Gwangju Bank Launches 'Sangsaeng Savings' Offering Preferential Interest Rates Based on Usage Amount

Up to 1.3% Annual Interest Rate Applied

Limited-Time Sale Until August 31

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Gwangju Bank (President Song Jongwook) announced on the 16th that it has launched the ‘Sangsaeng Savings’ which offers preferential interest rates based on the usage amount of the Gwangju Sangsaeng Check Card.

The ‘Sangsaeng Savings,’ which is sold temporarily until August 31, is an exclusively non-face-to-face product. It can be subscribed to through Gwangju Bank’s smart banking and mobile web banking.

The subscription period for Sangsaeng Savings is 6 months, and the monthly deposit limit is up to 3 million KRW, available as either fixed installment savings or flexible installment savings.

For fixed installment savings, the basic interest rate is 0.7% per annum, and with a maximum preferential interest rate of 0.6%p applied, the highest annual interest rate can reach 1.3%.

For flexible installment savings, the basic interest rate is 0.5% per annum, and with a maximum preferential interest rate of 0.6%p applied, the highest annual interest rate can reach 1.1%.

The preferential interest rate is applied according to the usage performance of the Gwangju Sangsaeng Check Card from the month of subscription to the month before maturity as follows: ▲ usage between 1 million KRW and less than 2 million KRW applies 0.2%p per annum ▲ usage between 2 million KRW and less than 3 million KRW applies 0.4%p per annum ▲ usage of 3 million KRW or more applies 0.6%p per annum.

However, only the usage performance of the check card among the types of Gwangju Sangsaeng Cards is recognized. It should be noted that the usage amounts of the Gwangju Sangsaeng Card (prepaid) and corporate Gwangju Sangsaeng Card are not recognized.

Gwangju Bank has been in charge of operating the Gwangju Sangsaeng Card, launched by Gwangju Metropolitan City to promote income increase for small business owners in the Gwangju area and revitalize the local economy, since its launch in March 2019, handling issuance and operation tasks.

To increase local residents’ interest and usage of the Gwangju Sangsaeng Card, Gwangju Bank is actively leading promotional activities such as holding prize events.

The newly launched Sangsaeng Savings, designed to create synergy linked with the Gwangju Sangsaeng Card, is expected to have a positive impact on the virtuous cycle of funds within the region and strengthening the competitiveness of the local economy by helping local residents accumulate lump sums and simultaneously increasing the activation of the Gwangju Sangsaeng Card.

Kim Hoon, Head of Digital Strategy Department at Gwangju Bank, said, “We hope that many customers and local residents will add their love for the region to the ‘Sangsaeng Savings,’ launched to contribute to the activation of the Gwangju Sangsaeng Card and the mutual development of the local economy,” and added, “Gwangju Bank will continue to do its best to provide the best financial services that prioritize customers’ positions and offer various products reflecting financial trends.”