[Digital Today reporter Ji-young Lee] Shinhan Bank said on Thursday it launched, together with Hyundai Motor, the "Han Dal Buteo Savings (Weekly) X Hyundai Motor" product offering interest benefits of up to 8.8 percent a year, limited to 10,000 accounts.

The product is a three-month flexible savings account that allows deposits of up to 100,000 won each week. It combines preferential interest rates and contract-deposit discount benefits for customers who sign a Hyundai vehicle contract. It applies a maximum annual interest rate of 8.8 percent, made up of a base annual rate of 1.8 percent plus preferential rates of up to 7.0 percent a year.

The preferential rates consist of 3.0 percentage points a year for signing a Hyundai vehicle contract, 2.0 percentage points a year for making at least 90 percent of scheduled instalment payments during the subscription period, 1.0 percentage point a year for designating a Shinhan Bank account as the payment account for Shinhan Card (credit), and 1.0 percentage point a year for not holding a savings or time deposit in the past six months as of the subscription date.

It also provides customers who subscribe to the savings product with a 100,000 won discount coupon for a Hyundai contract deposit that can be used when buying a Hyundai vehicle. The coupon can be applied at Hyundai branches and dealerships when paying the remaining balance for a vehicle purchase.

A Shinhan Bank official said, "Through collaboration with Hyundai Motor, we prepared this product to provide tangible benefits across the overall customer experience from vehicle contract to delivery," adding, "We will continue to create differentiated customer value through collaboration with various industries."