I assume AMA stands for Asset Management Account (or Andy's Money Account).
On Tuesday, I made a trip to my local Woori Bank and opened an AMA account. This account is automatically linked to a money market fund.
So, in essence, it's two accounts in one.
Here are the details:
1. Either 500,000 won minimum in the account or monthly (paycheck) direct deposit to avoid any monthly fees.
2. Anything over 1,000,000 won accrues interest at a rate of 4%-4.8% (APY) The interest depends on the length of time the money is in the account.
90 days - 4%
90-364 days - 4.3%
365+ days - 5.3%
So, if I have 1,500,000 won, then 500,000 won will accrue interest. The interest is compounded monthly, every 3rd Saturday.
Every evening at 10:00PM, the kind workers at Woori Bank will transfer anything over 1,000,000 won into a money market fund.
3. No more Woori Bank ATM fees. It doesn't matter what time of day or night you withdraw money. You don't have to pay 600 won or 800 won or 1,500 won when you're drunk and want to buy more beer at midnight.
4. The maximum single day withdrawal is 10,000,000 won. This can be increased after some negotiation, interrogation, and mast...
5. If you currently have a Woori Bank account, you can convert it into this AMA account and use the same ATM card and pin number.
6. You'll need to bring your alien ID card to the bank if you want to open this account.
7. If you want to view the balance of your money market fund, you'll need to set up Internet banking, which is available in English.
8. Is this account secure? Well, the Korea Deposit Insurance Corp. (KDIC) guarantees 50,000,000 won in deposits per person. This is the Korean version of the FDIC.
If you have any questions, send me an e-mail or hunt me down in the hallway.
* A special thanks to Chris, Jenny, and Piper.
3 comments:
I know AMA stands for Auto Management Account, and it's automatically linked to Money Market Deposit Account. AMA is similar to CMA, but CMA is better. CMA(Cash Management Account) offers more interest rates, and you can get the interest regardless of the amount of money.
Okay. Which banks offer a CMA acount? Can I withdraw money from an ATM (after 4:30PM) without a fee? What's the interest rate?
I have a CMA account in Dong-yang finantial company(like Mirae asset.) They connect your account to the bank; Woori, KB, Nonghyup, and Shinhan.(You can also open a CMA account in Woori bank.) The interest rate is between 4.5~5.6%, but it depends on the bank.
-Emily
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