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Standard Chartered unveils high-interest ‘Hi Account’

Published: 29 Oct. 2024, 14:32

Standard Chartered Bank Korea has unveiled the “Hi Account,” a savings account with an annual interest rate of up to 4 percent. [STANDARDS CHARTERED BANK KOREA]

Standard Chartered Bank has launched the “Hi Account,” offering eligible customers a special annual interest rate of up to 4 percent with no limit on withdrawals and deposits.

The account’s name is intended to have a double meaning: A friendly “hi” to new customers from an account that offers them “high” interest. With a base rate of 0.1 percent, eligible users can get as much as 3.9 percentage points more as an additional preferential rate.

The preferential rate is contingent on meeting certain criteria. First-time customers who open a Hi Account within 31 days of registration are eligible for an additional 2.4 to 3.4 percentage points, depending on their daily balance. Valid for one year, this can be extended for another year if additional criteria are met. An extra 0.1 percentage point is added if the account is opened through an affiliate channel, and another 0.2 percentage points are added after consenting to marketing terms. A further 0.2 percentage point increase is given to clients who are priority level or higher.

To mark the introduction of the account, Standard Chartered is offering all first-time clients who open a Hi Account a special rate of up to 3.4 percent until the end of this year, regardless of their daily balance. This offer is limited, so customers are advised to take advantage of it quickly. Starting January 1, 2025, the differentiated special interest rate for first-time customers will apply to the final balance each day. The rate starts at 2.4 percent if the account has under 100 million won ($72,300), 2.9 percent for accounts between 100 million won and 300 million won, and 3.4 percent for over 300 million won.

Hi Account holders are also exempt from various fees, including internet and mobile banking transfer fees, after-hour withdrawal fees at Standard Chartered Korea ATMs, withdrawal fees at other banks’ ATMs including after-hours and on holidays, fees for transferring to other banks through Standard Chartered ATMs up to 10 times a month, and automatic fees for transferring to another bank.

Standard Chartered also unveiled a digital advertisement to promote the new account with a Fake Out of Home ad using CGI to depict money showering down on the bank’s headquarters as the Hi Account is explained. The video is available on the bank’s official social media channels.

“Without limiting cash transactions, the Hi Account offers the highest interest benefits in the industry as well as various fee exemptions,” said Park Jong-gwan, head of the Mortgage Loans & Savings Department, adding that “the account is a perfect match for those looking for a savings account to deposit surplus assets in.”
More information can be found on the bank’s website, www.sc.co.kr, or by contacting the customer service center at 1588-1599.

BY KIM YEONSOO [[email protected]]

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