Shinhan Bank’s family-targeted promotions have been increasing in popularity among customers, contributing to its sales growth.
Shinhan sold about 1,400 of its “Shinhan Baby Plus Installment Savings” plans, raking in about 5 billion won ($4.4 million) in the past year.
“The sales performance for the Baby Plus promotion is constantly growing. Baby Plus is designed to boost the birthrate and support prospective and current mothers,” a Shinhan Bank spokesperson said.
A Shinhan Bank employee poses with children at a bank branch in Seoul, celebrating the launch of the “Shinhan Kids Plus Installment Savings” plan. (Shinhan Bank)
The 12-month-maturity installment savings plan offers up to 3.2 percent annual interest, and is available to all women aged 18 and over.
Old and new users of Shinhan’s credit card “Shinhan Goeun Mom Card” can have an additional 0.2 percent interest on the Shinhan Baby Plus Installment Savings, by designating a Shinhan account as the credit card’s payment account.
Those who sign up for the Baby Plus plan online also can benefit from an additional 0.1 percent interest.
Shinhan bank said in a statement that it “still offers the promised interest rate to mothers of more than three children (including unborn children), including immigrant mothers, who cancel their plans before the expiration date.”
Meanwhile, Baby Plus customers are issued interest-advantage coupons as they sign up for “Shinhan Kids Plus Installment Savings Plan” under the name of their newborns.
The Kids Plus Installment Savings Plan is eligible to children 12 and under.
“We hope Kids Plus can help children develop healthy saving habits,” a Shinhan official said.
Between its launch in January 2012 and May 22 this year, the Kids Plus plan has drawn about 61,500 customers and some 23 billion won.
Parents can have their children’s leftover pocket money automatically transferred to their Kids Plus account.
Applying popular animation characters also boosted the Kids Plus sales, making it a creative gift for Children’s Day, New Year and birthdays, the bank officials said.
By Chung Joo-won (
joowonc@heraldcorp.com)