Lotte Members and Busan Bank Revamp 'L.Point Savings'... "Total Interest Effect Over 7%"

Monthly deposits possible with L.Point within 200,000 points

Lotte Members has partnered with Busan Bank to revamp and launch the 'L.Point Savings Account'.

[Asia Economy Reporter Lim Chun-han] Lotte Members has partnered with Busan Bank to relaunch the ‘L.Point Savings Account.’ This is a flexible savings product that allows deposits from 1,000 KRW up to 500,000 KRW per month, and deposits can also be made using L.Points within a limit of 200,000 points per month.

The maximum interest rate is 3.1%, and if the principal and interest are converted into L.Points at maturity (minimum 1 million KRW, in units of 100,000 KRW), an additional 2% will be credited the following month. Since an extra 2% points are accumulated not only on the principal but also on the interest, customers can enjoy an effective interest rate of over 7% in total.

Subscriptions are available from the 1st of this month through Busan Bank’s mobile banking, limited to the first 50,000 accounts on a first-come, first-served basis, with one account per person. A basic interest rate of 2.1% is guaranteed for a 6-month subscription, and 2.6% for a 12-month subscription. If customers agree to receive financial information benefits notifications, a preferential interest rate of 0.5% per annum will be applied.

A prize draw event will also be held until the 30th of this month. During the event period, customers who subscribe to the L.Point Savings Account and deposit 50,000 KRW or more (including at least 1,000 L.Points) will receive entry tickets. Prizes include 10 million KRW in cash (1 winner), 5 million KRW gift certificates for Hanssem Kitchen (1 winner), 3 million KRW gift certificates for Hanssem Bath (4 winners), 1 million L.Points (5 winners), 500,000 points (20 winners), and 50,000 points (100 winners). Participants can choose their preferred prize to enter. The first 10,000 subscribers will receive 1,000 L.Points and a 10,000 KRW deposit subscription coupon.

A Lotte Members representative said, “As the economy becomes tougher, more people are showing interest in small-scale financial management, so-called ‘jjanthech’ (frugal finance). Since this product allows easy non-face-to-face subscription with a small amount, we expect strong responses from young customers, including the MZ generation (Millennials + Generation Z), who want to steadily save a lump sum.”

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