Korea Securities Finance said on the 31st that it launched a demand deposits product called "Jeunggeum Maeilmoa Account." The product reflects rising demand for flexible high-yield savings accounts that let customers park short-term spare funds and earn interest.
The Jeunggeum Maeilmoa Account applies a flat annual rate of 2.96% (pre-tax) with no separate preferential conditions. Interest accrues daily on a daily compounding basis during the deposit period. Under the Depositor Protection Act, principal plus accrued interest is protected by the Korea Deposit Insurance Corporation (KDIC) up to a maximum of 100 million won per person.
Non-face-to-face account opening via mobile is also available. Transfer fees are fully waived. Customers can subscribe to the product through the Korea Securities Finance mobile application (app) "Securities Finance Banking+."
Alongside the launch, the company is running a customer-participation rewards program called "Walk Plus." Customers who open a Jeunggeum Maeilmoa Account and maintain a balance of at least 50,000 won are eligible. The event runs from today through Feb. 28 next year.
In the Walk Plus walking event, users who reach 8,000 steps a day and then tap the "Receive" button in the app are awarded 100 points. Accumulated points can be converted to cash for use.
A Korea Securities Finance official said, "The 'Jeunggeum Maeilmoa Account' is a mobile-only deposit product designed to help customers manage spare funds easily and conveniently," adding, "We will continue to expand a variety of financial services that can enhance the convenience of financial consumers."