Shinhan Bank Launches Hyundai Motor Savings Account Offering Up to 8.8% Per Annum

Preferential Interest Rates for Hyundai Motor Buyers
Contract Deposit Discount for Savings Account Subscribers

Shinhan Bank announced on January 9 that it has launched the “From One Month Savings (Weekly) X Hyundai Motor” product, which offers an interest rate of up to 8.8% per annum, limited to 10,000 accounts.

This product is a three-month installment savings account that allows customers to deposit up to 100,000 KRW per week. It combines preferential interest rates for signing a contract to purchase a Hyundai Motor vehicle with a discount on the contract deposit when opening the savings account. The base interest rate is 1.8% per annum, and with preferential rates of up to 7.0% per annum, customers can receive a maximum interest rate of 8.8% per annum.

The preferential rates are composed of: ▲3.0 percentage points per annum when signing a Hyundai Motor vehicle contract; ▲2.0 percentage points per annum for making deposits in 90% or more of the total deposit periods during the savings account term; ▲1.0 percentage point per annum for designating a Shinhan Card (credit) payment account as a Shinhan Bank account; and ▲1.0 percentage point per annum if the customer has not held any deposit or savings accounts in the past six months as of the date of opening the savings account.

Customers who open the savings account will receive a coupon for a 100,000 KRW discount on the Hyundai Motor contract deposit. This coupon can be issued via the dedicated Hyundai Motor page in the coupon box within the “Shinhan SOL Bank” app. It can be applied when paying the remaining balance for vehicle purchases at Hyundai Motor branches and dealerships.

A Shinhan Bank representative stated, “Through our collaboration with Hyundai Motor, we have prepared this product to provide tangible benefits throughout the entire customer experience, from contract to vehicle delivery,” adding, “We will continue to create differentiated customer value through collaborations with various industries.”