Kebang Lump Sum Savings 'Challenge Box' Surpasses 100,000 Accounts... Highest Interest Rate Raised to 2.5%

'Challenge Box' Product Popularity Leads to Increased Preferential Interest Rates
More Than Half of Subscribers Are 'MZ Generation'

[Asia Economy Reporter Minwoo Lee] K-Bank's automatic lump-sum saving product 'Challenge Box' has surpassed 100,000 accounts. It is mainly popular among the MZ generation (Millennials + Generation Z).

K-Bank announced on the 2nd that 'Challenge Box' has exceeded 100,000 accounts, and the preferential interest rate will be raised by 0.5 percentage points (p) to an annual 2.5%.

Challenge Box is an automatic lump-sum saving product launched in December last year. Users set a personal goal and can freely choose a target amount within 5 million KRW and a target date between 30 and 200 days. The amount to be saved weekly is automatically calculated. It features the ability to save small amounts in a short period while receiving a high interest rate of up to 2.5% per annum. The base interest rate is 1.5% per annum, and if the target amount is maintained until the target date, an increased preferential interest rate of 1.0% per annum is applied, allowing for a maximum interest rate of 2.5% per annum.

It is especially popular among the MZ generation. According to K-Bank's analysis of Challenge Box customers, the subscription rate of the MZ generation was 62%, accounting for more than half of all subscribers. Among subscribers in their 20s, women accounted for an overwhelming 72%. In their 30s, women also made up more than half at 56%.

A tendency to create 'ssamjitdon' (pocket money) within 2 million KRW in a short period was also confirmed. Among all subscribers, 43% set the subscription period to 100 days or less, preferring a short target period of about three months. Additionally, 68% chose a target amount within 2 million KRW.

The names of Challenge Box, which can be selected from examples or entered directly by customers, mainly included ▲Travel ▲Gifts ▲Saving target amounts. The word 'Travel' appeared in more than 10% of all names. Among saving target amounts, the 'Save 1 million KRW' setting was common.

A K-Bank official said, "Compared to regular savings, Challenge Box, which allows users to freely set the target period and easily save weekly, has raised its interest rate due to its popularity among the MZ generation," adding, "We plan to continue organizing various events that provide fun and benefits to customers."

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