SC Bank Korea, the Korean subsidiary of British banking giant Standard Chartered, has launched a new money market deposit account, offering a relatively high interest rate opportunity to customers, officials said Wednesday.

The bank has launched My Run Savings Account, a new kind of compound account that combines the convenience of a checking account and the profitability of a fixed deposit. The account offers an annual interest rate ranging from 0.1 percent to 2.1 percent maximum, depending on the deposit period, within six months.
 

While users may deposit and withdraw without restriction within the given period, the interest rate would change in a step-up structure -- meaning the rate is to increase in proportion of the deposit period.

The initial interest rate of 0.1 percent is to inch up every thirty days from the deposit -- to 1.05 percent, 1.3 percent, 1.55 percent, 1.8 percent and eventually to 2.1 percent in the 151-180 day period -- officials explained.

On the 181st day from the deposit, the account is to be converted into My Simple Account, a money market deposit account that offers a fixed annual interest rate of 1.1 percent for account balances that exceed 3 million won ($2,700).

My Run Savings Account products will be on sale until Dec. 31 this year and the promotion may be terminated prematurely, officials said.

“My Run Savings Account is suited for customers who need a stable investment channel for their surplus funds amid volatile economic situations,” said an official from the bank.

(khnews@heraldcorp.com)