Traditional banks, online banks, neobanks and cooperatives. Compare fees, savings, mortgages and cards.
This comparison puts 10 banks in South Korea side by side, among them KB Kookmin Bank (국민은행), Shinhan Bank (신한은행), Hana Bank (하나은행), Woori Bank (우리은행). They belong to different families, branch banks, cooperative banks, neobanks, online banks, and that distinction explains most of the pricing differences: a branch bank charges for the account and the branch network, an online bank rarely charges for the account but sends you to the phone, and a neobank costs almost nothing and almost never lends. The table compares account fees, the debit card, overdraft, savings, mortgages, foreign transaction costs and mobile payment, line by line and without an overall score, because an average hides exactly what matters to you. Dedicated offers are broken out for students, youth, premium and business, because the account that suits a student on no income is rarely the one that suits a business.
Select 2 to 4 banks.
Neobanks
Online Banks
Traditional Banks
Cooperatives
| Criteria | KB Kookmin Bank (국민은행) Traditional | Shinhan Bank (신한은행) Traditional | KakaoBank (카카오뱅크) Neobank |
|---|---|---|---|
Monthly Fee | Free | Free | See the bank's price list |
Debit / Check Card | KB Check Card | Shinhan Check Card | Kakao Check Card |
Minimum Balance | None | None | None |
Overdraft | Overdraft (minus account) depending on profile | Overdraft (minus account) depending on profile | Overdraft (minus account) depending on profile |
Mobile App | Mobile app | Mobile app | Mobile app |
Branches | Branch network | Branch network | 100% mobile, KakaoTalk integrated |
Instant Transfer | Free (inter-bank) | Free | Free (via KakaoTalk) |
Savings | Deposits and savings (rate per bank; BoK base rate 3.00%) | Deposits and savings (rate per bank; BoK base rate 3.00%) | Deposits and savings (rate per bank; BoK base rate 3.00%) |
Mortgage (주택담보대출) | Mortgage (rate depends on profile) | Mortgage (rate depends on profile) | Mortgage (rate depends on profile) |
Investing | KB Securities integrated, funds, ETFs | Shinhan Securities, funds, ETFs | Funds via partners |
Credit Cards | Wide range KB Card | Wide range Shinhan Card | Check Card only |
Apple / Samsung Pay | Samsung Pay + Apple Pay | Samsung Pay + Apple Pay | Samsung Pay only |
Checks (수표) | Checks available | Checks available | Not available |
Foreign Fees | See the bank's price list | See the bank's price list | See the bank's price list |
Welcome Bonus | Per current promotions | Per current promotions | Per current promotions |
Students, youth, premium and business.
| Bank | Available | Offer | Price | Card | Details |
|---|---|---|---|---|---|
KB Kookmin Bank (국민은행) | KB Young Youth 통장 | Depends on age | KB Check Card | Youth terms | |
Shinhan Bank (신한은행) | 신한 Young 통장 | Depends on age | Shinhan Check Card | Youth terms | |
Hana Bank (하나은행) | 하나 Young 통장 | Depends on age | Hana Check Card | Youth terms | |
Woori Bank (우리은행) | 우리 Young 통장 | Depends on age | Woori Check Card | Youth terms | |
NH NongHyup Bank (농협은행) | NH Young 통장 | Depends on age | NH Check Card | Youth terms | |
KakaoBank (카카오뱅크) | 카카오뱅크 통장 | Depends on age | Kakao Check Card | Youth terms | |
Toss Bank (토스뱅크) | 토스뱅크 통장 | Depends on age | Toss Check Card | Youth terms | |
K Bank (케이뱅크) | 케이뱅크 통장 | Depends on age | K Bank Check Card | Youth terms | |
IBK Industrial Bank (기업은행) | IBK Young 통장 | Depends on age | IBK Check Card | Youth terms | |
SC First Bank (SC제일은행) | SC Young 통장 | Depends on age | SC Check Card | Youth terms |
* Korean banks offer youth terms; internet banks (KakaoBank, Toss Bank, K Bank) open from the app.
Our recommendations based on your situation.
Free account, zero fees, intuitive interface.
KakaoBank: internet bank built into KakaoTalk, opened from the app. Toss Bank: account paying 1% a year, interest paid continuously.
Complete services with modern app and good rates.
Shinhan: SOL app, nationwide branch network, Shinhan Securities link. KakaoBank: 100% mobile, ideal as a secondary bank.
In-branch advice and mortgage (주택담보대출).
KB Kookmin: large retail bank, extensive branch network, real estate expertise. NH NongHyup: very dense network, links to public support schemes.
Minimize forex fees and pay everywhere.
Toss Bank: 100% mobile, interest-bearing account. Hana Bank: long-standing FX expertise (KEB), international network; check each card's FX fees.
Business account, corporate credit and SME support.
IBK: SME specialist, public credit, export support. KB Kookmin: business services, large network.
Premium services and wealth management (PB).
Shinhan PWM: best PB service in Korea, investment expertise, VIP lounges. SC Priority Banking: global Standard Chartered network, international advice.
For daily use: KakaoBank or Toss Bank (100% mobile, Toss account paying 1%). For branches: KB Kookmin, Shinhan or NH NongHyup. For SMEs: IBK. The Bank of Korea raised its base rate to 3.00% on 27 August 2026.
The Korean banking system is supervised by the FSC and the FSS. It includes five major commercial banks (KB, Shinhan, Hana, Woori, NH), specialised banks (IBK) and three internet banks (KakaoBank, Toss Bank, K Bank). Since 1 September 2025, the KDIC protects deposits up to ₩100 million.
KakaoBank is Korea's leading internet bank, built into KakaoTalk: opening from the app, quick transfers and loans. Toss Bank focuses on an interest-bearing account (1% a year) and the Toss super-app, K Bank on online deposits and savings.
Yes. Since 1 September 2025, the KDIC protects deposits up to ₩100 million (principal and interest) per depositor per institution, up from ₩50 million. Commercial, internet and specialised banks are covered; retirement accounts and pension savings have a separate limit.
A check card (체크카드) debits directly from your account, like a debit card. A credit card (신용카드) offers monthly credit. Check cards offer 30% tax deduction (소득공제) vs 15% for credit cards, making them popular for tax optimization.Tax treatment also differs: debit card spending qualifies for a thirty percent deduction against fifteen percent for credit cards, which is why many households switch cards past the annual threshold.
Yes, with an ARC (Alien Registration Card, 외국인등록증) or passport and a Korean phone number. Traditional banks (KB, Shinhan, Hana) have dedicated foreign customer counters. Internet banks (KakaoBank, Toss) require a valid ARC.Required documents vary between banks, and the daily transfer limit is usually low at first; it can be raised with a certificate of employment or after a few months of salary credits.
The Bank of Korea base rate has been 3.00% since 27 August 2026; banks' time deposits follow this level, with bonus rates under conditions. The Toss Bank account pays 1% a year with no lock-in. Compare offers on the FSS portal (금융상품한눈에) before signing up.
Inter-bank transfers are near-instant and often free via banking apps. KakaoBank allows money transfers via KakaoTalk, Toss via its app. Korea's interbank payment system (KFTC) is one of the fastest in the world. Transfers abroad are a different matter: banks require documents showing the source of the funds, and the annual amount that can be sent without further proof is capped.
The South Korean banking market is dominated by the large commercial banks KB Kookmin, Shinhan, Hana and Woori, alongside NH NongHyup and IBK. Internet banks (KakaoBank, Toss Bank, K Bank) have won a large customer base with 100% mobile services. The Bank of Korea raised its base rate to 3.00% in August 2026.
South Korea pioneered online banking. Instant interbank transfers are the norm, and banking apps (KB Star, SOL, KakaoBank, Toss) handle most everyday operations. Debit cards (check cards) qualify for a 30% income deduction on eligible spending, versus 15% for credit cards.
Toss, Viva Republica's financial super-app, combines transfers, investing (Toss Securities), insurance and Toss Bank, whose account pays 1% a year. K Bank, the country's first internet bank, offers online deposits and loans.
Korean mortgages (jutaek dambo daechul) come at fixed or variable rates over long terms, with LTV and DSR caps set by the authorities by area. The base rate rise to 3.00% (August 2026) makes variable loans more expensive. Jeonse, a large deposit in exchange for no monthly rent, remains a feature of the rental market.
For a South Korea resident, KakaoBank or Toss Bank suit daily use (transfers, flexible savings); a major bank (KB, Shinhan, Woori, Hana) remains useful for mortgages and in-branch services. Foreigners need an Alien Registration Card.
* Data checked in October 2026 (Bank of Korea, KDIC, Toss Bank); it may vary. Supervised by the FSS. Deposits protected up to ₩100 million (KDIC).