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Standard Chartered offers up to 1.5% interest rate for new account subscribers

Models hold a promotional sign of SC Bank‘s My Signature Account. (SC Bank Korea)
Models hold a promotional sign of SC Bank‘s My Signature Account. (SC Bank Korea)
Standard Chartered Bank Korea said Thursday it plans to offer a before-tax interest rate of up to 1.5% per year on savings for those who subscribe to SC Bank‘s My Signature Account for the first time. The promotional event runs through Feb. 28.

My Signature Account, launched in July, is a checking account that offers “high yield” in connection to one's transaction performance. The account has been in the limelight for providing a stable yield amidst fluctuating interest rates, the bank said.

Account holders whose total balance exceeds 100 million won ($83,000) two months after they place their deposit can take advantage of a 1.2% interest rate. First-time customers of SC bank are given an additional 0.3 percent. This condition only applies to deposits of up to 1 billion won, and lasts a maximum of three months.

The bank will also draw lots from clients who meet the conditions for the high interest rate and whose balance exceeds 100 million won by the end of this March. The first place wins a 37.5-gram Gold Tiger Coin, while a 18.75-gram equivalent is awarded to the three second place winners. A Samsung Galaxy Z Flip3 will be presented to six third place winners, a Samsung Bespoke Qooker for 12 fourth place winners, and a 20,000 won Emart coupon for 2,000 fifth place winners.

“On top of the My Signature Account, we have a wide array of high-yield options with which clients can manage their spare money,“ said Bae Sun-chang, head of SC Bank Deposit and Savings department. ”Our options include the My Wealth Account which offers prime rate according to clients’ transactions and average savings, and the SC Cheil My Zoom Account where clients can set their own prime rate range.”

By Ahn Ju-hee (dianahn@heraldcorp.com)

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