Shinhyup Launches 'Plus Jeonggi Savings' with Up to 8% Annual Interest Rate

[Asia Economy Reporter Buaeri] The National Credit Union Federation of Korea (NACUFOK) is launching the 4th Plus Fixed Deposit Savings Account, offering an annual interest rate of up to 8.0%, in partnership with Shinhan Card.

According to NACUFOK on the 3rd, this product provides a basic interest rate of 2.5% with preferential interest rates of up to 5.5 percentage points.

It has a 1-year maturity, allows monthly deposits of up to 300,000 KRW, and is available to individuals or sole proprietors, limited to one account per person.

The criteria for preferential interest rates include ▲using the NACUFOK affiliated card for a total of 500,000 KRW or more within 6 months from the month of issuance, or using it at least 4 times with monthly spending of 100,000 KRW or more during the 6 months from the month of issuance (5.0 percentage points), ▲registering automatic transfers from a NACUFOK demand deposit account to the Plus Fixed Deposit Savings Account (0.2 percentage points), ▲registering the NACUFOK demand deposit account under the individual's name as the Shinhan Card payment account (0.2 percentage points), ▲and transferring a monthly salary of 500,000 KRW or more continuously for 3 months from the month of subscription to two months before maturity (0.1 percentage points).

Kang Hyung-min, Head of Management Support at NACUFOK, said, "We hope that this high-interest specialized product, now in its fourth release, can provide some help to the household savings of ordinary people struggling due to the prolonged COVID-19 pandemic."

Meanwhile, the Plus Fixed Deposit Savings Account is a high-interest specialized product unique to NACUFOK, first launched in October 2020 in partnership with Hyundai Card.

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