Jeonbuk Bank Offers High Interest Benefits for First-Time Customers

Launch of 'Seed More Account' Offering Up to 4.11% Interest

Jeonbuk Bank, a subsidiary of JB Financial Group, has launched a high-interest savings account event targeting new customers. On May 12, Jeonbuk Bank announced that it would be running an interest rate promotion for first-time customers of the 'Seed More Account' until June 30. During the event period, customers who meet the requirements can receive an interest rate of up to 4.11% per annum.

This event is structured by adding preferential interest rates to the basic annual rate of 2.0%. Specifically, customers receive an additional 0.6 percentage points per annum if they consent to marketing use; 1.51 percentage points per annum on the portion of the daily closing balance up to 2 million won; and 0.51 percentage points per annum on the portion exceeding 2 million won. The preferential rates are valid for three months from the account opening date.

A notable feature is that the preferential rates are not restricted to a specific deposit range. Both the portion of the balance up to 2 million won and the portion exceeding 2 million won are eligible for preferential rates, allowing customers to benefit from interest across their entire deposit.

The Seed More Account is a demand deposit product that allows free withdrawals and deposits while offering a relatively high basic interest rate, attracting attention as an option for short-term cash management. The product targets customers who wish to safely store funds intended for investment, living expenses, or emergency reserves while earning a certain level of interest income. Only first-time customers who do not already hold a Jeonbuk Bank demand deposit account are eligible to apply.

Recently, more consumers have been using such accounts to temporarily park investment funds linked to securities accounts or to secure cash liquidity amid heightened market volatility. In fact, as fluctuations in the base interest rate and stock market uncertainties continue, competition among banks to offer 'parking accounts'—which provide flexible withdrawals and relatively high interest rates—has intensified. Both internet banks and commercial banks are rolling out similar products to attract short-term funds.

A Jeonbuk Bank representative stated, "As more customers are weighing profitability against stability, demand is growing for products that do not lock in funds for long periods but still provide stable interest income. We expect the Seed More Account to serve as an alternative for managing short-term surplus funds."

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