Park Han-sol reports on Korea's financial regulators, along with fintech and insurance. She previously wrote about the art world, from biennales and exhibitions to fairs and auctions, with a focus on Seoul and the figures shaping the scene. Before joining The Korea Times, she spent a year at ABC News' Seoul bureau, contributing to coverage of major Asia-Pacific events.
SC Bank Korea launches country's 1st deposit offering interest in airline miles
A promotional poster for Standard Chartered (SC) Bank Korea's new deposit product that lets customers receive after-tax interest in Korean Air miles / Courtesy of SC Bank Korea
By Park Han-sol
Standard Chartered (SC) Bank Korea has rolled out a deposit product that lets customers receive their after-tax interest in Korean Air miles, becoming the first commercial bank in Korea to offer such a product, the lender said Friday.
The account is available for six or 12 months, with annual interest rates of 3.15 percent and 3.55 percent, respectively. An additional 0.1 percentage point is available to those who deposit at least 100 million won ($70,600) or hold the bank’s private banking customer status or higher.
As part of a launch promotion, anyone who opens the account by Oct. 31 will receive up to 5,000 bonus miles, depending on the amount deposited. Ten first-time customers who also sign up for the bank’s investment product will be chosen to receive an additional 10,000 miles each.
Three customers who deposit at least 100 million won will also be selected to receive round-trip Korean Air tickets, either Prestige class to Phuket or Economy class to Guam.
The offering is part of a strategic partnership between SC Bank Korea and Korean Air to link financial services with travel benefits. The companies also provide Korean Air miles to the lender’s preferred customers based on their investments in wealth management products and have expanded mileage rewards for existing clients.
The bank additionally offers Priority Private Banking services to Korean Air’s Morning Calm Premium and Million Miler members.
“Through our partnership with Korean Air, we aim to offer mileage rewards across a range of financial activities, including deposits, investments and wealth management, while giving customers new ways to connect their financial lives with travel,” said Jung Jae-won, the lender’s head of secured lending and deposit products.