Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
SC Bank Korea offers special interest rate promotion for new customers
A promotional image for Standard Chartered (SC) Bank Korea's special interest rate event for new customers / Courtesy of SC Bank Korea
By Lee Yeon-woo
Standard Chartered (SC) Bank Korea offers a special interest rate of 3.5 percent for up to 60 days to new customers who open accounts with more than 30 million won ($21,770) by the end of this month.
SC announced Tuesday the promotion event that will last until April 30. New customers who open a money market demand account (MMDA) with a minimum deposit of 30 million won, and a maximum of 2 billion won at any branch will be eligible for a special interest rate of up to 3.5 percent per annum. This rate will apply to the daily balance for the first 60 days from account opening.
The MMDA, characterized by its provision of daily compounded interest, allows depositors to earn higher interest rates with larger deposits. This makes it an attractive option for high-net-worth individuals who need the flexibility to deposit and withdraw funds freely.
The total cap for this promotion is 100 billion won, and the event will conclude early if this cap is reached. If the 60th day from the date of account opening falls on a holiday, the special interest rate will be applied on the last business day before the holiday.
Furthermore, if the account balance drops below 30 million won during the special rate period or after it ends, the standard contractual interest rate will take effect.
These standard rates vary according to the account balance: 1 percent for balances above 100 million won, 0.6 percent for balances from 50 million to less than 100 million won, 0.3 percent for balances from 30 million to less than 50 million won and 0.1 percent for balances below 30 million won.
"We prepared this special interest rate event in response to strong demand for products that offer substantial interest benefits over time," said Bae Soon-chang, head of SC Korea's savings products department. "This event is designed to provide our first-time customers with some of the most competitive rates in the industry, and we encourage everyone to take advantage of it."
More detailed information about this product is available at any branch or customer service center of SC Bank Korea.