A new card-linked savings product offering rates as high as 10% a year has hit the market, adding to competition among financial firms rolling out cross-industry partnership products.
Woori Bank said Tuesday it launched the “Samsung Card Woori Savings,” which offers preferential rates of up to 10% annually depending on Samsung Card usage and other conditions.
The 12-month, flexible-deposit product is limited to one account per person, with monthly deposits capped at 500,000 won. The base rate is 2.5% a year, and customers can add up to 7.5 percentage points in preferential rates for a maximum of 10%.
The product is designed to link spending and saving by applying different preferential rates based on card payment volume, so higher card use can translate into a higher savings rate.
Preferential rates vary by whether the customer is a new Samsung Card member and by cumulative spending. New cardholders receive an additional 2 percentage points with cumulative spending of at least 6 million won but less than 9 million won, or 4 percentage points with spending of 9 million won or more.
Existing Samsung Card users receive an additional 2 percentage points with cumulative spending of at least 10 million won but less than 15 million won, or 4 percentage points with spending of 15 million won or more. In both cases, the spending-recognition period runs from the start of the month the savings account is opened through the month before maturity.
Customers can also earn an additional 2.5 percentage points if their card bill is debited from a Woori Bank account in their name and automatic transfers are withdrawn at least six times a month. Another 1.0 percentage point applies to customers who have not held Woori Bank deposits or savings products in the previous six months. The product will be sold on a first-come, first-served basis, limited to 20,000 accounts.
“This is a new type of savings product that connects customers’ everyday spending to financial benefits,” said Lee Young, head of Woori Bank’s retail deposit products team. “We will continue to expand innovative products that provide tangible benefits through a range of partnerships.”
* This article has been translated by AI.
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