SK Telecom launches '2% compound interest' T-Ideuk Account... Deposit salary and earn 3,333 KRW monthly

[Asia Economy Reporter Joselgina] SK Telecom, together with Fink and KDB Industrial Bank, will launch the ‘T-Ideuk Account,’ a free deposit and withdrawal financial product offering one of the highest interest rates among Korea’s first-tier financial institutions, on the 15th. The T-Ideuk Account is a ‘TechFin’ product led by a telecommunications company that unusually offers up to 2% compound interest for a free deposit and withdrawal account. When used as a salary account and maintaining a deposit of 2 million KRW, customers can receive an interest benefit of 3,333 KRW monthly.

According to SK Telecom on the 8th, customers who maintain SK Telecom mobile communication lines and agree to the use of KDB Industrial Bank marketing information will receive an annual interest rate of 2% on deposits up to 2 million KRW in the T-Ideuk Account. For deposits exceeding 2 million KRW, an interest rate of 0.5% applies, and deposits are protected up to 50 million KRW. However, if the SK Telecom mobile phone line is canceled or the account holder’s name is changed, the interest rate will be adjusted to 0.1% regardless of the deposit amount.

SK Telecom stated, "Despite being a free deposit and withdrawal account that allows transactions anytime, the application of a high interest rate of 2% per annum (1% base rate + 1% preferential rate) is the biggest advantage," adding, "It is one of the highest levels among free deposit and withdrawal savings products operated by Korea’s first-tier financial institutions."

Anyone aged 17 or older who is an SK Telecom user with a resident registration card can easily open a T-Ideuk Account through the Fink application. After launching the Fink app, selecting the T-Ideuk Account product, and completing non-face-to-face verification with a resident registration card or driver’s license, the registration is completed simply. After joining, users can freely manage deposits and withdrawals through the Fink app without needing to install a separate bank app.

Fink explained that the T-Ideuk Account is especially suitable as a salary account. When used as a salary account and maintaining a deposit of 2 million KRW, customers can receive 3,333 KRW in interest monthly.

To celebrate the launch of the T-Ideuk Account, Fink will run the ‘Challenge! 200 Million KRW’ promotion from the 15th to July 31st, offering up to 200 million KRW by lottery to customers who open a T-Ideuk Account. Customers aged 19 or older who join the T-Ideuk Account will be automatically entered, and depending on the cumulative number of subscribers by the end of the promotion, they can win up to 200 million KRW in prize money.

Han Myung-jin, Head of SK Telecom MNO Marketing Group, said, “We are pleased to offer customers high-interest benefits through the T-Ideuk Account in a financial market environment where base interest rates are declining,” adding, “SK Telecom will continue to lead innovation in telecommunications services by providing various partnership benefits across customers’ daily lives, not just in finance.”

Kwon Young-tak, CEO of Fink, said, “Following the COVID-19 pandemic, which caused a rapidly unstable financial environment, we considered what inclusive finance for customers means and decided to launch the T-Ideuk Account,” adding, “We plan to continuously develop innovative services that truly deliver value from the customer’s perspective through various partnerships.”

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