Woori Bank has introduced a savings product that offers preferential interest rates depending on the performance of South Korea's national team competing at the Aichi-Nagoya Asian Games and on customers' participation in cheering.

Woori Bank said on Saturday it has launched the "Woori Team Korea Savings Plan 2". Woori Financial Group is the official sponsor of South Korea's national team, Team Korea, and has rolled out its second linked financial product following one tied to the Milan Cortina d'Ampezzo Winter Olympics earlier this year.

The product is a 12-month flexible installment savings plan that allows monthly deposits of up to 300,000 won. The base interest rate is 3.0 percent a year. If customers meet preferential conditions, they can earn up to an additional 4.5 percentage points, bringing the maximum annual rate to 7.5 percent.

Customers can receive a preferential rate by posting at least 1 comment on the cheering message board. The interest rate rises in steps each time total cheering comments reach 100,000, 200,000, 300,000 and 400,000, applying up to 1.0 percentage point a year.

If South Korea finishes first overall at the Asian Games, an additional 1.5 percentage points a year is added. Second place adds 1.0 percentage point a year and third adds 0.5 percentage point a year.

The bank also offers preferential rates for new customers. It applies 1.0 percentage point a year to customers who have not held Woori Bank deposits or savings products in the past 6 months, and 1.0 percentage point a year to customers who did not hold a Woori Bank account as of the end of the previous year.

A Woori Bank official said, "We prepared the product to cheer on the athletes' challenge together with customers," adding, "We hope it will serve as an opportunity to broaden interest in the national team."