Toss Bank's 'Interest-First Time Deposit' Surpasses 4 Trillion Won

Average Interest of 320,000 Won per Customer

Toss Bank announced on the 13th that its 'Fixed Deposit with Interest Paid First' surpassed 4 trillion KRW in deposits within six months of its launch.

The 'Fixed Deposit with Interest Paid First' is a product that pays interest immediately upon subscription, and Toss Bank was the first internet bank to introduce it on March 24. The interest rate is 3.5% per annum (before tax), and customers can subscribe with a minimum of 1 million KRW and a maximum of 1 billion KRW per account.

According to Toss Bank, 170 days after its launch, the deposits for this product reached 4 trillion KRW, with a cumulative total of 200,000 accounts. By age group, those in their 40s accounted for the largest share at 30%, followed by those aged 50 and above (28.4%), 30s (24.7%), and 20s (15.5%). The total interest paid amounted to 63 billion KRW, with an average interest payment of 320,000 KRW (after tax) per customer.

A Toss Bank representative stated, “Through the Fixed Deposit with Interest Paid First, we provide customers with a differentiated experience by paying interest immediately on the subscription date rather than on the maturity date,” adding, “We will continue to develop consumer-centered financial products while enhancing both the convenience and stability of fund management.”

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