Toss Bank Interest Paid Daily Surpasses 1 Million Users in One Month

Total Interest Paid 26.2 Billion Won... About 26,156 Won Per Person

[Asia Economy Reporter Minwoo Lee] Toss Bank's 'Get Interest Now' service, which allows customers to receive interest on a daily basis instead of annually, has surpassed 1 million users within one month of its launch.

Toss Bank announced on the 29th that the 'Get Interest Now' service, launched on the 16th of last month, had reached 1,002,188 regular users as of the 28th, one month after its release. During this period, a total of 26.156 billion KRW in interest was paid out. On average, each customer received about 26,156 KRW in interest.

The 'Get Interest Now' service allows customers to receive interest immediately once a day whenever they want. While interest on loans from commercial banks has been required to be paid daily, interest earned on deposits was traditionally paid once a month. A Toss Bank official explained, "Customers who previously had to receive interest once a month are now experiencing the benefits of 'daily compound interest,' and the concept of 'interest sovereignty' as financial consumers is rapidly spreading."

Toss Bank is also running a promotion offering a sign-up bonus to customers opening a Toss Bank account for the first time. The daily after-tax interest amount is based on deposits in the Toss Bank account, which pays a pre-tax annual interest rate of 2% (0.1% applied for amounts exceeding 100 million KRW).

This promotion is limited to one time per person and will run until July 31. Existing customers who close their Toss Bank account and rejoin are excluded from eligibility.

A Toss Bank representative stated, "We will continue to realize customer-centered finance based on the value that customers should enjoy the rewards whenever they deposit money in the bank, even if only for one day."

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