Woori American Bank is a Korean-American bank based out of California. The FDIC-insured bank has a Korean-version and an English version of their website with the same products advertised on both. One of their products is an automatic savings plan called the One Heart Savings Account. This account pays a high rate of interest to savers who contractually agree to make regular monthly payments for deposit in the savings account. The minimum contract amount is $1,000. If you opened a 5-year $1,000 One Heart Savings account with Woori America Bank, your monthly payment would be $14.43.  After five years your total payments plus interest would equal the contract amount of $1,000 and you have full access to withdraw the funds. You can make your monthly payments by check or automatic bank transfer.

One Heart Account Features:

- All payments must be current to obtain stated APY

- Minimum contract amount is $1,000

- Penalties apply for early withdrawal

Savings Rates:

48-month 5.50% APY

60-month 5.75% APY

120-month 6.25% APY

The automatic savings plan from Woori American Bank is tempting because of the high rates offered. Although it should not replace an emergency savings account because of the costly penalties for early withdrawal, many Americans could use an organized savings plan. It is a simple and effective way to take advantage of monthly savings and compound interest. Automatic savings plans can also be used retirement savings. Best of all for investors, if you make all your payments the bank can tell you with certainty how much money you will have at the end of the contract. There are probably more than  a few General Motors (GM) stockholders and bondholders who might have liked a deal like that.

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