[Weekly Savings Bank] Unique Financial Products Catch Attention in the 'Month of Family'

On the 5th, Children's Day, children are having a joyful time riding the carousel at Lotte World in Songpa-gu, Seoul. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kim Min-young] The savings bank industry has introduced unique financial products in May to celebrate Family Month and Teachers' Day.

◆If You Love Your Grandchildren, Pay Attention to This Savings Plan

SBI Savings Bank has launched the ‘Sonju Sarang Jeonggi Jeokgeum’ (Grandchild Love Fixed Savings) product.

This product is sold only at 20 branches nationwide and is targeted at seniors aged 65 and older. It is designed to help grandparents systematically prepare various funds needed as their grandchildren grow up, such as education expenses and pocket money.

The product offers a high annual interest rate of up to 2.6% to help customers accumulate a lump sum, and provides a preferential interest rate of 0.3 percentage points for seniors aged 65 or older who have grandchildren. The subscription amount ranges from 100,000 KRW to 500,000 KRW per month, with a subscription period between 12 and 36 months. Sales are capped at 50 billion KRW and will close once the limit is reached.

A representative from the savings bank said, “With the recent increase in dual-income couples and low birth rates, grandparents are increasingly involved in childcare. This product was launched to provide fulfillment and joy to grandparents and practical support needed for grandchildren as they grow.”

◆Special Sale to Commemorate Teachers' Day

The K Savings Bank has launched special fixed deposit and fixed savings products called ‘2020 e-Ssaem Plus’ offering preferential interest rates for teachers in celebration of Teachers' Day.

This product is exclusively online, and eligible subscribers are current elementary, middle, and high school teachers as well as university professors. The sales period runs until the 29th of this month.

The fixed deposit interest rate is 2.3% for a 12-month term (2.4% for 24 months), with a limit of one account per person and a maximum subscription amount of 50 million KRW. For fixed savings, the interest rate is 3.0% for 12 months (3.1% for 24 months), with the same one account per person limit and a monthly deposit cap of 500,000 KRW.

The total sales limit is 5 billion KRW for fixed deposits and 10 billion KRW for fixed savings. Sales may end early if the limits are reached within the sales period.

◆Financial Products for Young Children and Pets

In line with the 15 million households raising pets, JT Chin-ae Savings Bank is offering the ‘JT Jjeom People Plus Fixed Savings’. This product provides interest rates of 3.0% for a 12-month term and 3.1% for 24 months to families living with dogs. The monthly deposit limit is a generous 500,000 KRW. When opening the savings account, customers can simply present a photo taken with their dog via smartphone at the branch counter without any complicated procedures.

Welcome Savings Bank’s ‘Welcome Ai Sarang Jeonggi Jeokgeum’ (Welcome Child Love Fixed Savings) is also noteworthy. It offers a contracted interest rate of 3.0% to parents with children under 10 years old or pregnant women. If automatic transfers are made through this savings bank’s deposit and withdrawal account for at least two-thirds of the savings period, an additional preferential interest rate of 1 percentage point is granted. This product can be subscribed to via the bank’s mobile application, Welcome Digital Bank.

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