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SC Korea launches ‘Wealth Saver’ account for faster asset growth
Standard Chartered (SC) Korea officials hold a banner promoting its new product at the bank headquarters in Seoul, Monday. Courtesy of SC Korea
By Lee Kyung-min
Standard Chartered (SC) Korea has launched a “Wealth Saver” account, a savings account that offers an annual interest rate of up to 2.8 percent, the lender said Monday.
Subscribers to the account will receive an interest rate of between 1 percent and 2.8 percent, as determined by the balance of their Korean currency, foreign currency and funds account at the last business day of the month prior.
The rate applied will depend on several conditions.
The customers should have an increase of at least 10 million won ($7,330) compared to three months earlier. They should also have a combined balance of at least 20 million won in their Korean currency and foreign currency accounts.
Of eligible customers, the maximum 2.8 percent interest will be given to those with an account balance of 1 billion won and over.
The figure will be 2.6 percent for those with 300 million won and more and 2.4 percent for those with over 100 million won. Holders of under 100 million won in their account will be applied 1 percent.
Those with less than 10 million won will be applied an interest rate of 0.1 percent.
However, the maximum 2.8 percent rate will be applied for the month the account is opened regardless of the account balance total.
The lender is running a promotional event through June 30 to bolster subscriptions.
A gift certificate worth 100,000 won will be given to customers who open a new account with a minimum balance of 20 million won and maintain their monthly average balance for the following two months.
A 150,000 won certificate will be given to those with an average monthly balance of over 50 million won. A certificate worth 1 million won will be given if the figure exceeds 1 billion won.
“Customers seeking faster asset growth will be able to see robust returns with our new product,” an SC Korea official said.