Standard Chartered Bank Korea said Tuesday that it launched a new savings account offering eligible customers a special annual interest rate of up to 4 percent.

The name of the product, Hi account, reflects both a greeting to new customers and the promise of a high interest rate. The account adds a maximum of 3.9 percentage points to the base rate of 0.1 percent.

For up to one year from the account opening, new SC Bank customers can get an additional interest rate ranging from 2.4 to 3.4 percentage points, depending on their daily balance. Until the end of this year, SC Bank will guarantee an interest rate of 3.5 percent to all first-time customers regardless of balance.

SC Bank offers customers a bonus interest rate of 0.1 percentage points for opening an account through its affiliate channels and 0.2 percentage points for agreeing to receive promotional messages or obtaining Priority or higher rank.

The Hi Account waives various fees, such as online transfers and ATM withdrawals. Even when using other banks’ ATM services, its customers can enjoy fee-free withdrawals and ten fee-free transfers a month.

“By introducing a new bank account, we will satisfy our customers with the best interest rate and fee exemption. This will be an unrivaled option for customers seeking a savings account,” said a bank official.