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www.groovekorea.com / January 2014 32 ABOUT ThE AUThOR Paul Sharkie is the Foreign Client Relationship Manager for Shinhan Bank’s Foreign Customer Department. Please visit Shinhan Expat Banking on Facebook for more information. The banking information provided in this column is based on Shinhan Bank policies and may not be applicable to all banks in Korea. — Ed. A s 2014 has already caught up with us, perhaps you have decided that this is the year when you’ll achieve many of your goals, with saving money being one of them. If you do have some spare cash or want to investigate what your options are in Korea, there are several products you can look into. Here we will look at some low-risk, starter strategies for you to consider. Please note that the following examples are from Shinhan; although they may be similar in nature, check your bank’s equivalents and the associated terms and conditions. Time deposits If you are looking to lock into a fixed interest rate for a specified period, then a time deposit might be something to consider. After the initial deposit, you may top up the accou nt with further deposits at any time, usually up until one month before the maturity date. When inquiring about this product, it’s quite common that customers will ask for a specific interest rate. You should make note, however, that we can only advise customers of that day’s rate; thus the rate applied to each and every customer’s situation depends entirely on the day they open the account and when funds are deposited. While you do agree on a fixed term and cancellations can be made at any time (in person and at a branch), in order to be eligible for the highest possible return, you should wait until the maturity date. If locking into a fixed rate doesn’t appeal to you and you want more freedom, especially during times when interest rates are rising, ThE MONEY COLUMN Edited by Matthew Lamers (mattlamers@groovekorea.com) INsIGhT Make your Money work Investing in low-risk products can ensure you leave Korea with a small nest egg and not return home empty-handed Column by Paul Sharkie / Illustration by Craig Stuart