SC Bank Korea extends promotion to help boost children's savings

SC Bank Korea employees promote the lender’s Dream-Youth Deposit and First Household Installment Deposit accounts. (SC Bank Korea)

Standard Chartered Bank Korea will extend a special promotion aimed at helping young customers build a better savings habit for an extra month until end-May, the lender said Sunday.

The promotion, which was initially planned to run from March to April, offers 10,000 won ($8.95) to those aged 18 or under who open SC Bank Korea savings accounts if they meet certain conditions.

The customers would need to open a checking account, named Dream-Youth Deposit, and a savings account, called First Household Installment Deposit. They also need to set up an automatic transfer of 100,000 won or more per month from the checking account to the savings account.

If they keep their accounts for the next 12 months upon subscription, they will receive the cash award as well as chances to win prizes, including Apple iPads and AirPods. The promotion is scheduled to end May 31.

The interest rate for the savings account will vary, depending on how much customers keep in the savings account, and whether they meet the requirements.

For monthly savings ranging from 100,000 won to 500,000 won, the rate comes in at the lowest 0.1 percent, before tax. Those with 1 million won or more a month can enjoy the highest annual rate of 0.5 percent.

If parents open the bank accounts on behalf of their children, they must submit documents proving their family ties.

SC Bank Korea is a wholly owned subsidiary of the London-based banking giant Standard Chartered. The Korean unit was launched in 2005 upon the parent company’s acquisition of the Korea First Bank at the time.

By Jung Min-kyung (mkjung@heraldcorp.com)

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