The account automatically splits the daily balance in half and applies different rates to the Smart Box portion and the Basic Box portion.
On the Smart Box portion — half of the balance — customers can earn a preferential rate of 3.0% to 5.0% depending on conditions. The remaining half, the Basic Box portion, earns a base rate of 0.3%.
The Smart Box portion starts with a 3.0% preferential rate, with additional boosts of 1.0 percentage point for first-time SC First Bank customers, 0.5 point for a Smart Box balance of at least 100 million won, 0.2 point for marketing consent and 0.3 point for payroll deposits.
Interest on the Smart Box portion is compounded daily, with principal and accrued interest added each day and treated as the next day’s principal. To receive the Smart Box rate, the Smart Box portion must be at least 1 million won; there is no maximum limit.
For example, a first-time customer who deposits 200 million won would be eligible for up to 5.0% on the Smart Box portion of 100 million won, depending on conditions, while the remaining 100 million won in the Basic Box portion would earn 0.3%.
“Smart Box Account is a demand deposit product that automatically manages half of the daily balance at a higher rate,” said Jeong Jae-won, head of SC First Bank’s secured lending and deposit products division. He said it could be “a reasonable choice” for customers looking to manage spare cash in a volatile market.
* This article has been translated by AI.
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