If your Korean bank fails, is your money safe?

Korea protects bank deposits through the Korea Deposit Insurance Corporation (예금보험공사). The limit went up last year. Here is what the Financial Services Commission (FSC) says.

The limit
Since 1 September 2025, deposits are protected up to 100 million won per person per financial institution, principal and interest together. Money deposited before that date is covered to the new limit too.

How it is counted

• All your deposits and instalment savings at one bank are added up and covered up to 100 million won in total. Three accounts at one bank do not mean three protections. The FSC's example: 30, 40 and 50 million at one bank is 120 million, and 100 million is protected.
• Each institution has its own limit, so money at two banks is protected separately.
• Foreign-currency deposits are protected too, converted into won.
• Retirement accounts (DC and IRP), pension savings (연금저축) and insurance payouts each have their own separate 100 million won limit, when they are held in protected deposits.

What is not protected
Products whose payout depends on investment results: funds and other investment products, performance-linked products, a securities company's CMA, subordinated bonds, and the main part of variable insurance.

Above the limit
Money above 100 million won is not paid by the deposit insurer. You can only claim it in the bank's bankruptcy process.

It depends on the product. Ask whether it is a deposit (예금) or an investment.

Next step: if you keep more than 100 million won, spread it over more than one institution.

Sources: FSC, 1 September 2025; FSC, Q and A; Korea Deposit Insurance Corporation, FAQ. Checked 11 October 2026.