Sh Suhyup Bank is teaming up with AmorePacific to roll out a lifestyle savings product that combines finance and K-beauty. The bank’s strategy is to secure younger customers by offering Amore Mall discount benefits and an interest rate of up to 4.3 percent a year to savings customers.

Sh Suhyup Bank said on May 19 it will launch in June a lifestyle savings product developed in collaboration with AmorePacific, titled "Sh Coupon Savings with Amore Mall."

The product is Suhyup Bank’s first savings product linked to the beauty industry. It provides sign-up customers with various benefits that can be used at Amore Mall, AmorePacific’s official online shopping site.

"Sh Coupon Savings with Amore Mall," a one-year product, provides benefits on four occasions depending on the subscription period. Upon signing up, customers receive a 5,000 won gift card. After three months, they receive a coupon for a Sulwhasoo gift. After six months, they receive a one-month free pass to Amore Mall Membership Plus, worth 3,900 won. At maturity, they receive an additional 5,000 won gift card.

The interest rate is up to 4.3 percent a year. The base rate is 3.5 percent a year. Preferential rates include 0.1 percentage points a year for consenting to marketing, 0.4 percentage points a year for first-time Suhyup Bank savings customers, and 0.3 percentage points a year for making at least six automatic transfers from a Suhyup Bank demand deposit account.

The product will be sold from June 1 to Sept. 30. The sales cap is 10,000 accounts, and the offering will end early if the limit is reached.

A Sh Suhyup Bank official said, "We have become able to provide Amore Mall benefits and high interest rates at the same time to customers with strong interest in K-beauty." The official added, "We will continue to expand embedded finance services that combine finance and lifestyle to strengthen customer touchpoints with new customers."