[Practical Finance] The Economics of 'Jjantech': Saving Modestly and Collecting Enjoyably

Application Savings, Motivational Products Popular
Saving Small Living Expenses Like Taxi Fares and Coffee Costs

[Asia Economy Reporter Kim Hyo-jin] Office worker Kim Dong-jin (39, male) was wondering how to manage the money piling up in his salary account without a plan when he discovered an interesting product. It is the "Smartphone Savings" offered by KB Kookmin Bank. This product, which offers an annual interest rate of up to 2.5%, is characterized not only by saving and growing money but also by making the process enjoyable through small savings. Kim said, "It feels like playing a game, so I keep checking it," adding, "It seems to be a useful product for office workers who are not familiar with finance and cannot dare to invest in grand investment products."

For office workers who cannot find suitable financial investment options due to the prolonged low-interest-rate environment and lack of financial knowledge, why not try "Jjantech" based on small daily savings like Kim? The Smartphone Savings Kim subscribed to can be used through the KB Kookmin Bank application (app).

When you open the app, small and cute icons such as a coffee cup, taxi, and soju bottle catch your eye. Each icon is priced from a few thousand to tens of thousands of won. Do you get savings points by clicking the icon and using the product? No. It suggests, "How about not doing this today and saving this amount instead?" For example, if you think "Let's save taxi fare today" and click the taxi icon, the amount assigned to it, i.e., 10,000 won, is automatically saved. Kim said, "It may seem childish, but once you save, you unconsciously suppress spending."

Shinhan Bank's "Solpyeonhan Jakshim 3-day Savings" is also worth noting. The name means to resolutely refuse impulse buying and save small amounts up to three times a week. It is also an app-based product, developed in collaboration with webtoon artist "Geurimwang Yangchigi," adding fun to saving and watching your money grow. The interest rate is up to 2.2% annually. The maturity is six months, so 26 cycles of "Jakshim 3-day" complete the term. If you like to save small amounts and then "coolly" spend on yourself once in a while, this product is recommended.

If you want to save on cigarette costs by quitting smoking, check out Hana Bank's "Quit Smoking Success Savings." You can save freely from 1,000 won to 10,000 won daily, and the subscription period is one year. It is the first product in the banking sector linked with the Ministry of Health and Welfare's "National Smoking Cessation Support Service," so it is evaluated to have more thorough customer management compared to other quit-smoking savings. The basic interest rate is 1.0% per year, with a preferential interest rate of 0.5% per year if you reply to quit-smoking encouragement messages or make more than 100 deposits via HAI Banking, and an additional special interest rate of 1.5% per year upon successful quit-smoking certification through health centers and smoking cessation support centers, providing a final interest rate of 3.0% annually.

To receive the preferential interest rate, you must apply for the National Smoking Cessation Support Service at a nearby health center's smoking cessation clinic or support center and receive counseling at least four times. After one year, when the maturity comes, you must also get a quit-smoking success certificate through a nicotine component test in your body to receive the highest interest rate. BNK Busan Bank also operates a "Cigarette Cost Savings" product. By selecting the name of the cigarette you usually smoke in the bank app, you can save up to 20,000 won per day. The idea is to cultivate a quit-smoking habit by opening the app and pressing the button whenever you crave a cigarette.

NH Nonghyup Bank's "All One Haebom Savings" is also good. It allows you to set goals such as quitting smoking, losing weight, or not drinking coffee, and the more you achieve these goals, the higher the preferential interest rate you receive. The fun of achieving step-by-step to get the highest interest rate follows. The interest rate is up to 2.25%. It offers up to 1.0% point preferential interest based on deposit performance through the "Haebom" button click and the amount saved until maturity. It is said to be especially popular among young people, with more than half of the customers under 30.

Woori Bank's "WeBee Jjantech Savings" offers up to 1% point interest rate benefits if you successfully follow a "Jjantech Plan" such as saving on living expenses. After setting a daily living expense target and entering the actual daily expenses, the saved amount is transferred to the savings account, and if you meet all three conditions including this, you receive the interest rate benefit.

Woori Bank also sells the "Twenty-Year-Old Woori Regular Savings," which is available for subscription from age 18 to 30. Since its launch in August 2018, it has been a steady seller, offering up to 3.5% annual interest. You can save up to 200,000 won per month. More than 400,000 people have subscribed so far.

If Woori Bank is your main bank, using the "Woori SUPER Main Account Savings" might be good. It is a savings product that offers preferential interest rates based on main account conditions (salary, pension, utility bills, credit card usage, etc.) for main account customers. It offers up to 2.7% interest and has sold more than 200,000 accounts so far.

A financial industry official said, "Investing only in high-yield and grand products is not necessarily good financial management," adding, "Especially for young office workers unfamiliar with finance, increasing understanding of savings product structures and interest rates through various fun and small savings products offered by banks can naturally lead to the next step."

This content was produced with the assistance of AI translation services.