[Sponsored Report] KB’s varied savings plans meet multiple needs
Kookmin Bank recently launched its KB Pension Preferential Savings Account/ Installment Savings, looking to satisfy the needs of the baby-boom generation, which starts retiring. The goal is to fulfill the financial needs of clients who have retirement pensions with Kookmin Bank.
Anyone over 50-years-old who is receiving a pension or preparing to receive one can open a KB Pension Preferential Savings Account. This savings account has no restriction on deposit and withdrawal, and you can take care of all pensions with this account: public servant, private school, military, veterans, retirement and private pensions.
There will be a special 2 percent annual interest for seven days and if you have received a pension, salary or used a KB Card, you will be exempt from cash transfer fees for electronic transfers (Internet, mobile and phone banking), wire transfers at the window and nonoffice-hour fees at KB ATMs. And from when you first open the account until the 10th day of the next month, regardless of how much you’ve used the bank, you can receive fee exemptions for 20 transfers.
The KB Pension Preferential Installment Savings Account is open for anyone to join and the period gets automatically extended up to five years. You can deposit between 10,000 won to 3,000,000 won every month. The annual rate is 3.5 percent and 0.2 percentage point additional interest will be given when receiving pensions, adding up to 3.7 percent. If you redeposit the money after one year, you can receive a 0.1 percentage point additional rate for the period you are redepositing the money. And if your account was opened six months ago, money can be withdrawn at a base annual rate if there is a special need, such as going on overseas trip, hospitalization for more than 3 days, retirement, starting a new job or celebrating a 70th birthday, enabling the customer to structure an easy life with this special in-the-middle cancellation service.
KB has also introduced a monthly compound interest installment savings account that helps the young clients prepare sizeable money. This gives 5.0 percent annual interest (5.2 percent when taking into account the compound rate) to small-size deposits, reflecting the needs and interest of clients in their 20s and 30s. This compound monthly installment savings account is fit for those who have just started a new life.
Any individual from 18 to 38 years old can sign up and deposit between 10,000 won to 300,000 won each month for three years. The base annual rate is 4.5 percent. The special interest rate of 0.5 percentage point is made up of a first-time user special rate of 0.2 percentage point, a KB Star Banking 0.1 percentage point and a special interest addition of 0.2 percentage point.
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