SC First Bank Launches New Demand Deposit Account Offering Up to 2.8% Interest

'SC First Wealth Saver Account'
Linked to Banking Transaction Performance
Highest Interest Rate Applied to All in the Month of Account Opening

SC First Bank announced on May 7 that it has launched the 'SC First Wealth Saver Account,' which allows free deposits and withdrawals while offering an interest rate of up to 2.8% depending on the customer's banking transaction performance.

The interest rate for this account is determined based on the transaction performance segment on the last business day of the previous month of the interest calculation period, ranging from 1% to 2.8%. A key feature is that the rate is applied only to the increased balance among the daily balances, compared to the 'reference point banking transaction performance' on the last business day three months prior to account opening.

To qualify for the applicable interest rate, the increased amount in 'comparison banking transaction performance' over the 'reference banking transaction performance' must be at least KRW 10 million. Additionally, the combined balance of demand deposits (in KRW and foreign currencies) at the comparison point must be at least KRW 20 million, and the combined balance of investment funds and trust contracts at the comparison point must also be at least KRW 20 million.

Specifically, an interest rate of 2.8% is applied for balances of KRW 1 billion or more, 2.6% for KRW 300 million or more, 2.4% for KRW 100 million or more, and 1.0% for less than KRW 100 million. If the increase in banking transaction performance is less than KRW 10 million, or for the portion of the daily balance excluding the increased amount, a basic rate of 0.1% is applied. However, from the account opening date until the end of the month of account opening, the highest rate of 2.8% for the 'banking transaction performance of KRW 1 billion or more' segment is applied regardless of performance.

To commemorate the launch, customers who sign up for investment products eligible for the event with at least KRW 20 million by June 30, open a Wealth Saver Account with increased funds compared to the previous month, and maintain an average monthly balance of at least KRW 50 million for two months starting from the month after account opening, will receive a KRW 100,000 gift certificate. Those maintaining an average monthly balance of at least KRW 100 million will receive a KRW 150,000 gift certificate; at least KRW 300 million, a KRW 300,000 gift certificate; and at least KRW 1 billion, a KRW 1,000,000 gift certificate.

Jung Jaewon, Head of Secured Loans and Deposit Products at SC First Bank, said, "In a highly volatile financial market environment, customers who transact with a variety of products will be able to manage their assets stably through the Wealth Saver Account."