Standard Chartered encourages young customers to save money

Models promote Standard Chartered (SC) Bank Korea's event in which money and gifts are given to its customers aged 18 or under who open special checking and installment savings accounts. Courtesy of SC Bank Korea

By Park Jae-hyuk

Standard Chartered (SC) Bank Korea said Sunday that it decided to continue a promotion that began in March offering money and gifts to customers aged 18 or under who open special checking and installment savings accounts until the end of May. The event aims to encourage the habit of saving money consistently.

The U.K. bank's local subsidiary will send 10,000 won ($9) to those accounts if their holders sign up for automatic transfers of 100,000 won or more every month, from their checking accounts to their installment savings accounts.

The lender will also give an iPad to one of those account holders, AirPods Pros to three and Aesop body cleansers to 10 in a lottery.

Those who want advantage of the promotion should open accounts at SC Bank Korea's branches nationwide by May 31. If parents want to open an account on behalf of their children, they should bring documents proving their relationship, identification cards and seals.

“Our special checking account offers higher interest rates if its holders deposit more money and withdraw their money less frequently, and the account is suitable for saving money for a child's future, because it provides an integrated casualty insurance service as a free additional benefit,” an SC Bank Korea official said. “We hope that our customers do not miss the opportunity of building the healthy habit of saving money.”

Casualty insurance protects you if you're found legally responsible for an accident injuring another person or causing damage to another person's property.

The checking account offers an up to 0.5 percent annual interest rate before taxes to those who deposit over 1 million won. If more than 10 withdrawals are made within three months, however, the interest rate will become 0.1 percent, regardless of the balance.