Woori Bank said on Tuesday it has launched the Samsung Card Woori savings product, offering an interest rate of up to 10 percent a year.

The Samsung Card Woori savings product is a 12-month flexible savings plan that allows one account per person. Customers can deposit up to 500,000 won per month. The base rate is 2.5 percent a year, and a top rate of 10 percent applies with up to 7.5 percentage points in preferential rates. The product is limited to 20,000 accounts on a first-come, first-served basis.

Preferential rates vary depending on a customer's card usage history. New Samsung Card subscribers receive an additional 2 percentage points a year if their cumulative spending is at least 6 million won but less than 9 million won, and 4 percentage points a year if it is 9 million won or more.

Existing users can receive an additional 2 percentage points a year if cumulative spending is at least 10 million won but less than 15 million won, and 4 percentage points a year if it is 15 million won or more. The performance calculation period runs from the beginning of the month the savings account is opened through the month before maturity.

In addition, an extra preferential rate of up to 3.5 percentage points a year applies, including 2.5 percentage points a year for customers who set up automatic transfer of card payments to a Woori Bank account and make at least 6 withdrawals per month, and 1.0 percentage point a year for customers who have not held Woori Bank savings or time-deposit products in the previous 6 months.

Young Lee (이영), head of Woori Bank's Retail Deposit Products Team, said, "We linked everyday spending to financial benefits." He added, "We plan to expand a range of partnership-based products and strengthen tangible benefits for customers."