IBK, Launches Highest '7% Annual' Savings Account for First-Time Customers

Exclusive Installment Savings Product for New Customers Limited to 30,000 Accounts

IBK Industrial Bank announced on the 21st the launch of a new non-face-to-face exclusive installment and lump-sum deposit product called 'Cheoeum Mannaneun IBK Jeokgeum' (First Meeting IBK Savings) that offers up to 7% annual interest to customers who are transacting with IBK for the first time.

This is a one-year flexible installment savings product with a maximum interest rate of 7.0% per annum (before tax). The monthly deposit limit is up to 300,000 KRW, and it is available on a first-come, first-served basis for up to 30,000 accounts through i-One Bank (for individual customers).

The base interest rate is 3.0% per annum. The preferential interest rate conditions are as follows: ▲ 2.0 percentage points per annum if three or more automatic transfers are made from an IBK checking or savings account to the savings account; ▲ 2.0 percentage points per annum if the customer agrees to receive marketing text messages for product services at the time of subscription; ▲ 2.0 percentage points per annum if the customer issues an IBK credit (or check) card and designates the payment account as an IBK checking or savings account. If two or more of these conditions are met, a maximum preferential interest rate of 4.0 percentage points per annum is provided.

'Cheoeum Mannaneun IBK Junggeumchae' (First Meeting IBK Medium-Term Bond) is a lump-sum deposit product offering high interest rates with simple preferential conditions. The subscription amount ranges from 1 million KRW to 50 million KRW. The subscription period can be selected from 181 to 364 days, 1 year, 2 years, or 3 years. It is available on a first-come, first-served basis with a limit of 1 trillion KRW through i-One Bank (individual customers).

The base interest rate is linked to market rates and is fixed at the time of subscription. A preferential interest rate of 0.1 percentage points per annum is provided if the customer agrees to receive marketing text messages for product services at the time of subscription. The maximum interest rate including the preferential rate is 3.14% per annum (based on a 1-year subscription period and before tax as of the 21st).

An IBK Industrial Bank official said, "We have simplified the preferential conditions so that first-time customers can easily receive preferential interest rates," adding, "We will continue to expand various products and services to attract first-time customers."