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Biz News Korea(Eng)
S. Korea’s ISA lures 1.4 million subscribers
- Collected
- 2016.04.15
- Distributed
- 2016.04.18
- Source
- Go Direct
According to Korea Financial Investment Association (KOFIA) Thursday, ISA subscribers tallied at 1,394,287 with a total amount of 876.3 billion won ($758.8 million) as of last Friday. Around 90.8 percent of total subscribers, as many as 1,266,668 people, opened ISA accounts at bank counters, followed by 126,914, or 9.1 percent, of the total at brokerage firms and 705 subscribers, mere 0.1 percent, at insurance companies. But average savings per person at brokerage firms was 2.7 million won, six times more than that at banks (420,000 won).
Cumulative ISA deposits at banks totaled 532.9 billion won, making up 60.8 percent of the total, followed by 342.7 billion won (39.1 percent) at securities firms and 910 million won (0.1 percent) at insurers.
By types, trust-based accounts, which allow depositors to choose their own portfolios, were most popular with an 861.0 billion won inflow, much more than discretionary accounts with portfolios already prepared by financiers with 15.4 billion won.
By Chae Jong-won
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