"Up to 7% Interest in Ultra-Low Interest Rate Era" Commercial Banks Launch High-Interest Special Offers (Comprehensive)

Launch of Customized Special Sales Targeting the MZ Generation

[Asia Economy Reporter Kim Jin-ho] In the era of ultra-low interest rates, card company partnership savings accounts offering 7% annual interest are flooding the market. Although there is the inconvenience of having to meet credit card usage requirements to enjoy the benefits, considering that typical savings products offer interest rates of only 1-2%, there is clearly a 'rate merit.' It is a worthwhile investment option for customers who use credit cards frequently.

According to the financial sector on the 21st, major commercial banks are collaborating with card companies to introduce high-interest special products.

Shinhan Bank launched the 'Shinhan The More Savings' on the same day. The 'Shinhan The More Savings' is a 6-month maturity flexible installment savings product, allowing deposits from 1,000 KRW to 300,000 KRW per month. It offers a maximum annual interest rate of 7.0%, combining a basic interest rate of 1.0% per year with a preferential interest rate of 6.0% per year. It will be sold up to a limit of 100,000 accounts until September 30.

The preferential interest rate applies if customers who have no Shinhan Card (credit) usage history in the previous 6 months issue a Shinhan The More Card (payment account: Shinhan Bank) and use it for more than 600,000 KRW during the 6-month savings period, earning 5.0% per year. Additionally, by agreeing to Shinhan Card marketing and credit limit increase, they can receive an extra 1.0% per year.

Woori Bank is also selling a limited 100,000 accounts of 'Woori Magic Savings by Lotte Card,' offering up to 7% annual interest. The subscription period is one year, with a monthly deposit limit of up to 500,000 KRW. The interest rate combines a basic rate of 1.5% per year, a preferential rate of up to 0.5% per year, and a special preferential rate of up to 5.0% per year, providing a maximum of 7% per year.

The preferential interest rate is 0.5% per year if customers subscribe to Woori Open Banking and agree to product and service marketing. The special preferential rate depends on Lotte Card usage performance, granting existing customers 2.0% per year and new customers 5.0% per year.

Internet-only bank K Bank introduced the 'Hot Deal Savings x Woori Card' product. The basic interest rate is 1.8% per year, but new K Bank subscribers or those who agree to marketing receive an additional 0.5% per year, and depending on Woori Card usage, up to 7.7% per year preferential interest is provided. Meeting all conditions results in a maximum annual interest rate of 10%.

Major commercial banks are also continuously launching various special products in partnership with online games, professional baseball, and more, in addition to card company partnership savings accounts.

A representative example is Woori Bank’s 'Woori LCK Savings,' launched on the 9th. Among the 10 LCK teams overwhelmingly popular with young people, customers can directly select the team they support when subscribing. Depending on the performance of the chosen team, customers receive up to 0.7% preferential interest, and depending on the number of subscribers, up to 0.3% preferential interest is applied. The maximum interest rate is 2.0% per year.

Shinhan Bank partnered with professional baseball to introduce a special product. The '2021 Shinhan Professional Baseball Savings,' launched at the end of March, offers a maximum annual interest rate of 2.4%, including a preferential interest rate of 1.4%. The preferential interest rate is determined based on the performance of the team selected by the customer. As of the 15th, a total of 67,260 accounts have been sold.

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