Savings Calculator

For many standard savings products, 15.4% is withheld automatically when interest is paid: 14% national tax plus 1.4% local tax. However, tax-exempt savings programs, ISA accounts, or special youth products may change the actual rate, so check whether you qualify for reduced or zero tax treatment.

Most standard recurring savings accounts in Korea use simple interest. Compounding savings products may appear at some savings banks or insurance-style products, so always review the product terms before opening the account.

The basic simple-interest formula for monthly savings is:

Total interest = Monthly Deposit × Annual Rate / 12 × n(n+1) / 2

Here, n is the number of monthly deposits. For example, if you save KRW 300,000 per month for 12 months at 3.5%, total interest is approximately KRW 68,250.

If you cancel before maturity, the bank usually applies an early-termination rate that is much lower than the contracted rate. Shorter holding periods tend to receive lower rates, and in some cases you may get back only principal or a small amount of interest. Check the early-termination policy before opening the product, especially if there is any chance you may cancel early.

Yes. This calculator is for planning purposes. Real savings products can differ by payout method, payment date, and preferential rate conditions, as well as tax treatment. Confirm the final terms with the financial institution before making a decision.