Citibank Korea Inc. Promotes ‘College Fund,’ Tuition Savings Project for My Children

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2008-07-03 10:24

Seoul--(뉴스와이어)--Citibank Korea Inc. (CEO, Yung Ku Ha, www.citibank.co.kr) promotes ‘Citibank College Fund’ that helps parents save college tuition for their children for two months in July and August this year.

In this promotional event, Citibank Korea Inc. (CKI) recommends 8 types of ‘Citibank’s College Fund’ series that invest in the markets with high growth potential and offers the following incentives.

▶ CKI will provide the bank’s co-marketing services at free of charge to include English proficiency evaluation test as well as iBT TOEFL exam for the clients’ children when the monthly installment to the fund account is 100,000 Korean Won (KRW).

▶ During the promotion, all of the sign-up clients will receive a gift selected for the taste of children’s age brackets. The gifts are English fairy tale music, planners for children, alarms for children’s self-defense, T-money cards, coupons to download music for MP3, etc.

▶ The clients who complete at least 3 month installment deposits via automatic account transfer will be eligible for more generous gifts by scratching the given lottery ticket at the spot. The gifts are: MP3 players, Coupons for regular delivery of organic vegetables, Electronic dictionaries for children, Desk lamps for study, Complete collections for preschool study, and more.

Now that we hear the preparation for the entrance exam to enter the special purpose high school has to begin from elementary schooling, when do parents have to start to save for their children’s college tuition? CKI estimates that the total tuition needed for 4 year study in a private college in Korea will be about 47 million KRW if a child is 10 years old now and will be a freshman in 10 years. For a private college in the United States, the estimated tuition is about 235 million KRW in average and it would be 190 million KRW to go to a private college in the U.K. The estimation is computed by applying the expected annual inflation rate of 5% based on the current level of tuition cost as of 2008. With the annual tuition for a domestic college now reaching close to 10 million KRW while overseas study is also continue to increase, the parents’ burden comes to be real and gets bigger to prepare for the children’s college tuition.

An official staff of CKI recommends that it is desirable to go with an investment strategy in funds rather than choosing a savings account to be prepared for children’s tuition when considering the low deposit interest rates and a steep rise in inflationary rate. It is also recommended that, first, the parents have to estimate and calculate the tuition cost needed for their children to enter the school in their minds and the subsequently required amount of monthly installment savings, then continue a steady investment in a type of fund account that has a long-term high growth potential. The staff also adds another meaning to this promotional event that if children also takes a part of the investment process with their own savings from the received new-year gift money and errand money, it will give an opportunity for them to learn and build an economic sense and a good saving habit.

웹사이트: http://www.citibank.co.kr