'Overcoming Low Birthrate and Aging Population' Shinhan Bank Family Win-Win Savings Account Introduced

Shinhan Bank announced on the 13th that it has launched the ‘Family Win-Win Savings Account’ to support overcoming demographic challenges such as low birth rates and population aging.

This product is a customer-centric financial product focused on the customer lifecycle, offering a 1-year maturity with a base interest rate of 3.0% per annum plus a preferential interest rate of up to 6.0 percentage points, resulting in a maximum interest rate of 9.0% per annum.

The Family Win-Win Savings Account is launched with a limit of 50,000 accounts, available to any individual customer (one account per person), and allows flexible monthly deposits of up to 500,000 KRW.

The preferential interest rates are as follows: ▲3.0 percentage points per annum if during the subscription period the customer gets married, becomes pregnant, gives birth, belongs to a household with two or more children (born after 2005), or is a basic pension recipient ▲2.0 percentage points per annum if the customer receives parental allowance, child-rearing allowance, or basic pension into their Shinhan Bank account for more than six months ▲1.0 percentage point per annum for first-time new Shinhan Bank deposit account holders.

The Family Win-Win Savings Account was developed based on ideas selected from over 170 proposals submitted during the ‘Win-Win Finance Idea Contest’ held for all Shinhan Bank employees in June. Customers can subscribe at branches nationwide or through Shinhan SOL, and can conveniently submit proof documents for preferential interest rates, such as wedding invitations or family relation certificates, via the SOL application.

To commemorate the launch of this savings account, Shinhan Bank is also running the ‘Join the Family Win-Win Savings Account and Challenge for a Gold Bar’ event. Until the 8th of next month, customers who subscribe to the ‘Family Win-Win Savings Account’ and complete the application on the Shinhan SOL event page, and who meet all the conditions including ▲accumulating 300,000 KRW or more ▲automatic transfers for six months or more from the subscription date with a transfer amount of 100,000 KRW or more ▲submission of proof documents related to preferential interest rates, will be entered into a draw to win a 3.75g pure gold bar (10 winners).

A Shinhan Bank official stated, “Through this product planning, we aimed to alleviate the economic burden during pregnancy and childcare with high interest rates and also help prepare retirement funds for the elderly.” He added, “We will continue to strive to practice sincere win-win finance and fulfill corporate social responsibility through developing products and services that address social issues and various social contribution activities.”