Annual 2.5% Even for One Day... SC Jeil Bank's Demand Deposit 'Jeil EZ Account'

Various Fee Waiver Benefits Also Provided

[Asia Economy Reporter Minwoo Lee] SC First Bank is raising the interest rates on its non-face-to-face exclusive demand deposit products up to a maximum annual rate of 2.5%.

SC First Bank announced that starting from the 5th, it will increase the base and preferential interest rates of the ‘First EZ Account,’ offering new customers a maximum annual interest rate of 2.5% (before tax) for six months even if they deposit for just one day.

The First EZ Account is a non-face-to-face exclusive product available only through internet banking and mobile banking. It provides a base interest rate of 1.0% on the daily balance. For customers who are transacting with SC First Bank for the first time, an additional preferential interest rate of 1.5 percentage points (p) is applied without any separate conditions or amount restrictions, allowing them to receive up to 2.5% interest. Additionally, various fee exemptions are offered, including internet and mobile banking transfer fees, out-of-business-hours ATM withdrawal fees, and other bank automatic transfer fees.

Earlier, from the 1st, SC First Bank raised the interest rates on fixed deposit products such as ‘First Fixed Deposit,’ ‘Dream Fixed Deposit,’ and ‘Home & Save Deposit’ by 0.25%p. The interest rates on installment savings products like ‘First Household Savings,’ ‘Mobile Preferential Savings,’ and ‘Do Dream Savings’ were also increased by 0.25%p.

With this adjustment in deposit interest rates, customers who subscribe to a 12-month fixed deposit (with interest paid at maturity) can receive interest rates ranging from 3.35% to 3.7%. In particular, new customers who first deposit at least 300,000 KRW in the demand deposit product and then subscribe to a fixed deposit will receive the highest interest rate of 3.7% if the fixed deposit amount is 100 million KRW or more. For amounts under 100 million KRW (but at least 1 million KRW), an interest rate of 3.65% is provided. However, to apply these rates, customers must subscribe at an SC First Bank branch.

Detailed information about these products can be found on the SC First Bank website or through the customer contact center. Bae Soonchang, Head of Deposit Products at SC First Bank, explained, "By reflecting the Bank of Korea’s base rate hike in deposit product interest rates as soon as possible, we have enhanced benefits that customers can feel."

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