Welcome Savings Bank "We also offer savings deposits for small balances in other bank accounts through Open Banking"

[Asia Economy Reporter Song Seung-seop] Welcome Savings Bank announced on the 14th that it has launched a savings product linked to open banking that collects spare change from deposit and withdrawal accounts at other banks.

This product was created by reorganizing the previously sold 'Welcome Spare Change Round-Up Savings' and 'Welbang Spare Change Automatic Savings.' Utilizing open banking, it automatically collects spare change from deposit and withdrawal accounts at other banks and offers up to 4.5% annual interest. Up to six accounts can be used to accumulate spare change, including three Welcome Savings Bank accounts and three accounts from other banks.

The Welcome Spare Change Round-Up Savings is a 12-month single contract product. At maturity, balances under 10,000 KRW are rounded up to 10,000 KRW for payment. The interest rate is 2.8% per annum, and deposits can be freely made up to a maximum of 5 million KRW. To receive the rounded-up 10,000 KRW, spare change must be accumulated at least once per month through both Welcome Savings Bank and other bank accounts (at least four times during the contract period). The total deposit amount must be at least 1 million KRW.

The Welbang Spare Change Automatic Savings is a 12-month single contract product offering up to 4.5% annual interest. It provides a basic interest rate of 1.5% per annum plus a preferential rate of 3 percentage points, with a maximum limit of 2 million KRW. If three conditions are met?accumulating spare change at least once per month after using a check card (at least six times during the contract period), among others?an additional 1 percentage point preferential interest rate is granted for each condition.

A representative from Welcome Savings Bank emphasized, "We utilized open banking, which is simply used for transfers and inquiries, to revamp the product. This innovative product automatically accumulates spare change scattered across multiple accounts into one savings account and applies a high interest rate."