IRP Fees by the Numbers: Hana Bank (하나은행) vs KB Kookmin Bank · Shinhan Bank
Which bank has the lowest fees?
0.35%: Hana Bank (하나은행). Total fee for non-face-to-face accounts is 0.35% (as of 2026), and non-face-to-face new accounts with retirement funds of KRW 50 million or more receive full waiver of management and asset management fees (2026).
0.20%: KB Kookmin Bank (KB국민은행) (internet new account example). For internet new accounts, asset management 0.10% + custodian 0.10% = 0.20% (as of 2026), though different rates apply to other tiers.
0.35%: Shinhan Bank (신한은행) (electronic banking example). When electronic banking is applied, asset management 0.15% + custodian 0.20% = 0.35% (as of 2025-2026), with fee waiver guidance for tiers above KRW 100 million.
How do fee structures differ?
0.45%: Hana Bank (2026). For retirement funds under KRW 100 million, asset management 0.25% + custodian 0.20% = total 0.45%, while non-face-to-face accounts are disclosed at total 0.35%.
0.45%: KB Kookmin Bank (2026). For lump-sum contribution (retirement fund) tier below KRW 50 million, asset management 0.25% + custodian 0.20% = total 0.45%; with internet new account preferential treatment, each can be 0.10% for a total of 0.20%.
0.45%: Shinhan Bank (2025-2026). For retirement fund tier below KRW 100 million, asset management 0.25% + custodian 0.20% = total 0.45%; when electronic banking is applied, asset management is reduced to 0.15% for a total of 0.35%.
How are non-face-to-face and online benefits applied?
KRW 50 million: Hana Bank (2026). Customers with non-face-to-face new accounts and retirement funds of KRW 50 million or more are specified to receive full waiver of management and asset management fees.
KRW 50 million: KB Kookmin Bank (2026). As an internet new account benefit, cases are disclosed where asset management fees are guided as 0% per year for internet new accounts with lump-sum contributions of KRW 50 million or more.
KRW 100 million: Shinhan Bank (2025-2026). Asset management fees are applied at lower rates for accounts opened through electronic banking, and fee waivers are guided for retirement fund tiers of KRW 100 million or more.
How do long-term contract discounts work?
10% in year 2: Hana Bank (2026). Long-term contract discount rates are disclosed as 10% in year 2, 12% in year 3, 15% in years 4-5, 18% in years 6-7, and 20% from year 8 onward.
10% in year 2: KB Kookmin Bank (2026). Long-term customer fee discounts (10% in year 2, 12% in year 3, 15% in years 4-5, etc.) and 20% asset management fee discount for those aged 39 or under are disclosed.
20%: Shinhan Bank (2025-2026). A 20% asset management fee discount for new subscribers before age 34 is guided along with disclosure of a long-term contract discount system.
What is the default option fee structure?
Performance-based fee: Hana Bank (2026). For default option managed assets, the bank specifies operating a performance-based fee structure combining base fees and performance fees.
15%: KB Kookmin Bank (2026). Regulations are disclosed stating that if portfolio performance under the default option falls short of the benchmark, the asset management fee for that portfolio is reduced by 15%.
Introduction specified: Shinhan Bank (2025-2026). The introduction of a default option system and the management method when the default option is applied are specified in the key fact sheet.
| Subject Name | Asset Management Fee (retirement fund basis, reference period) | Custodian Fee (reference period) | Total·Non-face-to-face Example (reference period) | Non-face-to-face·Online Benefit/Waiver (conditions, reference period) | Key Long-term Discount (reference period) |
|---|---|---|---|---|---|
| Hana Bank | Retirement fund under KRW 100 million asset management 0.25% (2026) | Custodian 0.20% (2026) | General total 0.45%, non-face-to-face account total 0.35% (2026) | Non-face-to-face new account·retirement fund KRW 50 million or more receives full waiver of management and asset management fees (2026) | Year 2 10%, year 3 12%, years 4-5 15%, years 6-7 18%, year 8+ 20% (2026) |
| KB Kookmin Bank | Lump-sum contribution under KRW 50 million asset management 0.25% (2026) | Lump-sum contribution under KRW 50 million custodian 0.20% (2026) | Example: general total 0.45% (under KRW 50 million), internet new account can be 0.10% each for total 0.20% (2026) | Internet banking·KB Star Banking new account benefit reduces or waives fees for key tiers, example: lump-sum contribution KRW 50 million or more internet new account disclosed asset management 0% (2026) | Year 2 10%, year 3 12%, years 4-5 15%, etc., age 39 or under asset management fee 20% discount (2026) |
| Shinhan Bank | Retirement fund under KRW 100 million asset management 0.25% (2025-2026) | Custodian 0.20% (2025-2026) | General total 0.45% (under KRW 100 million), electronic banking application reduces asset management to 0.15% for total 0.35%; KRW 100 million or more guided as waived (2025-2026) | Electronic banking (non-face-to-face) opening reduces asset management fee, retirement fund tier KRW 100 million or more guided as fee waived (2025-2026) | Long-term contract discount disclosed, subscribers before age 34 asset management fee 20% discount (2025-2026) |
Sources
- National Law Information Center (Income Tax Act Article 59-3, Ministry of Government Legislation)
- Hana Bank Individual IRP Key Fact Sheet (2026.02.13)
- KB Kookmin Bank Individual IRP Fee Disclosure
- Shinhan Bank Individual IRP Key Fact Sheet (Disclosure PDF)
- Woori Bank Individual Retirement Pension (IRP) Resource Room (Key Fact Sheet List·Product Page)
Frequently asked questions
Under what conditions are fees fully waived?
Hana Bank provides full waiver of management and asset management fees for non-face-to-face new accounts with retirement funds of KRW 50 million or more (as of 2026). Shinhan Bank has waiver guidance for retirement fund tiers of KRW 100 million or more (as of 2025-2026). KB Kookmin Bank has cases where asset management fees are guided as 0% for some tiers (example: lump-sum contribution KRW 50 million or more) under internet new account benefits (as of 2026).
What numbers matter in default option fees?
KB Kookmin Bank specifies regulations reducing the asset management fee for that portfolio by 15% when performance falls short (2026). Hana Bank discloses operating a performance-based fee structure combining base fees and performance fees for default option managed assets (2026). Shinhan Bank specifies the introduction of a default option and the management method in the key fact sheet (2025-2026).
How much do fees decrease with long-term enrollment?
Hana Bank discloses a discount schedule of 10% in year 2, 12% in year 3, 15% in years 4-5, 18% in years 6-7, and 20% from year 8 onward (2026). KB Kookmin Bank also discloses a similar long-term customer discount schedule with additional benefits such as 20% discount for those aged 39 or under (2026). Shinhan Bank guides a 20% discount for new subscribers before age 34 along with long-term contract discounts (2025-2026).