Shinhyup Launches 'Plus Fixed Deposit' with 7% Annual Interest... One Account Per Person Allowed
[Asia Economy Reporter Kwangho Lee] The National Credit Union Federation of Korea announced on the 7th that it will launch the 'Plus Fixed Deposit (Hyundai Card Linked)' offering a high interest rate of up to 7% per annum.
The Plus Fixed Deposit is a high-interest savings product linked with partner card companies. This Plus Fixed Deposit offers a high interest rate of up to 7% per annum and allows one account per person (individuals and sole proprietors) with a monthly deposit ranging from a minimum of 10,000 KRW to a maximum of 300,000 KRW (1-year maturity).
The Plus Fixed Deposit provides a base interest rate of 2.0% per annum. After issuing a Hyundai Card affiliated with the credit union, if the card is used for a total of 1 million KRW or more within six months including the issuance month, an additional preferential interest rate of 4.5 percentage points is provided.
Additionally, by registering automatic transfers for the Plus Fixed Deposit from a credit union deposit and withdrawal account (0.2 percentage points), transferring a salary of 500,000 KRW or more monthly for three consecutive months from the month of subscription to two months before maturity (0.1 percentage points), and registering the Hyundai Card payment account (0.2 percentage points), a total additional interest rate of 0.5 percentage points can be earned.
The credit union-Hyundai partnership cards consist of four types: three personal cards and one sole proprietor card. Among them, the credit union-Hyundai ZERO Card, which has a low annual fee and basic discounts at all merchants, is the most popular.
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Lee Sang-yoon, Head of Digital Finance Division at the National Credit Union Federation, said, "We hope this will provide some support to the household savings of ordinary people struggling due to the prolonged COVID-19 pandemic. We will continue to strive to support ordinary people by launching various partnership products."
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