Value context and insight. lkm@koreatimes.co.kr
SC Bank Korea rolls out new savings account
SC Bank Korea officials hold a promotional placard. Courtesy of SC Bank Korea
By Lee Kyung-min
Standard Chartered (SC) Bank Korea announced a promotional offer where depositors can earn up to a 3.4 percent annual interest rate on balances exceeding 30 million won ($22,143) for a duration of up to 60 days, the lender said on Friday.
Eligible for the promotion will be new customers who sign up for the money market deposit account (MMDA) by May 30. The interest-bearing balance will be capped at 2 billion won.
Accounts will generate compound interest income depending on the daily end-of-business balance. It is usually popular among wealthy customers since the greater the balance, the higher the interest income.
Holders of cash balances of over 100 million won will see a basic rate of 1 percent applied.
The figure will be 0.6 percent for holders of cash balances of between 50 million won and 100 million won.
A 0.3 percent interest will be applied to a balance total of between 30 million won and 50 million won. For 30 million won or less, the rate will be 0.1 percent.
If a new customer to SC subscribes to the product with a deposit balance of 30 million won or more, up to 3.4 percent annual interest rate will be accrued.
However, a flat 0.1 percent interest rate will be applied if the cash balance dips below 30 million won at any time during the 60-day promotion period.
The lender plans to draw in as much as 100 billion won through the event.
“A growing number of investors with cash are looking for a prudent way of asset augmentation, unsettled by elevated economic and financial market volatilities from within the country and abroad,” a SC Bank Korea official said.
“We hope to cater to customers seeking higher interest income without sacrificing the convenience of savings accounts.”