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

Standard Chartered Bank Korea has introduced an innovative deposit product that allows customers to earn their post-tax earnings in the form of Korean Air miles, marking the first of its kind in the country, the bank announced on Friday. The account can be held for either six or twelve months, offering annual interest rates of 3.15 percent and 3.55 percent respectively. Those who deposit a minimum of 100 million won ($70,600) or hold a private banking status can earn an extra 0.1 percentage point.

As part of the launch promotion, customers who open the account by October 31 will receive bonus miles, with the amount ranging from 5,000 miles for smaller deposits to 10,000 miles for first-time customers who also sign up for the bank's investment product. Furthermore, three customers who deposit at least 100 million won will be chosen to receive round-trip Korean Air tickets, either in prestige class to Phuket or economy class to Guam.

This offering is part of a strategic partnership between Standard Chartered Bank Korea and Korean Air, aiming to integrate financial services with travel benefits.