Standard Chartered Bank Korea’s savings products are getting renewed interest from savers seeking higher return on their money in this era of abysmal interest rates.
The U.K. banking group’s Korean unit offers up to 3.1 percent of interest on holders of its My Wallet Account, whereas similar savings account products offered by local peers carry interest of around 2 percent.
SC Bank Korea CEO Park Jong-bok
The applicable rate varies, depending on deposit balance and whether predefined conditions are met. But if the account has deposit transaction over 700,000 won ($612) per month and at least three monthly automatic money transfers, such as public utility charges or apartment management fees, it qualifies for the highest 3.1 percent rate for daily balance of between 500,000 won and 2 million won.
Another product that is drawing keen interest is the bank’s regular savings product which offers interest of up to 6.1 percent.
The maximum rate is applied for holders of its First Household Installment Deposit account with a fixed monthly deposit of 100,000 won who designates it as the settlement account for a credit card with monthly usage of over 300,000 won or a debit card with monthly usage of 500,000 won.
The bank’s online-only EZ deposit account appeals to customers with its competitive interest rates and unlimited fee waiver.
A 1.2 percent interest rate is applied for daily balance of up to 3 million won, with an extra 0.2 percentage point given to customers opening their very first Standard Chatered Bank account for six months.
Customers wishing to switch their main payroll account to Standard Chartered may do so online, mobile, at the bank’s 365-day branches nationwide or even at their doorstep, as the bank sends staff to homes of customers as part of its “banking at your doorstep” service.
By Lee Sun-young (milaya@heraldcorp.com)