11st Launches Deposit Product with Shinhan Bank Offering Up to 3.3% Annual Interest
[Asia Economy Reporter Cha Min-young] 11st is launching an exclusive fixed deposit product offering a maximum annual interest rate of 3.3%.
11st, in partnership with Shinhan Card and Shinhan Bank, introduced the ‘Shinhan 11st Fixed Deposit’ on the 1st. This product is designed for 11st customers who frequently shop online and want to manage short-term funds.
The Shinhan 11st Fixed Deposit is a 3-month fixed deposit that can be opened with a minimum of 500,000 KRW and up to 3,000,000 KRW, offering an industry-leading annual interest rate of 3.3%. The base interest rate is 0.8% per annum, with an additional 0.3% preferential rate available upon consenting to Shinhan Bank’s open banking service. Furthermore, customers who make their first payment with the 11st Shinhan Card (credit) and spend over 110,000 KRW using the card during the deposit period will receive an additional 2.2% annual reward at maturity.
The 11st Shinhan Card is a Private Label Credit Card (PLCC) launched through a strategic partnership with Shinhan Card. It has gained great popularity by offering unlimited SK Pay points accumulation when used on 11st without any monthly spending requirements, recently surpassing 200,000 total issued cards.
The Shinhan 11st Fixed Deposit product is available to the first 100,000 customers, limited to one account per person. Customers can easily sign up through the 11st promotion page, which redirects to the Shinhan Bank deposit subscription page. It is also available via the Shinhan Bank mobile app SOL.
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Park Jun-young, Head of Strategy Business Group at 11st, stated, “We have introduced this high-interest financial product through partnership to provide real benefits to 11st customers. We will continue to launch new products to offer more than just the joy of shopping but also various additional benefits, ensuring greater satisfaction for our customers.”
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