Standard Chartered Bank Korea said on the 24th it launched the "SC First Smart Box Account," a demand deposit product that automatically splits deposits in half and offers an interest rate of up to 5.% a year.
The product automatically divides the account balance every day and applies different interest rates to each portion. It offers a preferential rate of up to 5.0% a year when conditions are met. The Smart Box Account splits half of the deposit into the "Smart Box section" and the other half into the "Basic Box section," applying different rates to each section.
For the Smart Box section (minimum balance of 1 million won and total balance of at least 2 million won), an annual rate from 3.0% to as high as 5.0% applies when preferential conditions are met. The remaining half, the Basic Box section, earns a base rate of 0.3% a year.
The base preferential rate for the Smart Box section is 3.0% a year, with up to an additional 2.0 percentage points available. The additional preferential items are: ▲ first transaction customers of Standard Chartered Bank Korea (1.0 percentage point), ▲ when the Smart Box section balance is at least 100 million won (0.5 percentage point), ▲ marketing consent (0.2 percentage point), and ▲ payroll transfer registration (0.3 percentage point).
For example, if a customer making a first transaction with Standard Chartered Bank Korea deposits 200 million won into the Smart Box Account, half of the balance, 100 million won, is classified as the Smart Box section and can earn a maximum rate of 5.0% a year. The remaining half, 100 million won in the Basic Box section, receives a base rate of 0.3% a year. The Smart Box section accrues interest with daily compounding, and the Basic Box section with monthly compounding. Interest is summed as of the end of each month and deposited on the first business day of the following month.
Standard Chartered Bank Korea is holding an event to mark the launch of the Smart Box Account through Dec. 31. Customers who sign up for the Smart Box Account through the mobile banking application (app) and maintain an account balance of at least 10 million won from the sign-up date through Jan. 30, 2026, will all receive a Starbucks coffee coupon.