"Up to 3.3% Annual Interest Rate"…Shinhan Card Launches 'Shinhan 11th Street Fixed Deposit'

[Asia Economy Reporter Ki Ha-young] Shinhan Card announced on the 1st that it will launch a fixed deposit offering an effective annual interest rate of up to 3.3% in collaboration with 11st and Shinhan Bank.

This product can be subscribed to via the Shinhan Bank Shinhan SOL application (app) and Shinhan Bank mobile web. A basic interest rate of 0.8% per annum is applied if the fixed deposit is maintained until maturity. Customers who have subscribed to Shinhan Bank's open banking service can receive an annual interest rate of 1.1%, which includes a preferential interest rate of 0.3% added to the basic rate. Additionally, if the conditions for using the 11st Shinhan Card (credit) are met, an extra reward with a preferential interest rate of 2.2% per annum is provided.

The card usage reward applies when first-time 11st Shinhan Card (credit) customers spend more than 110,000 KRW with the card during the subscription period.

The deposit subscription period is 3 months, with a savings limit ranging from a minimum of 500,000 KRW to a maximum of 3,000,000 KRW. Also, only one account per person is allowed, with a total of 100,000 accounts available on a first-come, first-served basis.

Meanwhile, the 11st Shinhan Card recently surpassed a total issuance of 200,000 cards. Launched in July last year through a strategic partnership with 11st, this card is characterized by unlimited accumulation of SK pay points without any monthly spending requirements. SK pay points can be used like cash in SK pay, the simple payment service of 11st.

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