SC First Bank Launches Flexible 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 New Enrollment

On May 27, SC First Bank announced the launch of the 'SC First Wealth Saver Account,' a new account that offers flexible deposits and withdrawals while providing a maximum pre-tax interest rate of 2.8% based on the customer's banking transaction performance.

The interest rate for this account ranges from a maximum of 2.8% to a minimum of 1.0%, determined by the banking transaction performance band on the last business day of the previous month of the interest calculation period. A key feature is that the preferential rate is only applied to the increased balance of each day, compared to the 'reference point banking transaction performance' on the last business day three months prior to account opening.

To be eligible for the preferential rate, the increased amount of the 'comparison banking transaction performance' over the 'reference banking transaction performance' must be at least 10 million won. In addition, the combined balance of demand deposits (in both KRW and foreign currencies) at the comparison point must be at least 20 million won, and the combined balance of investment securities (funds) and trust contracts must also be at least 20 million won at the comparison point.

Specifically, depending on banking transaction performance, an interest rate of 2.8% applies for 1 billion won or more, 2.6% for 300 million won or more, 2.4% for 100 million won or more, and 1.0% for less than 100 million won. If the increased banking transaction performance is less than 10 million won, or for the portion of the daily balance that does not represent an increase, a base rate of 0.1% is applied. However, from the account opening date until the end of the opening month, the highest rate of 2.8% for the '1 billion won or more' band is applied regardless of performance.

A launch event is also being held. Customers who subscribe to eligible investment products with at least 20 million won by June 30, and who open a Wealth Saver Account with increased funds compared to the previous month, will receive a 100,000 won gift certificate if they maintain an average monthly balance of at least 50 million won for two months starting from the month after account opening. Customers maintaining an average balance of at least 100 million won will receive a 150,000 won certificate, those with at least 300 million won will receive a 300,000 won certificate, and those with at least 1 billion won will receive a 1 million won certificate.

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