Launch of 'SC Jeil MyWealth Account' Linking Transaction Performance with Interest Rates and Limits

[Asia Economy Reporter Kim Hyojin] SC First Bank announced on the 21st that it will introduce a new concept deposit product called the ‘SC First MyWealth Account (hereinafter MyWealth Account),’ which offers free deposits and withdrawals while linking interest rates and interest rate application limits to banking transaction performance (fund/trust contracts/foreign currency ordinary deposits) and the average balance of all deposit and withdrawal deposit products.

The MyWealth Account applies a tiered interest rate ranging from a basic annual rate of 0.1% (before tax) to a maximum of 1.1% per year each month, depending on the previous month-end balance of the banking transaction performance held by the depositor at SC First Bank. The maximum deposit limit of the MyWealth Account is also determined accordingly.

A tiered interest rate is applied only to the amount by which the average balance of all deposit and withdrawal deposit products in the previous month (reference month average balance) has increased compared to the previous month before newly subscribing to the MyWealth Account. However, an annual rate of 0.2% is uniformly applied to amounts exceeding the maximum limit.

In the first month of subscribing to the MyWealth Account, interest at the highest rate of 1.1% per year is given unconditionally up to a maximum of 1 billion KRW, and from the following month, tiered interest rates and maximum limits based on the previous month-end balance of banking transaction performance are applied.

▲ If the month-end balance is 0 KRW, 0.1% per year (no limit) ▲ If the month-end balance is 1 KRW or more but less than 50 million KRW, 0.2% per year (limit 50 million KRW) ▲ If the month-end balance is 50 million KRW or more but less than 100 million KRW, 0.4% per year (limit 100 million KRW) ▲ If the month-end balance is 100 million KRW or more but less than 500 million KRW, 0.6% per year (limit 500 million KRW) ▲ If the month-end balance is 500 million KRW or more, 1.1% per year (limit 1 billion KRW).

This product allows only one account per individual or sole proprietor, and the new monthly highest interest rate is applied only once per person. Also, in the month of cancellation, the basic interest rate (0.1% per year) is uniformly applied, and the same applies if the account is canceled in the month it was newly opened.

SC First Bank is also holding a prize event to commemorate the launch of the MyWealth Account. Customers who newly subscribe to the MyWealth Account by February 26, 2021, and maintain the new subscription amount until the end of the following month will receive body balm, body cleanser, red ginseng pills, etc., depending on the subscription amount (50 million KRW or more). Among event participants, a raffle will be held to award 1st prize (2 people) Samsung Galaxy Z Fold2 and 2nd prize (9 people) Dyson Airwrap. The event can be entered at branches.

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