Credit Union's 'Moamoa Account' Surpasses 170,000 Accounts in 9 Months with Up to 4.5% Annual Interest

Targeting Millennials & Gen Z with Exclusive Check Cards Reflecting the "Kakku" Trend and Diverse Promotions
Ongoing Cashback Event for New On-Demand Deposit Account Customers

The National Credit Union Federation of Korea announced on October 13 that its high-interest, on-demand deposit product, the 'Moamoa Account,' surpassed a cumulative total of 171,000 accounts just nine months after its launch.

Launched in December last year, the 'Moamoa Account' is a parking account tailored for Millennials & Gen Z. With its simple sign-up process and attractive interest rates, it has quickly gained popularity among younger customers. Anyone aged 17 or older can open one account per person non-face-to-face through the Credit Union's mobile banking apps, 'ON Bank' or 'Rion Branch.'

This product features tiered interest rates by deposit amount, thereby increasing the actual yield. For deposits of up to 500,000 won, a basic annual interest rate of 3.5% applies. New customers receive an additional preferential rate of 1.0 percentage point, for a maximum annual interest rate of 4.5%. For deposits over 500,000 won up to 3 million won, the rate is 1.6% per annum; for deposits over 3 million won up to 5 million won, 2.5% per annum; and for amounts over 5 million won, 1.0% per annum. Customers can check the daily interest paid through the ON Bank app, allowing them to directly experience the benefits of the interest rates.

Since September 23, the Credit Union has also been running a cashback event for new on-demand deposit account holders. If customers (individuals and sole proprietors) maintain an average balance of at least 1 million won for two months after opening any on-demand deposit account, they can enter a draw to win 1 million won (1 winner) or 10,000 won (2,000 winners). Participation is available via a poster QR code or the 'Apply' button within the ON Bank app, and cashback will be credited to the opened account by the end of December.

Cho Yongrok, Head of the Financial Support Division at the National Credit Union Federation of Korea, stated, "We have organized this event to express our gratitude to customers who use Credit Union on-demand deposit accounts," adding, "We will continue to introduce customized financial products and a variety of benefits that meet our customers' needs."

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