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| Standard Chartered (SC) Bank Korea is offering special interest rates for those subscribing to "Jaeil EZ Account." Courtesy of SC Bank Korea |
By Yoon Ja-young
Standard Chartered (SC) Bank Korea has launched an event offering high-interest returns to new customers who subscribe to the "Jaeil EZ Account" through the end of May. The Seoul-based lender offers up to a 3.6 percent per annum interest rate on a pre-tax basis for the checking-account product even if account holders deposit funds for just a single day.
The event also offers prizes to those chosen by lottery from among customers who open the account and complete their event applications by May 31. As one entry is added for each 1 million won ($758) of a customer's account balance as of May 31, keeping larger amounts in deposit will increase the chances of winning a prize.
One first-place winner will receive a 1 million won Shinsegae gift certificate mobile exchange coupon, and 500,000 won in gift certificates will be given to each of the three second-place winners. The bank will also give 100,000 won in gift certificates to each of the 10 third-place winners and two Starbucks Americano coupons to the 100 fourth-place winners.
The Jaeil EZ Account basically guarantees a 2.6 percent interest rate. Plus, first-time customers can savor a bonus rate of 1 percentage point for six months from the date of opening the account. In addition, they will be exempted from various fees such as internet and mobile banking transfer fees and withdrawal fees for other automated devices outside business hours.
The bank also holds promotional events for its money market deposit account (MMDA) and foreign currency term deposits until the end of this month.
The MMDA event offers a special interest rate of 3 percent for up to 90 days from the date of subscription for first-time customers. The deposit balance should be somewhere between 30 million won and 2 billion won. The event will run until the total deposits reach 100 billion won. In the event that customers fail to keep a minimum balance of 30 million won during the period, the basic interest rate will be applied.
The MMDA's basic contracted interest rate is 1 percent for a balance of 100 million won or more; 0.6 percent for a balance between 50 million won and less than 100 million won; 0.3 percent for a balance between 30 million won and less than 50 million won; and 0.1 percent for the balance of less than 30 million won. Interest is compounded on the balance each day.
The foreign currency time deposit event presents Starbucks coupons according to the subscription amount of the first-time customers or the amount of increased funds compared to the previous month for the existing customers.
"After raising the basic interest rate of the Jaeil EZ Account to 2.6 percent last December, the product went viral as a high-interest rate account through which customers can freely deposit and withdraw money," an SC Bank Korea spokesman said, adding that its subscribers soared and deposit balance surpassed 1 trillion won recently.
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