'Up to 6% Annual Interest Rate' ShinHyup Launches 'Plus Regular Savings' to Celebrate 60th Anniversary
Hyundai Card Limited Sale for 30,000 Accounts to New Subscribers and Customers with No Transactions for 6 Months
Earn Up to 6% Interest Rate by Achieving an Average Monthly Spending of 300,000 KRW
[Asia Economy Reporter Kim Min-young] The National Credit Union Federation of Korea (NACUFOK) announced on the 12th that, in celebration of its 60th anniversary, it will offer a special new product, the ‘Plus Fixed Deposit Savings (Hyundai Card-linked)’, which provides an annual interest rate of up to 6.0%.
This product, available from the 13th of this month, is a special limited sale with 30,000 accounts available exclusively for new Hyundai Card subscribers who have had no transactions for more than six months. Subscribers can deposit a minimum of 100,000 KRW and up to a maximum of 300,000 KRW per month, with a maturity period of one year.
The base interest rate for the NACUFOK Plus Fixed Deposit Savings is a common basic annual rate of 1.6% applied across all credit unions. If a new Hyundai Card is issued through NACUFOK and the cardholder spends an average of over 300,000 KRW per month, an additional 4.2 percentage points will be added. Registering an automatic transfer from a NACUFOK deposit account to the Plus Fixed Deposit Savings account grants an additional 0.1 percentage point interest rate benefit. Furthermore, registering the NACUFOK deposit account as the Hyundai Card payment account provides an additional 0.1 percentage point preferential interest rate.
Additionally, NACUFOK explained that interest income on deposits and savings up to 30 million KRW per person is subject to low-rate taxation (tax rate 1.4%), meaning the effective interest rate experienced by consumers will be even higher.
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Jung In-cheol, Head of Digital Finance Division at NACUFOK, stated, “The NACUFOK Plus Fixed Deposit Savings is a product that offers up to 6% interest when using the NACUFOK-affiliated Hyundai Card, providing benefits under affordable conditions for everyone from young adults starting their careers to the elderly.”
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