SC Bank offers 2% interest rate for savings by new customers

Standard Chartered Bank Korea said on Friday that it will offer an annual before-tax interest rate of 2 percent on savings for new bank customers subscribing to its My Signature Account. The promotional event will last through May 31.

My Signature Account, launched in July 2021, is a checking account that specializes in residual fund management. It has provided customers with high and stable interest rates since its release despite unstable market conditions, said bank officials.

Account holders whose bank transaction history amounts to at least 100 million won ($80,354) two months since placing their deposit are eligible for a maximum interest rate of 1.7 percent. An additional 0.3 percent is given to first-time bank customers, amounting to a total of 2 percent. This special interest rate only applies to a maximum of 1 billion won during a three-month period, said SC Bank Korea.

The bank also said that it will increase the interest rates of other deposit and savings products by 0.1 to 0.4 percent starting Monday. This follows the Bank of Korea’s decision on April 14 to increase key interest rates to 1.5 percent.

By Lee Seung-ku (seungku99@heraldcorp.com)