SC First Bank Launches 'Making Geumjjok Wealthy' Event for New Child Love Account Sign-ups

[Asia Economy Reporter Kim Hyo-jin] SC First Bank announced on the 9th that it will hold the "Geumjjok-i Wealth Building" event for customers who newly open the "Child Love Account," a free deposit and withdrawal account, to celebrate the new semester.

Customers who open a Child Love Account and a First Household Savings Account (flexible installment / maturity of 12 months or more) under the name of a child aged 18 or younger, and register an automatic transfer of at least 100,000 KRW per month from the Child Love Account to the First Household Savings Account will receive a "Wealth Building Support Fund" of 10,000 KRW credited to the Child Love Account, encouraging consistent savings by SC First Bank.

The automatic transfer must be completed to the First Household Savings Account by the following month. Among customers who meet the event conditions, a drawing will be held to award prizes including 1st prize (1 person) iPad, 2nd prize (3 people) AirPods Pro, and 3rd prize (5 people) Aesop body wash sets.

Customers must apply for the event after subscribing to the product at SC First Bank branches by the 31st of this month, and the announcement of the support fund payment and prize winners will take place in mid-May.

The Child Love Account is a preferential interest free deposit and withdrawal account exclusively for individual customers aged 18 or younger. The applied interest rates based on the average deposit balance every three months are ▲ 0.1% per annum (before tax) for less than 100,000 KRW ▲ 0.2% per annum for 100,000 KRW to less than 500,000 KRW ▲ 0.3% per annum for 500,000 KRW to less than 1,000,000 KRW ▲ 0.5% per annum for 1,000,000 KRW or more.

However, if withdrawals exceed 10 times during each interest calculation period, the minimum agreed interest rate of 0.1% per annum will be applied. Withdrawals related to school banking automatic transfers or First Alimi (SMS) fee withdrawals are excluded from the withdrawal count. When parents open an account on behalf of their child, they must bring family relationship verification documents (resident registration or family relation certificate), the legal guardian’s ID, and a seal.