Welcome Savings Bank Launches Check Card-Linked Spare Change Savings Account: "Consume and Save Simultaneously"

[Asia Economy Reporter Minyoung Kim] Welcome Savings Bank has launched a small change savings product linked to a check card.

Welcome Savings Bank announced on the 12th that it has released the ‘Welbang Small Change Automatic Savings’.

This product offers an interest rate of up to 4% per annum (base rate 2% + preferential rate 2 percentage points) with a contract period of 12 months. Its feature is that the leftover change from check card payments and spare money in a free deposit and withdrawal account are automatically collected into the savings account.

When a customer purchases goods with a check card, the change under 1,000 won is automatically transferred to the savings account. For example, if a customer buys a product priced at 9,900 won, 100 won is immediately transferred to the savings account. Also, just like putting coins into a piggy bank, small spare amounts under 10,000 won in the free deposit and withdrawal account registered by the customer are automatically transferred to the savings product once a week.

This product pays the maturity amount rounded to the nearest 10,000 won after tax. For instance, if the maturity payment is 1,215,000 won, an additional 5,000 won is added to pay 1,220,000 won to the customer. This effectively increases the real interest earned. This payment is made regardless of the interest rate and is given if the preferential interest conditions are met and the total deposit amount is 1 million won or more during the contract period.

The criteria for preferential benefits are also simple. If the leftover balance under 1,000 won is automatically transferred at least once a month after using the check card, 1 percentage point is added; if the balance under 10,000 won in the free deposit and withdrawal account registered to the savings account is automatically transferred at least once a month, an additional 1 percentage point is given. These conditions only need to be met in 8 months out of the 12-month contract period.

This content was produced with the assistance of AI translation services.