‘Even if I leave it for a day, 1% per year’… 113 trillion won lost,’parked’ in bankbook

Unable to find a place to invest, a bunch of money is rushing to the parking account. The parking passbook, which is an occasional deposit and withdrawal (MMDA) from the Ministry of Market Interest Rate, can be inserted and withdrawn at any time, as if parking a car for a while. At first glance, it looks similar to a free deposit and withdrawal bankbook, but it is characterized by the fact that you can earn 0.5~1% higher interest per year if you leave it for one day. In particular, savings banks are offering special products competitively to attract lost money.

According to the financial industry, the balance of parking passbooks of the five major banks, including KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup at the end of February, was estimated at 113,4378 billion won. Compared to a year ago, it increased by 17.7% (17,308 billion won).

The increase in the balance of the parking account where money can be withdrawn at any time means that more money has not been able to find a suitable investment destination. The amount of money (margin) that was concentrated in the subscription to SK Biosciences was about 64 trillion won. This is the result of a combination of seasonal factors such as bonuses at the beginning of the year and year-end settlement refunds, as well as a lot of money released on the market as household loans such as credit loans increased due to the debt craze caused by low interest rates.

An official from a commercial bank explained, “Usually, waiting funds increase at the beginning of the year, but this year, it seems that there were many customers who wanted to leave their money for a while ahead of the subscription to SK Bioscience.”

Banks are releasing special products and sucking in lost money. The interest rate on free deposit and withdrawal bankbooks of commercial banks is close to zero, but parking bankbooks pay 0.5~1% interest depending on the bank. Banks also have the advantage of being able to finance resources at a lower interest rate than savings-type deposits such as time deposits.

Internet banks are also paying off with parking passbooks. K-Bank’s parking passbook’Plus Box’ can deposit up to 100 million dollars and gives an annual interest rate of 0.6%. Conditions are better than Kakao Bank’s’Safe Box’, which has a maximum interest rate of 10 million won and an interest rate of 0.5%. The amount received from K Bank was 6.84 trillion won as of February, nearly four times higher than in June last year (1.85 trillion won). A significant amount of this is the funds secured through Plusbox.

K-Bank lowered the interest rate of’Plus Box’ from 0.7% to 0.6% from the 1st of this month. The fact that the interest rate for flagship products has been lowered since the beginning of the year can be interpreted as meaning that it has already met the target target.

Another industry official said, “The interest rate in the parking passbook is higher than that of the free deposit and withdrawal passbook, but it is lower than the regular deposit (even from the bank’s point of view), and the burden of financing is less.” The demands of consumers (demand) have been well met,” he said.

Savings banks are also pursuing funds through parking passbooks. Sangsangin Savings Bank issued a’Bangbang Banking Banking Bankbook 369 Term Deposit’, which gives an annual interest rate of 1.6% even if left only one day, and raised 50 billion won in three days of launch. At the beginning of last month, Pepper Savings Bank introduced the’Peperlulu Parking Passbook’, which gives an annual interest rate of up to 3 million won (limit).

Reporter Jiyu Hong [email protected]