National Credit Union Federation of Korea's "Moamoa Account" Surpasses 113,000 Accounts with Up to 4.5% Annual Interest

Over 113,000 Accounts Opened in 5 Months Since Launch
Release of the MZ Generation-Tailored "Kakku Check Card"

The National Credit Union Federation of Korea announced on May 22 that its high-interest deposit product "Moamoa Account," which allows for flexible deposits and withdrawals, has surpassed 113,000 cumulative account openings in just about five months since its launch in December 2024.

This product, launched with the concept of a "parking account tailored for the MZ Generation," is available exclusively through non-face-to-face sign-up via the credit union's mobile app. Thanks to its simple sign-up process and substantial interest rate benefits, it has quickly gained popularity among younger customers. Anyone aged 17 or older can open one account per person through the credit union’s mobile banking apps "ON Bank" or "Rion Branch."

The Moamoa Account features tiered interest rates based on deposit amounts, which helps maximize customers’ actual returns. For deposits of up to 500,000 won, a base annual interest rate of 3.5% is applied. New customers receive an additional preferential rate of 1.0 percentage point, allowing for a maximum annual rate of 4.5%. A notable advantage is that users can check the interest paid daily through the ON Bank app, making the benefits of the interest rate easy to experience intuitively.

Additionally, to meet the diverse needs of customers, differentiated interest rates are applied to each deposit tier. Specifically, an annual rate of 1.75% is provided for deposits exceeding 500,000 won and up to 3 million won; 2.5% for deposits exceeding 3 million won and up to 5 million won; and 1.0% for deposits exceeding 5 million won.

Alongside this, the credit union launched the "GYEONGYANGYANG Check Card," a dedicated debit card for the Moamoa Account, at the end of April. Reflecting the "Kakku (card decoration)" trend popular among younger generations, the card comes with a variety of stickers, allowing customers to personalize the card design according to their preferences. The card also adds practicality by offering a 700 won cashback benefit up to seven times per month for payments of 7,000 won or more at major spending locations for the MZ Generation, such as convenience stores, coffee shops, and simple payment services.

To commemorate the launch of the Moamoa Account and the GYEONGYANGYANG Check Card, the credit union is holding a first-come, first-served event from April 28 to May 31. Up to 2,000 new Moamoa Account holders will receive cashback of up to 10,000 won, and 2,000 customers who use the GYEONGYANGYANG Check Card and make cumulative payments of 100,000 won or more will be selected by lottery to receive a 10,000 won Shinsegae mobile gift certificate.

Cho Yongrok, Head of Financial Support at the National Credit Union Federation of Korea, stated, "With the Moamoa Account, we aimed to combine practicality, fun, and benefits tailored to the lifestyle of younger generations," adding, "We will continue to introduce financial products closely aligned with daily life in order to realize inclusive finance."

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