Home Savings interest
Savings interest
Shows simple interest, monthly compound interest, and the amount after Korean interest tax.
Why this exists
The same total earns less as an installment than as a deposit, because the last payment sits for only one month.
The quoted rate is before tax. The amount that arrives is after tax.
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01How to use it
Choose installment or deposit.
Enter the amount, annual rate, months, simple or compound interest, and the tax.
The large number is the amount at maturity.
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02What you get
500,000 won monthly at 3.5% for 24 months, simple, at 15.4%, has principal 12,000,000, interest 437,500, and tax 67,375 won.
10,000,000 won compounded monthly at 3% for 12 months earns 304,160 won before tax.
Entered500,000
Monthly 500,000 Rate 3.5% Months 24 Maturity 12,370,125 -
03Worth knowing
Changing the amount midway will not match this result.
The calculation stays in this browser.
The lower mutual-deposit rates have a limit and an eligibility rule.
Questions
- QWhy is an installment smaller?
- AEach payment sits for a different time, so a 12-month installment earns less than the same money left as a deposit.
- QWhat is 15.4%?
- AIt is 14% interest tax plus 1.4% local tax. It does not touch principal.
- QWhen is it compound?
- AIf the product does not say compound, use simple interest.
- QIs it saved?
- ANo. It is calculated only in this browser.