November 28, 2024

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SC Bank Korea's new MMDA account promotion, Jaeil EZ account (Standard Chartered Bank Korea)

Standard Chartered Bank Korea announced Tuesday it has launched a promotion for new clients signing up for its “Jaeil EZ account,” promising first-time customers interest rates of up to 3.6 percent per year, even to those who deposit their funds for a single day.

Jaeil EZ account is a high-interest money market demand account providing a basic daily interest rate of 2.6 percent. Newcomers can enjoy an additional 1 percent interest rate during the first six months without any additional conditions or restrictions on the amount.

“After we increased the basic interest rate of our EZ account to 2.6 percent, people have rushed to us. As a result, the total balance has topped 1 trillion won ($758 million),” said Bae Soon-chang, head of SC Korea's savings products department.

Fees for fund transfers through mobile banking services or ATM withdrawals will be waived for EZ account users.

SC Bank Korea will also hold a promotion for regular foreign currency deposits and for money market deposit accounts.

The company said its money market deposit account would pledge a 3 percent special interest rate for three months to new clients.

The savings amount for each individual to open an EZ account is between 30 million won and 2 billion won. The promotion will end when the total deposits of eligible customers reach 100 billion won.

“We will come up with a variety of products so that our customers can deposit their extra cash in convenient ways,” Bae added.

By Kim So-yeon (sera13@heraldcorp.com)