The National Credit Union Federation announced on the 24th the launch of a new product called "Moamoa Account," which allows for free deposits and withdrawals while enjoying high interest benefits.
The Moamoa Account offers a maximum annual interest rate of 5% (for amounts less than 500,000 won) to new customers without complicated preferential conditions. Additionally, it pays interest daily, allowing for the expectation of interest compounding.
The Moamoa Account applies differentiated interest rates based on the amount. A base interest rate of 4.0% is applicable for deposits of 500,000 won or less, and new customers receive an additional preferential rate of 1.0 percentage points, allowing them to benefit from a maximum interest rate of 5.0%.
Furthermore, this product is designed with a unique tiered interest rate structure, the first in the financial sector, allowing customers to enjoy greater interest benefits the more they deposit. For amounts over 500,000 won and up to 3 million won, an interest rate of 2.0% is offered; for amounts over 3 million won and up to 5 million won, the rate is 2.5%; and for amounts exceeding 5 million won, the interest rate is 1.0%.
The Moamoa Account is a non-face-to-face product optimized for managing personal and household living expenses. Anyone aged 17 or older can sign up through the credit union's mobile banking application (app) ON Bank and Lion Branch. Only one account can be opened per individual.
To celebrate the launch of the Moamoa Account, the credit union is holding a cash-back event of up to 10,000 won for new customers who join by the 27th of this month. The cash-back will be deposited into the Moamoa Account at the end of December, and detailed information regarding the event can be found on the credit union's official website and mobile banking.
Cho Yong-rok, head of the Financial Support Department at the National Credit Union Federation, said, "The Moamoa Account is designed to meet the convenience and demand for high interest benefits of the MZ generation," adding, "I expect that this product will provide practical help to the financial lives of credit union customers."