Korea Exchange Bank of Canada | GIC discussions | Discussion forum

Looks like you can only open an online banking account by going into a branch, which appear to be few and far between.

I have always been nervous about Korean Exchange Bank because I find their website so difficult to follow. I have sensed a language issue at times, although not so bad right now.

I can't figure out what this offer truly is. It says it only pays the interest at maturity. I am not sure if there is any compounding or not. It appears that the rates may vary according to how long the money has been invested. If deposits are staggered, that would mean that only the first installment would have 5 full years, wouldn't it?
The rates they give are as follows:

Installment Saving Deposit
Term Rates (% p.a)
6 months 1.80
12 months 1.90
18 months 2.10
24 months 2.30
30 months 2.50
36 months 2.70
48 months 2.90
60 months 3.10

If someone know something more promising, please quote something from an email or on their website, as this is the best that I can figure out, and it is just not clear enough for me.

I agree: Their English website is not clear.

I fed the Chinese and Korean versions of their Installment Deposit page through Google Translate.

The translated Chinese version suggests that one can pick a term for the plan, from 6 months to 5 years, in 6 month increments. Interest rate seems to be based on the length of the term chosen.

English version suggests that a fixed monthly deposit (between $10 and $10,000) must be agreed on. My guess is that if one picks a 1½ year term, then one must make 18 monthly deposits.

Seems to be more detail in the translated Korean version of the page. Some kind of 2% penalty seems to apply for late or missed monthly deposits:

You can not pay your monthly contributions in arrears when the contract expires and full, the net number of days delay (delay days - Prepaid days) period divided by the number of months in the contract for deferred due date (at least 1 day) or 2 days past due monthly payments and interest rates on savings calculated at a rate plus 2% interest deduction
Will be paid after.

If you, the monthly payment due date is not a banking day, will be deducted when calculating the number of days delay.

Bogota Savings will be paid a direct debit from their bank account and apply for a customer with us you do not have a bank account

Check jusyeodo will advance to the date of payment specified.

hotmony said
After careful consideration of the market and how to best serve our customers, we have decided to close and consolidate the following branches.

Information of branch under closure
-(Close)Richmond Hill Branch -> (Transfer)Bayview Branch
-(Close)Richmond Branch -> (Transfer)Burnaby Branch
The date planned for the branch closure: June 21, 2019

Upon the closure and consolidation, your account(s) will be automatically transferred. Please refer to the attached notice below for more details.

We apologize for the inconvenience caused to our customers and highly appreciate your understanding and support. Thank you.  

Not a huge deal as Richmond Hill is still close to Toronto in the same way Richmond is close to Burnaby. Tangerine closed a few of their Cafes and Pop-Up Locations a few years ago.

Cheers,
Doug