[Sponsored Report] SC benefits customers with new Plus account

In times of low interest rates, Standard Chartered’s My Plus Savings Account offers bigger benefits for clients. Provided by the company

Standard Chartered Bank Korea, the local branch of the international banking group, introduced a new savings product last Friday.

My Plus Savings Account allows clients to make deposits or withdrawals at any point, and also offers a high interest rate.

In fact, the rate differs depending on the average daily balance of an account, increasing proportionately with the deposited amount.

If the balance is under 3 million won ($2,700), the annual interest rate is set to 0.1 percent.

If the average balance falls between 3 million won and 10 million won, the interest rate increases to 0.7 percent. In addition, if the average daily balance for the month is equal to or greater than that of the previous month, a 1.2 percent rate is offered.

If the balance exceeds 10 million won, the interest rate is fixed at 1.2 percent - unless it is equal to or greater than that of the previous month, in which case the rate is raised even higher, to 1.7 percent.

Another benefit of the My Plus Savings Account is the way in which those rates are calculated. Interest rates are not dictated by the length of time that money has been parked in an account, allowing even short-term clients to benefit equally.

Officials at Standard Chartered emphasize that the product will satisfy the wants and needs amid present market conditions.

“Currently, most Korean banks are offering interest rates around the 1.5 percent mark,” said Kim Yong-nam, the head of the bank’s depository product department.

“However, our maximum rate of 1.7 percent is one of the highest in the financial industry,”

More information about the new savings product can be found at www.standardchartered.co.kr or through the bank’s customer contact center at 1588-1599.

BY BAE JA-HYUNG [bae.jahyung@joongang.co.kr]