Sangsangin-affiliated Savings Bank Launches Revolving Fixed Deposit Offering Higher Interest When Rates Rise
[Asia Economy Reporter Song Seung-seop] SangSangIn Savings Bank and SangSangIn Plus Savings Bank announced on the 8th that they have launched a 'Rotating Fixed Deposit'.
The rotating fixed deposit is a financial product with interest rates that change annually. The rising interest rates during the subscription period are reflected. Interest is paid periodically and it is automatically renewed without visiting a branch. Since the agreed interest rate is guaranteed for the completed rotation cycle, there is no loss even if terminated early.
The interest rates are 2.76% per annum for SangSangIn Savings Bank and 2.8% for SangSangIn Plus Savings Bank. Both savings banks claim these are the highest rates in the same product category within the industry. The interest rates are the same for both simple and compound interest products. Subscriptions can be made through the application (app).
The contract period can be selected in one-year increments from 24 months to 60 months.
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Lee In-seop, CEO of SangSangIn Savings Bank, said, “The rotating fixed deposit has the advantage of allowing flexible management of lump sums by responding to interest rate changes,” and added, “As the trend of interest rate hikes has continued since the second half of last year, we expect greater benefits for customers.”
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