Shinhan Bank launches product targeted at younger generations with amazing offers

Shinhan Bank has launched the ‘Gen MZ Co Len Installment account’ targeted at younger generations with amazing offers. — Photo courtesy of the bank

Shinhan Bank has launched the ‘Gen MZ Co Len Installment account’ with deposit interest rates of up to 10 per cent and many other outstanding offers to enable young people to conveniently and successfully achieve financial goals in the future by providing favourable interest rates on mortgages and car loans and excellent foreign exchange rates for overseas education or travel.

Gen MZ Co Len Installment is designed especially for the millennial and zoomer customer segments born between the early 1980s and early 2010s.

It is built on the SOL Mobile Banking platform and customers can use the SOL Mobile Banking app to open an account without having to visit the counters.

The account requires a fixed monthly deposit amount of between VND500,000 (US$21.27) and VND5 million. Customers can deposit for 12, 24 or 36 months with a basic interest rate of 6.5 per cent and favour interest rate of up to 3.5 per cent.

Those who were born in 1980 and later will get an extra 0.4 per cent interest. Existing and new customers who get their salaries through Shinhan Bank accounts will respectively get 0.5 per cent and 1 per cent on top.

Customers who register for Shinhan packages which bring optimal benefits when making demand deposits, using debit/ATM cards and digital banking services or opening securities trading accounts at Shinhan Securities Vietnam will get another 0.3 per cent.

Customers who successfully introduce their friends or relatives to open a ‘Gen MZ Co Len Installment’ can expect to get 0.4 per cent for successfully introducing one person, 0.9 per cent in case of two and 1.5 per cent in case of three.

Kang GewWon, CEO of Shinhan Bank Vietnam, said, "As we enter the digital era, Gen MZ no longer takes the time to personally complete transactions at the counters. Instead, they have started using digital banking tools to manage their finances. Furthermore, Generation MZ employs financial technology to increase their money by making online deposits in accordance with the accumulation strategy.

“Shinhan Bank's introduction of the ‘Gen MZ Co Len Installment’ is seen as a valuable support tool for the Millennial and Zoomer customer groups’ desire to accumulate and achieve their financial ambitions.” — VNS