Woori Bank to raise key deposit and savings rates by up to 0.30 percentage points

Woori Bank said Thursday it will raise interest rates on its key deposit and savings products by 0.25 to 0.30 percentage points, following the Bank of Korea's benchmark interest rate hike.

Rates on demand-type time deposit and savings products, including Money Clip, will rise by 0.25 percentage points, while some products such as the Woori Super time deposit and savings accounts will see increases of 0.30 percentage points. The changes take effect Monday.

As a result, the maximum rate on standard time deposits with maturities of one year or more but less than two years will rise from 1.95 percent to 2.20 percent per annum. The Woori Super time deposit's maximum annual rate will climb from 2.15 percent to 2.45 percent.

The Bank of Korea's Monetary Policy Board raised the benchmark interest rate Thursday to 2.75 percent from 2.50 percent — the first increase in three and a half years.