Life in Korea

Oh Pororo…

The new year often inspires us to aim for a fresh set of goals, including saving more money for a brighter and happier future. Before going to work on the last day of 2018, I dragged myself to the bank for my yearly time deposit ipon (saving) challenge. Actually the greatest challenge was getting up… Continue reading Oh Pororo…

Life in Korea

Korean Installment Time Deposit Interest Computation

Several people have asked me why the amount they got wasn't equal to the percentage promised by the bank. Let’s take Kookmin Bank’s 6.5% interest rate for example. I applied for a fixed time deposit account (국민행복적금) with the maximum monthly deposit of 500,000 KRW automatically transferred from my regular KB account. Now why is the… Continue reading Korean Installment Time Deposit Interest Computation