Among Korean brokerage CMA accounts, only the jonggeum type carries deposit insurance. The 2025 increase of the protection cap to 100 million won left RP-type and issued-note types outside the system entirely.
Except for the jonggeum type, every Korean CMA account — RP, issued-note, MMF, MMW — falls outside deposit insurance. Here is what a 10 million won, 30-day deposit actually earns after tax in each.
CMA daily interest comes from how the firm invests your funds — RP type uses government bond collateral; promissory note type runs on the firm's own credit. The yield gap is a risk gap. Only the Jongeum type has deposit protection. Know the structure before the rate.