Woori Bank said on the 27th it launched the WonderLife pension account for customers who receive pension transfers.

The product offers up to 3.1 percent interest when a pension is deposited and waives various fees. The base rate is 0.1 percent. Customers with pension transfer activity receive an additional 2.0 percentage points. New pension customers with no transfer record in the previous half-year receive another 1.0 percentage point, bringing the maximum rate to 3.1 percent. The preferential rate applies up to a limit of 2 million won.

Pension transfer performance includes the four major public pensions, veterans’ pensions and basic pensions, as well as Woori Bank’s housing pension loans, pension trusts and pension funds. Other pensions also qualify if the deposit record contains the words “pension” or “insurance” and each deposit is at least 200,000 won.

Pension-transfer customers receive unlimited exemptions on withdrawal and transfer fees from the account. Subscriptions are available at Woori Bank branches and through Woori WON Banking.

Lee Young, deputy head of Woori Bank’s personal product marketing department, said the product strengthens interest and fee benefits that pension recipients can feel in practice, and said the bank will continue to expand customised products for customers across all life stages, including senior customers.