OK Savings Bank Launches ‘OK Interest-Earning Funeral Savings Account’ with Up to 4% Annual Rate

Discounts and Payback Benefits from Partnered Funeral Service Providers
Choose Your Preferred Partner Without Separate Enrollment

OK Savings Bank announced on May 11 that it has launched the “OK Interest-Earning Funeral Savings Account,” which adds funeral service benefits to its regular installment savings product.

This product was developed in collaboration with three funeral service providers: Woongjin Freed Life, Goi Funeral Research Institute, and Hyosung Pracon.

The key feature is that customers can receive benefits from the partnered funeral service providers simply by opening the savings account, without needing to sign up for a separate funeral service product or service. Customers can choose their preferred partner at the time the service is needed.

Customers who use the partnered funeral services will receive a 10% discount benefit.

Some partner companies also provide an additional 300,000 won payback coupon that can be used to cover funeral expenses.

OK Savings Bank explained that the product is highly useful not only for customers who need to prepare for a funeral immediately but also for those who wish to plan ahead for future needs.

The base interest rate is 3.0% per annum (before tax), and customers who consent to marketing services can receive a preferential rate of 1.0 percentage point, making the maximum annual rate 4.0% (before tax).

The monthly deposit amount is 30,000 won. The basic subscription period is three years, and it can be extended up to three times, allowing the account to be maintained for a maximum of 12 years.

Customers can enroll through the OK Savings Bank mobile application.

An OK Savings Bank representative said, “We plan to continue introducing financial products that reflect customers’ life cycles and living needs, in order to provide differentiated services.”

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