SC Bank Korea launches country's 1st deposit offering interest in airline miles

Standard Chartered Bank Korea has introduced its first deposit product in the country, allowing customers to earn their after-tax interest in the form of Korean Air miles. This innovative offering, unveiled on Friday, marks the first time a commercial bank in Korea has linked financial services with travel rewards. The product can be held for either a six or twelve-month term, with annual interest rates of 3.15 percent and 3.55 percent, respectively.

Those who make a deposit of at least 100 million won ($70,600) or hold a private banking customer status or higher will receive an additional 0.1 percentage point on their interest rate.

To entice new customers, the bank is providing up to 5,000 bonus miles for anyone who opens the account by October 31, depending on the amount deposited. Furthermore, ten first-time customers who also sign up for the bank's investment product will each receive an additional 10,000 miles, while three customers who deposit at least 100 million won will be chosen to receive round-trip Korean Air tickets, with either Prestige class to Phuket or Economy class to Guam.

This product is part of a strategic partnership between Standard Chartered Bank Korea and Korean Air, aimed at creating a seamless connection between financial services and travel.