Shinhyup Central Association Launches 'Plus Fixed Deposit' with Up to 7% Annual Interest Benefits...

[Asia Economy Reporter Song Seung-seop] The National Credit Union Federation of Korea has newly launched the ‘Plus Fixed Deposit Savings’ offering an annual interest rate of up to 7%.

This Plus Fixed Deposit Savings product is linked with Hyundai Card. The basic interest rate is 2% per year, but if you issue a Hyundai Card affiliated with the credit union and spend more than 1 million KRW within 6 months, an additional preferential interest rate of 4.5 percentage points is granted.

Additionally, if you meet the preferential conditions, you can receive an extra 0.5 percentage points in interest. The requirements are automatic transfer registration of the Plus Fixed Deposit Savings to the credit union deposit and withdrawal account (0.2 percentage points), continuous monthly salary transfers of at least 500,000 KRW for 3 consecutive months from the month of subscription to two months before maturity (0.1 percentage points), and registration as the payment account for the Hyundai Card (0.2 percentage points).

The monthly deposit amount ranges from a minimum of 10,000 KRW to a maximum of 300,000 KRW (with a maturity of 1 year). Subscription is limited to one account per person.