SEOUL, Sept. 5 (Korea Bizwire) — Recently, commercial banks have been offering a series of “travel-themed” installment savings products.
Subscribing to related products has become popular as account holders can receive airline mileage or travel-related benefits along with basic interest at maturity.
On Wednesday, KEB Hana Bank unveiled its one-year installment savings product “My Trip,” which will work with KEB Hana Card Co., an affiliate of the financial group, and set aside airline mileage as a benefit.
If a subscriber uses Hana Card’s “Hana Trip Card” at least once, it will give a 1 percent basic interest rate per annum and add mileage for Asiana and Korean Air.
Although credit card companies have offered various services that return a certain percentage of their monthly usage to airline mileage, this is the first time that the service has been offered as interest for installment savings accounts.
“The savings is composed of mileage reserves and specialized products for overseas use by analyzing data from customers who have high demand for travel,” a Hana Card official said.
Meanwhile, Woori Bank launched “Woori Travel Savings 2,” which provides high interest rates and customized affiliated services for travelers.
The basic interest rate is 1.8 percent per annum, and in addition to the prime rate of up to 4.2 percentage points per annum, can be subject to a maximum rate of 6 percent per annum.
Alliance services such as Jeju Air ticket and Hotel.com reservation discount coupons will also be offered.
“The characteristic of this product is that it offers benefits from aviation, hotels, data roaming and duty-free partnership,” said an official at Woori Bank.
D. M. Park (firstname.lastname@example.org)