Gwangju Bank Launches ‘Bultaneun Cheongchun’ Package Product

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Bank (President Song Jong-wook) announced on the 4th that it has launched the ‘Bultaneun Cheongchun’ package product, consisting of specialized deposit and savings accounts, time deposits, and credit (check) cards tailored for customers aged 50 and above.

The term ‘Active Senior,’ referring to those aged 50 and above who actively seek and challenge themselves with things they want to do even after retirement, is distinguished from the traditional silver generation by their active consumption and participation in cultural activities.

According to research by an economic research institute predicting that the consumption market of active seniors will reach approximately 125 trillion KRW from 2020, when active seniors officially enter the silver generation, they are emerging as major consumers across various industries.

By launching the ‘Bultaneun Cheongchun’ package product, Gwangju Bank announced plans to support the second youth of active senior customers and accelerate marketing efforts.

The first product in the ‘Bultaneun Cheongchun’ series is the ‘Bultaneun Cheongchun Account.’

This account offers unlimited waivers on electronic financial transaction fees (internet, phone, smart banking transfers), Gwangju Bank ATM usage fees, and automatic payment transfer fees if the customer meets at least one of the following conditions: ▲salary deposit ▲four major pensions (National Pension, Government Employee Pension, Private School Teacher Pension, Military Pension) deposit ▲credit (check) card usage of 200,000 KRW or more ▲monthly average balance of 200,000 KRW or more.

In particular, up to three branch remittances per month of 1 million KRW or less are free of charge. Additionally, customers holding the ‘Bultaneun Cheongchun Account’ receive a 50% discount each on overseas remittance fees, remittance exchange rates, and cash exchange rates when trading major foreign currencies (USD, JPY, EUR).

The second product, ‘Bultaneun Cheongchun Savings,’ is a fixed or flexible installment savings product available for 1 to 3 years with monthly deposits ranging from 100,000 KRW to a maximum of 1 million KRW. When combined with the ‘Bultaneun Cheongchun Account,’ it offers ▲0.1%p ▲0.1%p at maturity ▲0.2%p for an average deposit account balance of 1 million KRW or more ▲0.1%p for credit (check) card usage of 1 million KRW or more with the Bultaneun Cheongchun Veteran card. Thus, when subscribing to the fixed installment 3-year plan, the base interest rate of 1.2% can be increased by up to 0.5%p (points), applying a maximum annual interest rate of 1.7%.

The third product, ‘Bultaneun Cheongchun Time Deposit,’ is a fixed deposit product available for 1 to 3 years with a minimum deposit of 5 million KRW and a maximum of 100 million KRW. It offers preferential interest rates of ▲0.1%p for deposits of the four major pensions (National Pension, Government Employee Pension, Private School Teacher Pension, Military Pension) ▲0.1%p for an average deposit account balance of 10 million KRW or more. When subscribing to the 3-year plan and withdrawing at maturity with 10 million KRW or more, customers can receive a maximum annual interest rate of 1.33% in addition to the base interest rate of 1.13% (as of April 30, 2021).

The fourth product is the ‘Bultaneun Cheongchun Veteran Card,’ available as both a credit card and a check card.

This card differentiates itself from existing cards that focus on benefits for younger customers’ lifestyles by offering various discount benefits on reasonable consumption areas with high demand from middle-aged and senior customers, such as hospitals, pharmacies, gas stations, and shopping.

The ‘Bultaneun Cheongchun Veteran Credit and Check Cards’ provide ▲a basic cashback of 0.1% on all domestic and international merchant spending, with an additional 0.1% cashback when maintaining monthly payments after subscribing to the ‘Bultaneun Cheongchun Savings.’

Additionally, to help senior customers save on medical expenses, they offer 10% cashback at hospitals, clinics, nursing hospitals, and pharmacies, and 5% cashback at large discount stores (E-mart, Lotte Mart, Homeplus), department stores (Lotte, Shinsegae, Hyundai, Galleria, AK Plaza), supermarkets, gas stations (including LPG and electric charging), and sauna businesses.

To commemorate the launch of the ‘Bultaneun Cheongchun’ package product, Gwangju Bank President Song Jong-wook, who became the first subscriber, said, “We launched this package product to accompany and support our senior customers’ second youth by offering customized products reflecting their lifestyles. We will continue to grow as a sustainable 100-year bank trusted by customers by providing diverse financial services that encompass youth to senior customers.”

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