Up to 7.0% Annual Interest... Shinhan Bank Launches 'Shinhan The Moa Savings'

[Asia Economy Reporter Kwangho Lee] Shinhan Bank announced on the 21st that it has launched the 'Shinhan The More Savings Account,' which allows customers tired from COVID-19 and low interest rates to easily receive preferential interest rates.

The Shinhan The More Savings Account is a 6-month maturity flexible installment product that allows deposits from 1,000 KRW to 300,000 KRW per month. It offers a maximum annual interest rate of 7.0%, combining a basic interest rate of 1.0% per year with a preferential interest rate of 6.0% per year. This savings account will be sold up to a limit of 100,000 accounts until September 30.

The preferential interest rate is 5.0% per year for customers who have no Shinhan Card usage history in the previous 6 months, issue a Shinhan The More Card, and use more than 600,000 KRW during the savings period. Additionally, customers can receive an extra 1.0% per year by agreeing to Shinhan Card marketing and credit limit increase.

To commemorate the launch of the Shinhan The More Savings Account, Shinhan Bank will hold a customer event until the 31st of next month. Customers who subscribe with 50,000 KRW or more through the Shinhan SOL Shinhan Plus event page will receive 2,000 My Shinhan Points. Additionally, the first 2,021 customers will receive a Starbucks Americano gifticon, and through a lottery, 6 customers will receive gold bars worth approximately 1 million KRW, and 21 customers will receive Apple AirPods Pro as gifts.

Furthermore, customers who have a savings balance of 600,000 KRW or more at maturity and receive the full preferential interest rate of 7.0% per year will be given a maturity congratulatory bonus of 10,000 KRW added to the maturity withdrawal amount.

Jo Kyung-sun, Vice President of Shinhan Bank’s Digital Personal Division, said, "The newly launched Shinhan The More Savings Account was planned with the utmost consideration for customers’ happiness, putting our heart and sincerity toward our customers first." He added, "Shinhan Bank will continue to provide new and differentiated services entirely for our customers."