SC Korea offers high interest rate promotion for May
![Standard Chartered Bank Korea’s special interest rate event for new customers will run until May 30. [SC KOREA]](https://koreajoongangdaily.joins.com/data/photo/2024/05/23/4241f32a-06ff-47e2-a255-4522428c7493.jpg)
Standard Chartered Bank Korea’s special interest rate event for new customers will run until May 30. [SC KOREA]
Standard Chartered Bank Korea (SC Korea) is offering special interest rates until May 30.
The promotion event offers new customers who open an MMDA (money market deposit account) with an amount equal to or greater than 30 million won ($22,000) and up to a maximum of 2 billion won at a branch, a special interest rate of up to 3.4 percent per annum before tax on the daily balance for up to 60 days from the account opening date.
An MMDA is a flexible checking account that pays compound interest based on the daily balance.
The more money the customer deposits, the higher the interest rate they can receive.
This makes it a preferred current account for high-net-worth individuals who wish to deposit and withdraw funds freely.
The basic contracted interest rates for this product are tiered based on the balance: 1 percent for balances of 100 million won or more, 0.6 percent for balances between 50 million won and 100 million won, 0.3 percent for balances between 30 million won and 50 million won and 0.1 percent for balances under 30 million won.
During this special interest rate promotion, new customers who open this account product with a deposit of 30 million won or more will receive up to 3.4 percent in interest.
However, if the deposit balance falls below 30 million won during the promotion period, a basic interest rate of 0.1 percent for the MMDA will apply.
The total deposit limit is 100 billion won, and once this limit is reached, the event will end early.
If the 60th day from the account opening date falls on a holiday, the interest rate will be applied until the previous business day.
Bae Soon-chang, head of the deposits department at SC Korea, said, "As economic and market volatility increases both domestically and internationally, customers with surplus funds or temporary floating funds face significant concerns. We hope that customers looking to manage their short-term funds can enjoy both the convenience of a checking account and the benefits of high interest rates."
BY JEONG SEONWU [jeong.seonwu@joongang.co.kr]
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with the Korea JoongAng Daily
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