Woori Investment & Securities raises deposit rates, 1-year time deposit up to 4.05%

Woori Investment & Securities is raising interest rates across its deposit products for individual customers, including its note-issuing time deposit and comprehensive asset management account, or CMA, offerings. Its one-year time deposit now offers up to 4.05 percent annual interest for customers who sign up online.

According to Woori Investment & Securities on Thursday, the company raised interest rates on its note-issuing time deposit product for individual customers by 0.10 to 0.15 percentage point. The increase depends on maturity. As a result, the rate on its one-year (365-day) lump-sum time deposit rose to 3.95 percent annually before tax for individual customers. Customers who sign up online receive an additional 0.10 percentage point in preferential interest, bringing the rate up to 4.05 percent.

The company also raised interest rates by 0.10 to 0.20 percentage point across all tiers of its CMA Note and Woori WON CMA Note products. Both products allow customers to make deposits and withdrawals at any time.

The CMA Note is a tiered-rate product where interest rates vary depending on the deposit period, with the posted contractual rate applied for each tier. With the online sign-up benefit applied, individual customers can earn between 3.00 and 3.80 percent annual interest before tax.

The Woori WON CMA Note offers rates that vary depending on the account balance and is available only through online channels. For individual customers, deposits up to 10 million won ($7,460) before tax earn 3.00 percent annual interest, while the portion exceeding 10 million won earns 2.80 percent.

Through the rate hikes, Woori Investment & Securities aims to strengthen the competitiveness of its deposit products. The move lets customers choose products suited to their intended use of funds — short-term spare cash, living expenses or money awaiting investment — and preferred holding period.

"We raised interest rates on our deposit products, including time deposits and CMAs, so that customers can feel tangible benefits during this period of rising market interest rates," a company official said. "We will continue to offer competitive financial products tailored to customers' fund management goals and time frames."

Woori Investment & Securities has been accelerating its business expansion after bolstering its capital base through a 1 trillion won rights offering in May. Its net profit for the period in the first half of this year came to 24.7 billion won, up 47.1 percent from the same period last year. Operating profit rose 93.3 percent to 29.4 billion won. Fee income, which includes investment banking, jumped 206 percent to 49.1 billion won. This pushed the share of non-interest income in net operating revenue up to 58 percent this year from 43 percent in the first half of last year.