Seoul: The amount deposited in individual savings accounts, or ISAs, climbed to a new high last month, data showed Wednesday. A total of 40.4 trillion won (US$29.2 billion) was deposited in ISAs as of end-June, according to the data from the Korea Financial Investment Association.
According to Yonhap News Agency, it marks the first time total deposits surpassed the 40 trillion-won mark. The amount of deposits in ISAs grew 7.5 trillion won in the first half of this year, marking the largest amount of increase for any six-month period since the introduction of such accounts nine years ago, the association said.
In total, 6.31 million people held ISAs as of June, adding 330,000 new account holders since the start of the year. The financial product was introduced in March 2016 as part of government efforts to help individuals increase their wealth through a one-stop service scheme and tax benefits. ISAs allow customers to pick specific investment products, such as stocks, funds, or deposits, themselves or let financial service firms manage their assets.