Interest Plus Coupons and Points... Should You Sign Up for a 'Partnership Deposit Account'? [Practical Financial Management]

Parking Accounts Gain Attention Amid Market Volatility
Withdraw Funds Anytime While Earning Interest Benefits

"Collaboration Accounts" Offer Top Interest Rates Tailored to Lifestyle Habits

Additional Rewards Include Olive Young Coupons

As market volatility increases and further interest rate hikes are expected, 'parking deposit accounts' have come into the spotlight as a short-term financial management tool. These accounts allow you to access your funds at any time without locking your money in fixed deposits or savings accounts, and you can enjoy interest benefits even if you park your money for just a short period—hence the nickname.

In particular, unlike traditional parking deposit accounts, banks are drawing consumer attention with 'partnership deposit accounts' introduced in collaboration with distribution and big tech platforms. By signing up for a partnership deposit account, customers can receive the highest interest rates based on their lifestyle, along with additional benefits such as coupons and reward points. These accounts are also closely linked to everyday transactions, like payments, which is another advantage.

Woori Bank, which is strategically pursuing external partnerships to expand its customer base, has launched the 'Npay Money Woori Deposit Account' in collaboration with Naver Pay. The basic annual interest rate is 0.1%, but if you connect to the Npay Money account service, you receive a preferential rate of 2.9 percentage points per year for one year after registration. If you sign up by August 19, an additional promotional interest rate of 1.0 percentage point per year is provided, making the maximum total rate 4.0% per year. In addition, by using the Npay Money Woori Deposit Account to make Naver Pay Money online payments, you can accrue up to 3% rewards by combining basic accumulation, money payments, and additional account rewards. Naver Plus Membership holders can accrue up to 7% in rewards.

Another noteworthy product is the 'Samsung Wallet Money Woori Deposit Account,' introduced by Samsung Electronics and Woori Bank for Samsung Wallet users. Connecting this account to the Samsung Wallet Money service offers a basic interest rate of 0.1% per year for balances up to KRW 2 million, plus a preferential rate of 2.4 percentage points. If you register and maintain the connection until December 31 this year, an additional promotional rate of 1.0 percentage point per year applies. Until September 30, if you use a Woori Bank account to top up or pay with Samsung Wallet Money via the Naver Plus Store, you can accrue an extra 1.5% in rewards. New customers for the Samsung Wallet Money Woori Deposit Account can receive an additional 8% in rewards and 10,000 Samsung Wallet points with an account top-up.

KB Kookmin Bank teamed up with GS Retail to launch the 'KB GS Pay Deposit Account' in January this year. This product gives rewards based on GS Pay account-to-account payment activity. The maximum interest rate is 2.0% per year, applied for balances of up to KRW 3 million. Using this account for GS Pay payments on the GS Retail platform 'Woori Neighborhood GS' app earns you one stamp per transaction of at least KRW 5,000. When you accumulate 2, 4, or 6 stamps, you qualify for a lucky draw event at each stage. Winners receive GS25 product vouchers.

The 'SSG Money KB Deposit Account,' jointly developed by SSG.COM and KB Kookmin Bank, boasts an attractive rate of up to 4.0% per year, with the preferential rate applied to balances up to KRW 2 million. When registered with SSG Pay, it is automatically linked as a payment method ('SSG KB Money'), allowing direct payments without the need for additional top-ups. Paying via SSG KB Money also provides an extra 2% reward benefit.

Shinhan Bank has been offering the 'Olive Young SOL Deposit Account' in partnership with Olive Young since April. The basic annual interest rate is 0.10%, with a maximum preferential rate of 4.40%, resulting in a highest possible rate of 4.50% per year. The preferential rate applies only to amounts up to KRW 2 million. New applicants receive a KRW 10,000 Olive Young mobile gift certificate at registration. Additionally, customers who make monthly Olive Young purchases of at least KRW 5,000 with the account and agree to receive Shinhan Bank marketing messages can receive a KRW 5,000 mobile gift certificate up to 12 times a year. Upon collecting three KRW 5,000 gift certificates, another KRW 10,000 Olive Young coupon is issued up to four times per year.

The 'Shinhan Ddaenggyeoyo Pay Deposit Account,' which can be used on the food delivery app Ddaenggyeoyo, offers a basic rate of 0.10% per year and a maximum rate of 2.50% per year. By linking to Ddaenggyeoyo Pay and making at least one order per month, you qualify for preferential rates. Signing up by the end of this year entitles you to six KRW 2,000 coupons.

Hana Bank has introduced the 'Danggeun Money Hana Deposit Account' in partnership with Danggeun. This product protects your prepaid balance under the depositor protection system. Danggeun Pay users are eligible for a preferential rate of up to 3% per annum on balances up to KRW 3 million. This allows users to accrue interest while participating in secondhand transactions in their neighborhood. Accrued interest can also be used when making purchases of secondhand goods. First-time account openers receive KRW 5,000 immediately.

Hana Bank is also offering the 'Naver Pay Money Hana Deposit Account.' The first round of sales in 2022, conducted under designation as a financial innovation service by the Financial Services Commission, sold out 500,000 accounts. After receiving an additional quota approval for 1 million accounts, the product has been relaunched. A maximum annual interest rate of 4.0% applies to balances up to KRW 2 million. Payments made with the Naver Pay Money Hana Deposit Account can earn up to 2.8% in rewards. Customers who pay KRW 300,000 per month for one year can earn a total of up to KRW 100,800 in annual rewards.

Internet-only banks are also actively offering partnership deposit accounts. K Bank plans to launch the 'Musinsa Money K Bank Deposit Account' in collaboration with Musinsa later this year.

An official from one commercial bank explained, "Many banks continue to roll out products combining promotional interest rates and extra benefits in order to expand their customer base. For financial consumers, the advantage is that you earn interest on deposited money and can also earn lifestyle coupons or reward points, all of which continue to drive growing interest in partnership deposit accounts."

This content was produced with the assistance of AI translation services.