Korean bank encourages fitness and weight loss

A bank in Korea has come up with an innovative way to encourage its customers to get fit and lose weight.

Since 2008, the country's Hana Bank, part of the Hana Financial Group, has offered a savings product known as S-Line - a term which describes an hourglass figure in Korea.

With S-Line, the more calories a customer burns, the higher interest rate the bank gives. If a customer loses more than 5% of their weight within a year, or holds a gym membership, the bank grants special rates.

The working-out-for-higher-interest savings account has fetched up 400 billion won $300 million) from nearly 50,000 customers since 2008.

For Park Keun-jun, who has wanted to get fit and save money for several years but fears burning a hole in his wallet by following his fitness resolution since many gym memberships in Seoul are expensive, Hana Bank's plans give him guarded hope.

"They sound very good," Park said, adding that he'd have to double check and make sure the plans helped him lose where he wants to.

In another scheme for smartphone users Korea's Kookmin Bank has an interesting savings application.

If their customers feel the need to spend, they click on an icon which transfers the cost of what they would have bought from their current to their savings account.