[AKyung Hit Product] Industrial Bank's 'W Hyodo Savings', Preferential Interest Rate When Children Subscribe in Parents' Name

[Asia Economy Reporter Kwon Haeyoung] In celebration of Family Month in May, IBK Industrial Bank's 'W Hyo-do Savings' is gaining attention.

The announced interest rate for W Hyo-do Savings is 1.25% per annum. ▲If a child opens the account in the parent's name, an additional 0.15% per annum ▲If automatic transfers are made from an IBK checking or savings account to this product, an additional 0.2% per annum preferential interest rate is provided.

Deposits can be made from 10,000 KRW to 1,000,000 KRW per month, with a maturity period of one year. If automatic renewal is requested, the term can be extended automatically in one-year increments for up to 10 years. Early withdrawal is allowed if funds are needed for parents' milestone birthdays such as 60th or 70th birthdays, or for medical treatment.

Various filial piety-related services are also provided. ▲Anniversary notification services for parents' birthdays and wedding anniversaries ▲Discount information services for health checkups and hospital treatment fees (in partnership with medical service specialist Goodoc) ▲Funeral services (Good Life, ranked number one in consumer satisfaction among funeral service companies) with discounts up to 480,000 KRW.

Until the 31st of this month, customers who subscribe to the product via internet banking, mobile banking, or customer center will be entered into a draw for prizes. Prizes include a Chosun Hotel buffet meal voucher (1 winner), Hydro Flask tumblers (50 winners), and Paris Baguette gift certificates worth 20,000 KRW (150 winners). Winners will be announced on the website in June and notified individually.

An IBK bank official stated, "The feature of this product is that preferential interest rates are given and filial piety-related services are provided when children open accounts in their parents' names," adding, "Also, since funds for parents' anniversaries are often prepared for the long term, we made long-term management possible."

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