[Practical Finance] Up to 33.2% Annual Interest... Don't Miss Year-End Special Savings and Deposit Offers

High-Interest Products Launched After Base Rate Hike
SC First Bank 2.1% Annual Fixed Deposit
Sangsangin Savings Bank Up to 33.2% Annual Installment Savings
K Bank Card-Linked 10% Annual Installment Savings Offered

[Asia Economy Reporter Ki Ha-young] Following the Bank of Korea's base interest rate hike, banks are introducing high-interest products. Since special high-interest products are launched around the end and beginning of the year, it is advisable to carefully check the conditions for receiving additional interest on top of the base rate before subscribing.

SC First Bank is offering a special interest rate of 2.1% to first-time customers who subscribe to a time deposit (12-month maturity) by the end of this month. The event subscription amount ranges from 30 million KRW to 2 billion KRW. However, for existing customers, the criteria are based on the increased funds compared to last month. This special interest rate is operated with a limit of 100 billion KRW, and the event will end early once the limit is exhausted.

Savings banks are consecutively launching special high-interest products to mark the year-end. Sangsangin Savings Bank has introduced a time installment savings product offering up to 33.2% interest to 32 customers. This is to commemorate the digital financial platform 'BangBangBang' surpassing 1 trillion KRW in deposits, selecting 332 customers to provide opportunities to subscribe to special products. The products include ▲BangBangBang 33.2% time installment savings (32 customers) ▲BangBangBang 3.32% time installment savings (150 customers) ▲BangBangBang 3.32% time deposit (150 customers). The subscription period for the 'BangBangBang 33.2% time installment savings' and 'BangBangBang 3.32% time installment savings' products is 6 months, with subscription amounts ranging from 10,000 KRW per month up to 1 million KRW. The 'BangBangBang 3.32% time deposit' is a 6-month maturity product with a maximum subscription of 5 million KRW. The event runs from the 20th to the 31st of this month.

Woori Financial Savings Bank launched the 'With Time Installment Savings,' a special high-interest installment savings product with a maximum annual interest rate of 5.0%, to commemorate Woori Financial Group's full privatization after 23 years. This product offers a base interest rate of 2.1% per annum. Additionally, if customers install the 'Woori WON Savings Bank' application and agree to marketing, they receive an additional preferential interest rate of 2.9 percentage points. One account per person is allowed, with subscriptions from 10,000 KRW up to 200,000 KRW per month.

OK Savings Bank is extending the special sale of the 'Mid-term Withdrawal OK Time Deposit 369,' which offers an interest rate of 2.2% per annum. OK Savings Bank initially planned a total sales limit of 300 billion KRW when launching this time deposit on the 9th of last month, but to commemorate the implementation of the 'One-Shot Account Opening' service that allows immediate transfer of other bank balances via the bank's mobile banking upon subscription, they added 100 billion KRW, continuing sales at a scale of 400 billion KRW. This product applies a variable interest rate every 3 months and can be used like a parking account.

Moa Savings Bank also introduced the 'Moa SamPro' special time deposit product offering 3% interest per annum to celebrate the launch of its app. Each person can subscribe to one account with amounts ranging from 1 million KRW up to 10 million KRW. The contract period is 6 months. Subscriptions are accepted until the 50 billion KRW limit is exhausted.

Internet banks also offer high-interest products with rates up to 10%. K Bank's 'Hot Deal Installment Savings × Woori Card' offers 10% annual interest when using a credit card. The basic interest rate is 1.8%, with an additional preferential interest rate of 8.2 percentage points, providing up to 10%. The installment savings maturity is 12 months, with a maximum monthly subscription of 200,000 KRW.

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