SC Bank introduces high-interest deposit account

Yoon Kyun-sang, an actor starring in a cable variety show “Three Meals a Day,”promotes SC Bank Korea’s high-interest deposit service, My Plus Account. / Courtesy of SC Cheil Bank

By Park Hyong-ki

SC Bank Korea is offering a savings deposit account service with high interest rates.

The service, dubbed “My Plus Account,” will be available for subscription until the end of next month, the bank said.

It will offer the annual deposit rate of up to 1.5 percent.

The account is especially for any customers who have extra cash to park the money in the account and gain interests above the market rate in the short term.

Those who manage to maintain their deposit of over 10 million won in their account for two months after their subscription will be able to gain an annual 1.5 percent rate on their savings.

Customers who can maintain their deposit of over 3 million won for two months after subscription will be able to gain an annual 1.1 percent on their savings.

After the end of the My Plus Account event in late October, the foreign-invested bank will start to offer an annual 1.3 percent interest rate for those who can keep their deposit of 10 million won on average per month.

It will offer 0.9 percent on an account managed between 3 million won and 10 million won a month.

The bank said this service was created as an alternative and stable savings account to low-interest ones in the market following increased volatility on risks concerning North Korea and the U.S. Federal Reserve’s possible future rate hikes.

“Customers can gain benefit of higher interest rates from their extra cash in the account amid the uncertainty,” a SC Bank Korea official said.

My Plus Account enables subscribers to withdraw and deposit anytime they want, while enjoying the benefit, it said.