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[Sponsored Report] KEB offers angelic rates for low-income families

Ha Ji-won models for KEB’s savings plan that is offered to low-income families.

Starting in December last year, Korea Exchange Bank started a community supporting savings project dubbed “KEB 1004 Share Savings,” the four-digit number is a homophone of the Korean word for angel.

The savings product provides an annual rate of 6.5 percent for low-income socially neglected classes.

Those qualifying for the savings product can now open the so-called 1004 Savings account and choose the saving period and the amount.

An important feature of KEB’s savings product is an additional 3 percent interest in returns for those who complete the contract term. The interest rates of the savings products by period as of Feb. 18 are offered for up to 5.5 percent for a one-year term, 6 percent for two and 6.5 percent for three years.

To accommodate for those who need the savings money for special circumstances like a death in the family before the saving period is up, the bank is intent on offering the same interest rate from the time of account opening rather than applying the cancelation interest rate, which is lower.