IBK, NHN Payco Partner to Offer 'Annual 10% Interest Savings Effect'

Special 7.7% Annual Points Offered Upon Reaching Target Amount via Auto Transfer
Savings Product Interest Rate 2.3% Plus Effect of 10% Annual Interest Rate Savings Account Enrollment

[Asia Economy Reporter Park Sun-mi] IBK Industrial Bank announced on the 12th that it will hold the ‘PAYCO Annual 10% Dream’ event, offering up to 10% annual benefits, in partnership with the simple financial platform company NHN PAYCO.

The event is targeted at customers who newly subscribe to the 'IBK X PAYCO Dream Combo' on the PAYCO application (app). The Dream Combo consists of a checking and savings account and the ‘IBK D-Day Installment Savings,’ which is a flexible installment savings product with a maturity of 6 months and a maximum monthly deposit of 200,000 KRW.

When customers set a maturity target amount upon subscribing to the installment savings and achieve the target amount through automatic transfers from the checking and savings account to the installment savings, they will receive PAYCO points equivalent to an annual interest rate of 7.7% at maturity along with the product interest rate. The points are provided to the first 5,000 customers based on product subscription.

PAYCO points can be used like cash within the PAYCO app and can be utilized for account transfers and payments at a rate of 1 point per 1 KRW.

An IBK Industrial Bank official stated, “Without complicated preferential conditions such as card performance, customers can enjoy the effect of subscribing to a 10% annual installment savings simply by opening an account and setting up automatic transfers,” adding, “We will continue to introduce competitive partnership products and events.”

Meanwhile, IBK Industrial Bank operates ‘Digital Partnership Branches’ that allow customers to subscribe to financial products without visiting the bank through partnerships with various digital platforms, and in January, it opened the ‘IBK PAYCO Branch’ in partnership with PAYCO.

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