SC Bank's savings account turning heads
SC Bank Korea is attracting customers with its savings account offering a relatively high interest rate for short-term deposits.
By Yoon Ja-young
With the key rate slashed to a historically low 1.25 percent, banks are pondering ways to make savings accounts attractive for customers.
They may find tips in SC Bank Korea’s My Plus Account, a savings account introduced May last year that has been attracting customers looking to deposit money for the short term in an era of ultra-low interest rates.
Account holders can freely make deposits or withdrawals while enjoying interest rates as high as those offered by term deposits. A total 2.3 trillion won has been deposited in the accounts since their introduction. SC Bank Korea has been holding various promotional events to commemorate the first anniversary of the product, offering special interest rates and lucky draw events.
Those who open an account within this month will be offered a 1.2 percent annual interest rate for savings between 3 million won and 10 million won, and a 1.6 percent interest rate for savings exceeding 10 million won. The account balance for any month must not be smaller than the balance of the previous month.
Those who open an account with more than 10 million won and maintain the balance at above 10 million won until the end of July will automatically be included in the lucky draw. The first prize winner will receive a 37.5g gold bar, while 50 winners will each get mobile gift certificates worth 30,000 won for Shinsegae Department Store. Another 100 participants will win Starbucks mobile cards worth 10,000 won each.
“Customers have been paying much attention to the My Plus Account over the past year. We organized the special events to thank them for their support,” said Kim Yong-nam, an executive in charge of deposit products at the bank.
A subscription is available at SC Bank Korea branches around the country and through Internet banking, as well as at bank branches at Shinsegae Department Store and Emart.
For more information, visit SC.co.kr or call the customer center at 1588-1599.