"Even Small Change Counts"...Financial Sector Launches Micro Savings Accounts

[Asia Economy Reporter Song Seung-seop] Small installment savings products are being launched one after another in the financial sector. This is due to the increasing demand among young people and early career workers to save small amounts little by little. Financial companies are also keeping up with the trend by providing goal achievement support funds or conveniently improving functions.

According to the financial sector on the 19th, OK Savings Bank launched an installment savings product this month that allows customers to prepare a lump sum of 1 million won with a small amount. The "Making 1 Million Won" installment savings product requires paying 82,000 won monthly for 12 months to receive 1 million won after tax. The basic interest rate is 2.6% per annum, but if six automatic transfers are made from a deposit and withdrawal account, a preferential interest rate of 1 percentage point is provided. OK Savings Bank plans to continuously release the "Making 000 Won" installment savings series throughout the year to minimize the hassle of having to find the target amount, interest rate, or period.

Toss Bank offers a function that automatically collects spare change. Money is collected automatically according to pre-set rules as desired. For example, if set to collect spare change during card payments, it automatically accumulates change under 1,000 won.

Welcome Savings Bank also operates a "Spare Change Round-Up Installment Savings" service. When purchasing desired items using a check card, the set spare change is automatically transferred to the installment savings account. The subscription period is 12 months, and payments can be made within a limit of 5 million won. In particular, if certain conditions are met, the principal and interest under 10,000 won are rounded up. For example, if the maturity amount is 2,000,001 won, 2,010,000 won is received.

K Bank also operates a "Challenge Box" that automatically collects lump sums after selecting or setting savings goals from a recommendation list. For instance, after setting "Buy beef for family," money is deposited according to the desired target amount and deadline. The target amount is a small sum under 5 million won. The period is short, between 30 and 200 days.

The basic interest rate is 1.5% per annum, but there is a preferential interest rate of 0.5 percentage points. Without any complicated conditions, if the target amount is maintained until the target date, a 2.0% interest benefit can be enjoyed. Within the Challenge Box, services such as emergency fund withdrawal, automatic change of saving amount, and rounding up of leftover change are also provided.

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