SC Bank talks financial intelligence with ‘First Smart Box Savings Account’
Published: 29 Oct. 2025, 18:02
![The launch of SC First Bank Smart Box Savings Account [SC BANK]](https://koreajoongangdaily.joins.com/data/photo/2025/10/29/dcf8b3d9-c7a7-4491-9a80-eae912e9f4ad.jpg)
The launch of SC First Bank Smart Box Savings Account [SC BANK]
SC Bank has launched the “SC First Smart Box Savings Account,” a new product that automatically splits deposits in half and offers an interest rate of up to 5 percent per annum before tax.
The Smart Box Account, which hit the market on Oct. 15, splits the balance every day into “Smart Box” and “Basic Box” ranges with different interest rates.
The Smart Box portion, which has a minimum of 1 million won ($700), earns a preferential interest rate of 3 to 5 percent depending on conditions, while the Basic Box portion earns a standard interest rate of 0.3 percent.
The Smart Box rate starts at a base preferential rate of 3 percent, with bonus points up to 2 percent available: 1 additional percent is earned for new SC Bank customers, 0.5 percent for a Smart Box balance of at least 100 million won, 0.2 percent for agreeing to marketing communications and 0.3 percent for salary deposits.
The Smart Box portion uses a daily compound interest method that combines the principal and accrued interest daily to form the next day’s principal, with no maximum limit.
A deposit of 200 million won in the new product would split the funds evenly, with 100 million won eligible for up to 5 percent preferential interest in the Smart Box, while the other half would earn the standard 0.3 percent rate in the Basic Box.
For interest calculation and payment, the Smart Box portion applies daily compounding, while the Basic Box portion applies monthly compounding. The total monthly interest is credited to the account on the first business day of the following month.
However, if customers wish to withdraw accumulated interest mid-month, they can use the “Receive Interest Immediately” service up to twice a month via mobile banking, and allows customers to receive interest accumulated up to the application date.
SC Bank is celebrating the launch of the Smart Box Account with a cashback event. Customers who open a Smart Box Account via the SC Bank mobile app by Dec. 31 and maintain a balance of at least 10 million won from the account opening date until Jan. 30, 2026, will receive a Starbucks coffee coupon. Selected participants will also be entered into a cashback lottery to win up to 1 million won.
Jung Jae-won, head of Collateral Loans and Deposit Products at SC Bank, said, “The Smart Box Account is a flexible deposit product that automatically applies high interest rates to half of the daily balance, making it a rational choice for customers looking to manage their idle funds amid a highly volatile market.”
BY JANG HAYOON [[email protected]]
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with the Korea JoongAng Daily
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