[Financial Essay] The Temptation of High-Interest Special Offers... Albogoni's 'Disappointment'

[Asia Economy Reporter Kim Min-young] High-interest special sale (special offer) installment savings products lure consumers, but in reality, it is often disappointing as it is difficult to receive the highest interest rate. It is necessary to carefully check the preferential interest rate conditions before subscribing to special offers.

According to the financial sector on the 19th, Woori Bank recently launched the ‘Woori Magic 6 Installment Savings’ offering an annual interest rate of 6.0%. The subscription period for this savings is one year, with a maximum monthly deposit of 500,000 KRW. The interest rate is basically 1.5%, with a maximum preferential interest rate of 1.0 percentage point and a special preferential interest rate of up to 3.5 percentage points, totaling up to about 6.0%. If you deposit the monthly limit of 500,000 KRW and meet all preferential conditions, you can receive up to 195,000 KRW before tax, but the preferential conditions are strict.

The preferential interest rate is granted only if you subscribe to Woori Bank’s Open Banking service, agree to product and service marketing, or transfer your salary or pension to a Woori Bank account.

The special preferential interest rate requires meeting conditions such as using Woori Card and automatic transfers. For new customers, spending more than 6 million KRW annually grants a 3.0 percentage point interest rate, and setting up at least one automatic transfer per month with Woori Card adds an additional 0.5 percentage point preferential interest rate.

IBK Industrial Bank of Korea has partnered with Woongjin ThinkBig to sell the installment savings product ‘IBK Woongjin Smart All Account’ with a maximum interest rate of 7.0%. This product offers a basic interest rate of 1.0%, and if you newly subscribe to Woongjin ThinkBig’s AI learning service for elementary students, ‘Woongjin Smart All,’ with a two-year contract and maintain it until maturity, you receive a preferential interest rate of 6.0 percentage points. The monthly deposit limit is up to 150,000 KRW. It is available through the bank’s mobile banking app ‘i-ONE Bank’ and is sold to the first 10,000 customers until the end of this year.

Shinhan Bank also launched a 7.9% interest rate installment savings product in collaboration with Shinhan Card. This product has a maturity of 6 or 12 months with a maximum monthly deposit of 300,000 KRW, but you must meet conditions such as agreeing to Shinhan Bank marketing, automatic transfers, and Shinhan Card usage performance to receive the interest rate.

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