Shinhan Bank Launches 'Shinhan Savings 9 Steps' with Up to 9% Annual Interest Rate
Preferential Interest Rates for First-Time Installment Savings Customers
Limited to 200,000 Accounts Until the 30th of Next Month
Shinhan Bank is set to launch an installment savings product offering a maximum annual interest rate of 9.0%.
According to the financial industry on August 13, Shinhan Bank will release the "Shinhan Savings 9 Steps," a one-year maturity free installment savings account, on August 14.
This product offers preferential interest rates to customers opening their first installment savings account with Shinhan Bank and to Shinhan Card payment customers. Depositors can freely contribute up to 300,000 won per month.
The base interest rate is 3.0% per annum, while the maximum preferential rate is up to 6.0% per annum. Customers who have not held any Shinhan Bank deposit, installment savings, or housing subscription products in the six months prior to application receive a preferential rate of 5.0 percentage points per annum. Customers who have used their Shinhan Card (credit or debit) for at least three months are eligible for an additional 2.0 percentage points per annum. If a customer who has not held any Shinhan Bank deposit, installment savings, or housing subscription products in the previous six months enrolls with a deposit of 300,000 won by the 31st, they qualify for the full 6.0 percentage points preferential rate on top of the base, receiving the maximum annual interest rate of 9.0%.
Each individual can open only one account, and the product is limited to 200,000 accounts until the 30th of next month. Applications can be made at Shinhan Bank branches nationwide or through the "Shinhan Super SOL" app.
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A Shinhan Bank representative explained, "We developed this product with high interest benefits to help young people starting their careers and first-time savings customers establish a financial foundation and accumulate a substantial fund through steady saving."
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