Shinhyup Offers Limited-Time Special Savings Account with 6.5% Interest Rate

Image poster of the 'Plus Regular Savings' product launched by the National Credit Union Federation of Korea (NACUFOK)
Photo by National Credit Union Federation of Korea

[Asia Economy Reporter Song Seung-seop] The National Credit Union Federation of Korea (NACUFOK) has launched a special savings product offering interest rates up to 6.5%.

On the 2nd, NACUFOK announced that it will offer the ‘Plus Fixed Savings’ product with a maximum interest rate of 6.5% for a limited period of six months. The offer targets first-time Shinhan Card customers or dormant customers who have not used the card in the past six months. The term is one year, and deposits can be made monthly from 10,000 to 300,000 KRW.

The base interest rate is 2.0% per annum. If a new Shinhan Card, partnered with NACUFOK, is issued and a total of 200,000 KRW or more is spent within three months including the month of issuance, an additional preferential interest rate of 4.0 percentage points is provided. Additionally, a 0.2 percentage point bonus is given for automatic transfers from a NACUFOK deposit account, and a 0.1 percentage point bonus interest rate is granted if a salary transfer of 500,000 KRW or more is made monthly for three months starting from the month of subscription. Registering the Shinhan Card as the payment account adds another 0.2 percentage points, providing up to 0.5 percentage points in additional interest.

Jung In-cheol, Head of Digital Finance Division at NACUFOK, stated, “The Shinhan Card-linked Plus Fixed Savings product offers an interest rate of up to 6.5% per annum when using the NACUFOK partnered Shinhan Card.”