Hana Financial Group announced on April 4 that it will promote so-called Multi-Child Preferential Win-Win Financial Services to overcome the nation’s declining birthrate, launching new financial products for multi-child families and providing various financial benefits, such as lower loan interest rates.
The “Multi-Child Preferential Win-Win Finance” is the first program of the “HANA Life Journey Project,” which aims to create a win-win environment for marriage and childbirth through general support measures, covering life journeys, from marriage to pregnancy and childbirth, work and childcare, housing stability, and care for senior citizens in order to address ultra-low birthrate and aging population problems.
In April, Hana Bank will launch a new financial product, “Hana Child Savings,” for parents raising or planning to raise two or more children, and will make a cut in a multi-child household loan interest rate reduction to support stable housing conditions for multi-child families.
Hana Child Savings is a one-year savings account that can be subscribed to at branches.
The Hana OneQ App, a smartphone application in amounts of 10,000 to 300,000 won with a base interest rate of 2.0 percent, plus a preferential interest rate of up to 4.0 percentage points through the receipt of childcare allowances, 1.0 percentage points per year for families with two children under the age of 19, and 2.0 percentage points per year for families with three or more children, resulting in a maximum interest rate of 8.0 percent per year as of April 2023.
Hana Financial Group said on April 4 that it will promote so-called Multi-Child Preferential Win-Win Financial Services to overcome the nation’s declining birthrate, launching new financial products for multi-child families and providing various financial benefits.
In addition, Hana Bank will reduce interest rates on loans for multi-child families who receive or extend mortgages and house lease loans.
For residential-related loans, excluding some products such as contract loans, Hana Bank will offer an interest rate cut of 0.2 percent for customers with home areas of 85 square meters or smaller and two minor children under the age of 19, and an interest rate cut of 0.4 percent for customers with three or more children regardless of home areas.
Hana Card will launch new card products in connection with fertility and childbirth support. To ease financial and psychological burdens on people with regard to infertility treatment, Hana Card plans to offer a discount of up to 10 percent of the payment amount (10,000 to 15,000 won discount for each type of business, up to 100,000 won discounts in total) when using affiliated travel services and leisure-related merchants to help them achieve psychological stability and relieve stress.
In addition, Hana Financial Group will steadily develop and provide customers with discounts on preparations for childbirth and furniture and interior services needed childbirth and services related to healthcare and medical checkups, in its new card products.
Beyond simply providing financial benefits, Hana Financial Group affiliates will take the lead in fulfilling their social roles by practicing “good finance.” First of all, Hana Bank will donate 10,000 won per child to support infertile couples if they agree to the Pledge to Protect the Future of Children offered to parents who signed up for Hana Child Savings Account on Hana OneQ App.
Hana Securities has also decided to donate a portion of its profits from the sale of ESG funds. The donations will be used to fund programs to address the nation’s declining birthrate.
There are currently 34 ESG-related funds that are eligible for donations. These funds are ESG-certified by Hana Securities and will be introduced to customers through Hana Securities’ branches as funds that include ESG in their names or are invested in areas related to ESG.
“Korea’s declining birthrate is a social issue that finance must address together, and it is one of the key agendas in which finance must take the lead,” said Ham Young-joo, chairman of Hana Financial Group.
“Just as Hana Financial Group has taken the lead in various projects to overcome the declining birthrate, we will continue to do everything in our power to provide customers with helps they need through customized product development and financial support that encompasses their entire life journeys.”
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