KB Kookmin Bank Launches 'KB B2B Preferred Account,' a Business Parking Account Offering 2.2% Annual Interest
Various transfer and ATM fees waived based on transaction activity
KB Kookmin Bank said on October 14 that it had launched the KB B2B Preferred Account, a business-only parking account designed to help companies manage funds effectively during business-to-business (B2B) transactions.
The account pays interest even when funds are deposited for just one day and is available to sole proprietors and corporate customers that have signed up for a B2B supply chain finance product with KB Kookmin Bank.
The base interest rate is 0.1% per year. Depending on transaction activity, customers can receive a preferential rate of up to 2.1 percentage points, for a maximum annual rate of 2.2%. The preferential rate applies to average balances of up to 1.5 billion won.
The preferential rates consist of a benefit for first-time customers and benefits based on account balances and primary banking activity. Customers who have never held a KB Kookmin Bank checking account will receive a preferential rate of 1.0 percentage point per year for six months after opening their first account.
Customers can also receive a preferential rate of up to 0.7 percentage points per year based on their average balance, and up to 0.4 percentage points per year based on salary transfers and KB Kookmin Card payment activity.
The account also offers waivers of financial transaction fees. Customers who meet at least one of the following conditions—KB Kookmin Card payment activity, salary transfers, or enrollment in KB sERP—will have fees for electronic fund transfers through internet banking and automated banking machine transactions waived without a limit on the number of transactions.
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A KB Kookmin Bank official said, "We developed this product to meet the cash management needs of business customers engaged in B2B transactions, reduce their financial costs, and facilitate the circulation of funds between businesses. We will continue to introduce differentiated financial products and services to support the growth of our business customers."
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