Monetary easing in South Korea has lasted for over a year, with the country’s central bank keeping a record low rate of 1.25 percent for 13 months as of July.
Amid uncertainties surrounding the rate, Standard Chartered Bank Korea, the local unit of the London-based banking group, has been holding an event rewarding customers with benefits from checking account interest rates, the bank said Thursday.
Actor Yoon Kyun-sang poses with a card promoting Standard Chartered Bank Korea’s My Plus Account special interest rate event. (SC Bank Korea)
The move was partly to provide new customers who open checking accounts dubbed My Plus Account with up to 1.5 percent interest rates this year.
Those who create a My Plus Account from Feb. 13 to July 31 and deposit over 10 million won ($8,900) are provided with an interest rate of 1.3 percent in the first month. The interest rate rises to 1.4 percent in the second month and 1.5 percent in the third. It returns to 1.3 percent from the fourth month.
For those depositing between 3 million won and 10 million won, the interest rate rises to 1.1 percent in the third month, the company said.
“The event allows users to enjoy cash liquidity and a high interest rate at the same time,” said a bank official.
My Plus Account was created in May 2015 and has drawn some 4.5 trillion won in deposits.
By Son Ji-hyoung (email@example.com