OK Savings Bank, an affiliate of OK Financial Group, launched the OK Living Expense Account and OK Early Bird Savings for new customers, it said on Monday.

The OK Living Expense Account is a demand deposit product that pays interest even after one day of deposit. Preferential interest rates apply if customers register automatic payments such as insurance premiums, telecommunications bills, card payments and utility charges.

The base rate applies by deposit bracket: 2.2 percent a year for 3 million won or less, 1.8 percent for more than 3 million won to 8 million won, 1.4 percent for more than 8 million won to 40 million won, and 1.1 percent for more than 40 million won to 100 million won.

If an automatic payment account is registered, an additional preferential rate of 0.5 percentage points applies per item. Up to 2 items are recognised, allowing a maximum preferential benefit of 1 percentage point a year. If conditions are met, the rate can be as high as 3.2 percent a year.

The OK Living Expense Account is open to individual customers who do not hold OK Savings Bank demand deposits. There is no limit on the subscription amount.

OK Savings Bank also launched the OK Early Bird Savings, a participatory product linked to use of its mobile app.

The OK Early Bird Savings has a base rate of 2 percent a year. A preferential rate of 3 percentage points a year is added if customers agree to marketing. An additional preferential rate of up to 21 percentage points a year is added if they complete a morning app login mission, applying a maximum rate of 26 percent a year.

Early bird login involves accessing the OK Savings Bank mobile app from 5 a.m. to before 9 a.m. Korea Standard Time. A preferential rate of 7 percentage points a year is provided for each 10 consecutive days achieved, applied up to 3 times.

Customers can pay 10,000 won per day for 30 days under the product. It is available to customers who have not held OK Savings Bank free-withdrawal deposits in the past year.

An OK Savings Bank official said the products reflect customers' daily financial activity and mobile usage patterns, and that the bank would continue to expand products focused on tangible benefits.