SC Jeil Bank Launches 'My Run Account No.7' Combining Benefits of Checking and Fixed Deposits

Up to 3.0% Interest Rate Offered for First-Time Customers

[Asia Economy Reporter Yu Je-hoon] SC First Bank announced on the 7th that it will offer a limited-time sale of 'My Run Account No. 7,' a flexible deposit account that provides an interest rate of up to 3.0% per annum depending on the deposit period of each deposit transaction.

My Run Account No. 7 is a flexible deposit account that offers interest rates ranging from a minimum of 0.1% to a maximum of 3.0% per annum based on the deposit period of each deposit transaction, up to a maximum of 6 months. Customers can deposit surplus funds without any amount restrictions and freely make deposits and withdrawals at any time according to their financial situation. Unlike fixed deposits, which apply a lower interest rate to the entire amount if funds are withdrawn before maturity due to early termination rates, My Run Account No. 7 is structured so that the longer the deposit period for each deposit transaction, the higher the interest rate, making it an efficient so-called parking account for managing surplus funds.

My Run Account No. 7 provides basic interest rates of 0.1% for deposit periods of 30 days or less, 1.3% for 31?60 days, 1.8% for 61?90 days, 2.2% for 91?120 days, 2.5% for 121?150 days, and 2.7% for 151?180 days per deposit transaction. The interest rate corresponding to the number of days calculated from each deposit transaction to the withdrawal or product conversion date is uniformly applied to the entire deposit period.

Additionally, for customers who transact with SC First Bank for the first time, an extra 0.3 percentage points (p) is added to the interest rate for each deposit period, offering a maximum interest rate of 3.0%. The first-in, first-out (FIFO) method is applied when withdrawing deposits, meaning that the earlier deposited amounts are withdrawn first, so fewer withdrawal transactions increase the likelihood of receiving higher interest rates.

The interest on My Run Account No. 7 is calculated based on the deposit period for the entire balance on the 181st day from the account opening date and is deposited in a lump sum, after which the account automatically converts to a My Simple Account. The My Simple Account is a demand deposit product that offers an interest rate of 0.8% on amounts exceeding 3 million KRW in daily balance.

The sales period for My Run Account No. 7 is until the 28th of this month, with a subscription limit of 300 billion KRW. Sales may end early if the subscription limit is reached. Eligible subscribers are individuals and sole proprietors, with only one account allowed per person.

Meanwhile, SC First Bank raised the interest rates on its flagship deposit products, First Fixed Deposit and the mobile-exclusive e-Green Save Deposit (12-month maturity), by 0.1 to 0.5 percentage points starting from the 4th. Following the interest rate adjustment, first-time customers who deposit at least 300,000 KRW in a demand deposit product and then subscribe to a 12-month fixed deposit (interest paid at maturity) can receive an interest rate of 4.35% if the subscription amount is less than 100 million KRW, and a maximum interest rate of 4.5% if it is 100 million KRW or more. To receive this rate, customers must subscribe at an SC First Bank branch. The e-Green Save Deposit offers an interest rate of 4.1% for subscriptions of 1 million KRW or more via mobile banking.

Park Jong-kwan, Head of Collateral and Deposit Products Division at SC First Bank, explained, "My Run Account combines the advantages of both demand deposit products and fixed deposits, allowing customers to enjoy the convenience of demand deposits as well as the benefits of high interest rates simultaneously in a situation where interest rates fluctuate significantly."

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