabilities and young people preparing for independence.
- Who
- The National Credit Union Federation launched the plan for financially vulnerable people.
- What
- The Donghaeng Sarang Savings Plan offers up to 7% annual interest and is limited to 20,000 accounts.
- When
- November 3, 2026.
- Where
- It is available at credit union branches across South Korea.
- Why
- The federation said it aims to support saving, asset-building and financial inclusion among vulnerable groups.
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- Maximum annual interest
- 7%
- Base annual interest
- 3.3%
- Additional interest
- Up to 3.7 percentage points
- Account limit
- 20,000
- Term
- 12 months
- Monthly deposit
- 50,000–200,000 won
What people are saying
The Donghaeng Sarang Savings Plan was designed to encourage financially vulnerable people to save and to establish a stable foundation for self-reliance.
We will continue to expand inclusive finance products and services that strengthen the financial resilience of vulnerable groups and realize social value.