The rates and scheme information published on MoneyTip come from material disclosed by financial institutions and government bodies. Which source a figure came from and when it was checked is stated at the foot of each article.
Where the Material Comes From
| Information | Source |
|---|---|
| Deposit and savings rates | Each financial institution's disclosure and product terms |
| Instant-access and parking account rates | Each financial institution's product termsThe rate comparison disclosures from 은행연합회 (the Korea Federation of Banks) and 금융감독원 (the Financial Supervisory Service) cover only time deposits and installment savings |
| Base rate | 한국은행 (Bank of Korea) Economic Statistics System |
| Deposit protection | 예금보험공사 (Korea Deposit Insurance Corporation) |
| Interest income tax | Income Tax Act article 129, local income tax |
| Welfare and support scheme thresholds | 보건복지부 (Ministry of Health and Welfare) notifications, individual program notices |
Calculation Basis
Interest is calculated by the formulas below. Amounts are handled with exact arithmetic rather than floating point, and derived figures appearing in articles are recalculated and reconciled.
- Pre-tax interest on deposits and parking accounts — principal × annual rate × days held ÷ 365
- Pre-tax interest on installment savings (12-month fixed plan) — monthly contribution × annual rate × 78/12
- After-tax interest — pre-tax interest less interest income tax of 15.4%. That rate is income tax of 14% plus local income tax of 1.4%
Tax is rounded to the won and then subtracted from the pre-tax interest. Financial institutions handle the final digit differently, so the amount actually deposited can differ by about a won.
Products that add interest to principal each month earn interest on that interest. MoneyTip's calculations are simple ones that exclude such reinvestment.
Stating the Verification Date
Rates change frequently. MoneyTip states when each figure was checked and shows the verification date at the top of the article. Conditions may have changed since the stated date, so please check the financial institution's official channel again before opening an account.
What We Do Not Cover
MoneyTip does not sell or broker financial products. We do not solicit subscriptions to particular products, and we do not forecast returns on investment products that carry a risk of principal loss.
If you find anything inaccurate, please tell us through corrections and we will check and fix it.