Shinhan Financial Group Launches Shinhan Plus Membership Savings Account... Up to 8.3% Annual Interest Rate Benefit

[Asia Economy Reporter Minyoung Kim] Shinhan Financial Group has launched a product that allows Shinhan Plus membership subscribers to enjoy an effective annual interest rate of up to 8%.

On the 15th, Shinhan Financial announced the launch of the 'Shinhan Plus Membership Savings' and 'Shinhan Plus Membership Check Card.'

Shinhan Plus is the first premium customer membership platform in the financial sector.

The savings product is a 6-month maturity flexible (fixed) installment savings account with a maximum monthly deposit of 300,000 KRW, limited to the first 500,000 accounts sold on a first-come, first-served basis. The base interest rate is 1.2% per annum, with an additional preferential interest rate of 0.3 percentage points each for automatic savings transfer linkage and customers who have not held a savings account in the past three months, providing a maximum of 1.8%.

Additionally, depending on transaction performance such as Shinhan Plus membership subscription, new and usage of Shinhan check card, first-time new transactions with Shinhan Investment Corp., and internet insurance subscription with Shinhan Life Insurance, rewards of up to 6.5 percentage points are provided in the form of My Shinhan Points or cashback. Receiving all preferential benefits results in an effective interest rate of up to 8.3%.

The check card accumulates 0.3% of the usage amount as points if the previous month's usage exceeds 300,000 KRW. For everyday merchants such as mobile phone bills, buses and subways, and city gas, 1.7% of the usage amount is accumulated as points. An additional 0.7% is accumulated at shopping merchants such as discount stores and department stores, as well as overseas. Up to 30,000 points per month are given.

Subscription to these two products is possible not only at Shinhan Bank branches but also through Shinhan Bank's application 'SOL,' Shinhan Card's 'PayFAN,' Shinhan Investment Corp.'s 'Shinhan Alpha,' and Shinhan Life Insurance's 'Smart Window,' as well as the 'Shinhan Plus' section within major Shinhan Financial Group apps.

Shinhan Financial is also holding an event to commemorate the launch of these products. Among customers who subscribe to the savings account, 2,000 will be selected to receive My Shinhan Points, and customers who issue and use the check card will also accumulate My Shinhan Points.

A Shinhan Financial official said, “This product was planned to provide differentiated benefits to customers transacting with Shinhan Financial,” adding, “We will continue to strive to offer more differentiated services through practical services and diverse content.”

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