IRP account opening by the numbers: Hana Bank (하나은행) vs. KB Kookmin Bank and Shinhan Bank
Where should you open an IRP account?
0.03%: Open online to lock in the non-face-to-face preferred fee tier. Hana, KB, and Shinhan all offer online account opening.
KRW 300,000,000: Compare accounts based on fee schedules and app functionality. Fee schedules vary by enrollment channel.
How do fee structures differ by bank?
0.03%: Hana Bank applies differential rates by deposit tier and enrollment channel (face-to-face, internet, mobile), with 0.03% listed for some internet and mobile tiers (disclosure date: 2025-03-24).
KRW 300,000,000: The Shinhan Bank key fact sheet provides a fee calculation example for electronic enrollment: KRW 300,000,000 × 0.03% + KRW 300,000,000 × 0.18% (disclosure date: 2025-03-24).
2025-03-24: KB Kookmin Bank indicates lower operation management and asset management fees apply to certain tiers for non-face-to-face enrollment, and retirement pension provider disclosures are required to include enrollment channels and fees.
How should app and account management convenience be compared?
0.03%: Hana 1Q supports non-face-to-face opening, termination, scheduled deposit product registration, same-day ETF trading, and other management functions.
0.18%: KB Kookmin Bank offers enrollment through KB Star Banking, and the app provides account management guidance including product designation and purchase orders.
KRW 300,000,000: Shinhan Bank provides balance inquiry, new deposit purchase reservations, default option registration, and ETF/REIT order functions through Shinhan SOL and Shinhan SOL Securities apps.
| Target | Non-face-to-face enrollment available | Fee (characteristics) | App and account management functions |
|---|---|---|---|
| Hana Bank | Non-face-to-face new enrollment available through Hana 1Q | Differential rates by deposit tier, 0.03% listed for some internet and mobile tiers | Hana 1Q: supports new account, termination, scheduled deposit product registration, same-day ETF trading |
| KB Kookmin Bank | Non-face-to-face new enrollment available through KB Star Banking | Lower operation management and asset management fees indicated for certain tiers with non-face-to-face enrollment | KB Star Banking: account enrollment, product designation, purchase orders, and other app-linked management guidance |
| Shinhan Bank | Enrollment available at branch, internet banking, or Shinhan SOL | Electronic (non-face-to-face) enrollee fee calculation example provided (e.g., KRW 300,000,000 × 0.03% + KRW 300,000,000 × 0.18%) | Shinhan SOL/Shinhan SOL Securities: supports balance inquiry, new deposit purchase reservations, default option, ETF/REIT orders |
Sources
- Hana Bank retirement pension FAQ
- KB Kookmin Bank individual IRP guide (KB Open Bank)
- Shinhan Bank individual IRP key fact sheet (PDF)
- Woori Bank individual retirement pension FAQ/resource center
- Hana Bank retirement pension fee disclosure
- Shinhan Bank individual IRP key fact sheet (PDF)
- Woori Bank individual retirement pension disclosure and FAQ
- Woori Bank individual retirement pension resource center
- Shinhan Investment & Securities/Shinhan Bank IRP guide (PDF)
- Korea Ministry of Government Legislation National Law Information Center (retirement pension provider disclosure form)
Frequently asked questions
Does non-face-to-face enrollment always lower fees?
No. Each bank applies differentials based on channel and deposit tier, so lower fees apply to certain tiers with non-face-to-face enrollment. Check each bank's fee schedule for specific rates (disclosure date: 2025-03-24).
How convenient is account management when opening through an app?
Hana 1Q, KB Star Banking, and Shinhan SOL all provide enrollment and management functions in-app. Hana specifies same-day trading functions such as same-day ETF trading, and KB and Shinhan provide app-linked purchase orders and reservation functions.
Where can you check returns by bank?
Retirement pension provider disclosures are required to include fees and enrollment channels (disclosure form revision date: 2025-03-24). Past returns for individual products are available in product-specific disclosures, and past figures do not guarantee future returns.