Standard Chartered Bank Korea said Friday it will offer a special promotion for new customers who open a money market deposit account with a deposit of 30 million won ($22,125) or more, up to an individual limit of 2 billion won.
Running until May 30, the promotion provides a special interest rate of up to 3.4 percent for 60 days maximum from the date of opening the account.
The money market deposit account is a flexible savings account that offers daily compounding interest rates that vary based on the daily balance. Higher balances earn higher interest rates, attracting high-asset customers to freely deposit and withdraw money.
The contracted interest rate for this product is determined based on the balance, ranging from a minimum of 0.1 percent to a maximum of 1 percent. Interest on the accounts compounds daily.
New customers of SC Bank Korea who deposit at least 30 million won in the money market deposit account can earn the highest rate of 3.4 percent during the promotion.
If the balance drops below 30 million won during the event, the standard rate of 0.1 percent will be applied. With a total cap of 100 billion won combined, the event will end early if it exhausts its limit.
"Due to increased volatility in domestic and international markets, many customers are concerned about managing their surplus or temporary floating funds. We hope customers get to enjoy the convenience of flexible deposits and withdrawals while also benefiting from high interest rates for short-term funds," said Bae Soon-chang, head of deposits at SC Bank Korea.
