Welcome Savings Bank Launches 5.5% Savings Product for First-Time Customers

[Asia Economy Reporter Song Seung-seop] Welcome Savings Bank will sell the ‘Welcome First Transaction Preferential m Installment Savings’ at a maximum annual interest rate of 5.5% starting from the 1st.

The subscription target is customers who are using Welcome Savings Bank for the first time or who have not passed 30 days since their first transaction. It is a 12-month maturity product, and customers can deposit between 10,000 KRW and 200,000 KRW monthly. The basic interest rate is 2.7% per annum, with a preferential interest rate of 2.8 percentage points. If installment savings are paid 8 times or more through Welcome Savings Bank’s free deposit and withdrawal account, an additional 1.8 percentage points are added, and if the balance in the free deposit and withdrawal account is maintained at 500,000 KRW or more, an additional 1 percentage point is added.

If the maximum limit of 200,000 KRW is deposited monthly in the First Transaction Preferential Installment Savings product, the interest after tax will be 60,490 KRW, and the total principal and interest will be 2,464,900 KRW. In addition, the principal and interest of 505,532 KRW kept in the ordinary deposit to meet the preferential interest rate conditions will also be received together.

A representative of Welcome Savings Bank said, “As investment destinations that can yield high short-term returns, such as stocks and virtual currencies, have diversified, the initial investment capital, or seed money, has become more important,” and added, “We recommend creating a lump sum of money that can be used for various purposes such as seed money or travel expenses with Welcome Savings Bank products that anyone who is a first-time customer can subscribe to.”

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