The National Credit Union announced a new high-interest savings product offering an annual interest rate of up to 7.0% to support asset formation for financially vulnerable groups.
On November 3, the credit union revealed the launch of the 'Companion Love Savings Account,' aimed at assisting low-income individuals, including basic livelihood recipients and those in the near-poverty bracket.
This savings account is a socially responsible inclusive finance product designed to help financially vulnerable individuals save for significant expenses and achieve economic independence. It will be available for a limited 20,000 accounts.
The base interest rate is 3.3% and can increase by up to 3.7 percentage points, reaching a maximum of 7.0% under certain conditions. Customers can earn an additional 3.5 percentage points in bonus interest by making regular monthly contributions. If they register a credit union account for automatic transfers and make at least eight transfers, they will receive an extra 0.2 percentage points.
Eligible participants include basic livelihood recipients, near-poverty individuals, people with disabilities, youth preparing for independence, single-parent families, and recipients of work and child tax credits. The account has a 12-month term, allowing monthly contributions ranging from 50,000 won to a maximum of 200,000 won. Each individual can open only one account.
Starting today, the product can be accessed at credit union branches nationwide. Detailed enrollment conditions can be found on the credit union's website and at branch locations.
Shin Haeng-seok, head of the Savings Support Division at the National Credit Union, stated, "This product aims to enhance the savings motivation of financially vulnerable groups and establish a stable foundation for their independence. We will continue to expand inclusive finance products and services for these communities."
* This article has been translated by AI.
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