Standard Chartered Bank Korea introduces a new product offering a special interest rate of up to 1.9 percent before tax. (Standard Chartered Bank Korea)
Standard Chartered Bank Korea is offering a special interest rate of up to 1.9 percent per annum, before tax, to new customers opening a checking account by the end of this month.
Account holders are eligible for the special rate up to 60 days from opening the account, as long as they keep the balance between 100 million won ($77,200) and 2 billion won. The rate is adjusted each day depending on the balance at the end of day.
Once new deposits reach 200 billion won, the special offer will expire and the standard rate of 0.1-0.4 percent will be applied to balances seen at the end of day. The standard rate will also be applied to new account holders whose balance dips below 100 million won.
“There is a growing interest in higher interest rates as volatility is bubbling up in the economy and markets,” an SC Bank Korea official said. “This is a perfect opportunity for those seeking not only a simple checking account but also competitive rates on money to park.”
Those interested in opening the account with SC Bank Korea can call or visit a local branch, according to the official, who highlighted that the offer is time sensitive.
The offer comes as the Bank of Korea looks to lift borrowing costs in July to tame persistent inflation, prompted by an extended period of elevated commodity prices stemming from uncertainties like the fallout from Russia’s invasion of Ukraine.
The central bank, which usually raises the key rate by 25 basis points, could back a bigger hike of 50 basis points as part of what it said was a proactive approach to bring down surging prices.