Guide to Personal Banking and Finance Detail | 금융감독원 금융교육센터

Guide to Personal Banking and Finance

Guide to Personal Banking and Finance Detail
Ⅳ. Saving and Insurance (1)
Posting date 2019-12-18 Hit 389
Ⅳ. Saving & Insurance(1).pdf

 Ⅳ. Saving and Insurance


1. Saving Products

   To pay for educational expenses of your children or to pay medical bills incurred due to unexpected accidents, it is important to save a portion of what you earn every month. A basic deposit account lets you easily deposit and withdraw money whenever you want. There is also an installment savings account that allows you to regularly make deposits in an equal amount over a period of time and a time deposit account that lets you deposit a sum of money for a fixed time period.


 (1) Difference between Savings Deposit and Installment Savings

   There are various types of savings plans: One common savings plan is a savings deposit that let you keep a large sum of money in a bank account for a period of time. Another is installment savings, which lets you make deposits at regular intervals, such as six months, or one year over a period of time continuously. As interest rates continuously change, you should check regularly and try to choose the best savings plan for you.


More Information: Understanding Time Deposit and Installment Savings

 ◇  Managing a large sum of money : If you deposit one million won all at once in a bank account for a year, it is a time deposit.

 ◇  Making a large sum of money : If you deposit one hundred thousand won in a bank account on the 20th day every month, it is installment savings.


      ※ You can easily compare the financial products including time deposit and savings at the “Financial Product Information Disclosure ( of FSS.

Be Careful!

 ◇  If time deposits and installment saving are canceled ahead of the agreed date, the principal amount paid to the bank will be returned but interest much lower than the agreed interest will be paid. Accordingly, you must select a product considering saving period (maturity) and your personal situation.


(2) Accumulating a Sizable Saving

   There are many savings products that offer very attractive interest rates for married immigrants. If you wish to learn more and find out what is best for you, visit as many banks as you can for consultation. You will have to take necessary documents such as your family relationship and marriage certificates with you.


Tip!: Depositor Protection System

 ◇  In Korea, the Korea Deposit Insurance Corporation (KDIC) guarantees depositors’ principal and interest earned up to 50 million won (for each depositor) as provided for under the Depositor Protection Act. However, some financial investment products which may cause principal loss, like stocks and funds, may not be subjected to depositor protection, so make sure you check the protection available to you before you purchase any financial products.


 ◇  Contact KDIC (, 1588-0037) for subject of protection and the limit


  • 담당부서 : 금융교육국 일반금융교육팀
  • 연락처 : 02-3145-5965