Standard Chartered Bank Korea launches Jaeil EZ Account with max 3.6% annual interest

A promotional image for the Jaeil EZ Account / Courtesy of Standard Chartered Bank Korea

5.4% interest rate available for first-time customers depositing $10,000 in USD

By Anna J. Park

Standard Chartered Bank Korea has announced the launch of the Jaeil EZ Account, a flexible deposit product offering a maximum 3.6 percent interest annually on daily balances. This is one of the highest-level interest rates allowed for free deposit accounts among commercial banks in Korea.

While the account provides a basic annual interest rate of 2.6 percent on daily balances to any customers, an additional preferential interest rate of 1 percent is applied for first-time customers of the bank during the first six months from the account opening, or a total 3.6 percent interest rate. Also, there's no limit on the deposit amount for first-time customers.

Furthermore, the account offers benefits, including waived fees for internet and mobile banking transfers, for withdrawal from ATMs outside of business hours and for transfers to other banks.

Commemorating the launch of the Jaeil EZ Account, the bank is also running a promotion for customers who sign up. Customers who open a high-interest parking account and complete the event application will have a chance to win various prizes through a random draw. The first-place winner will receive a mobile voucher worth 1 million won ($790) from Shinsegae Department Store, while three second-place winners will receive vouchers worth 500,000 won each. Ten third-place winners will receive vouchers worth 100,000 won each, and 1,000 fourth-place winners will receive one Starbucks Americano coupon.

“Customers have much interest in putting their short-term idle funds in flexible high-interest parking accounts. The event provides customers a chance to enjoy the industry's high-interest rates and win prizes,” an official from the bank said.

Meanwhile, the bank is also running another event until the end of this month, offering a special interest rate of up to 5.4 percent for customers who open a regular deposit account in U.S. dollars. The event will be applicable for first-time customers who open up a U.S. dollar currency deposit with a minimum amount of $10,000 through the bank branches nationwide. The total subscription limit for the event is $30 million, and the special interest rate will end, once the limit is reached.