Korea Citibank Level Up Account Surpasses 1 Trillion KRW in Balance Just 4 Months After Launch

[Asia Economy Reporter Kim Hyo-jin] Korea Citibank announced on the 19th that its deposit product "Citi Level-Up Account," which allows free deposits and withdrawals and was launched in September last year, surpassed 1 trillion KRW in deposit balance within just four months of its launch.

The "Citi Level-Up Account" determines the final applied interest rate by combining a basic interest rate, which varies from 0.01% to a maximum of 0.4% per annum (before tax) depending on the daily ending balance, with a preferential interest rate of up to 0.5% per annum (before tax) additionally provided based on the depositor's asset management service tier at Korea Citibank.

However, upon new subscription, an additional preferential interest rate of 0.5% per annum (before tax) is unconditionally applied from the account opening date until the day before the first business day of the third week of the following month. The additional preferential interest rate based on the depositor's asset management service tier is applied starting after the period of the new subscription additional preferential interest rate.