Toss Bank Launches Daily Interest-Bearing Account
The First Domestic Financial Company
Installment Savings Account
Interest is 'Daily Compound'
Toss Bank has introduced a "Split Savings" account that automatically pays interest to customers daily. This product launch is the first of its kind among domestic financial companies.
This account allows customers to receive immediate interest once a day simply by keeping their money deposited. It is an upgraded version of the existing "Get Interest Now" feature available in Toss Bank accounts. Anyone holding a Toss Bank account can open this account.
Additionally, the account applies "daily compound interest," where today's interest is added to the interest accumulated yesterday. A pre-tax annual interest rate of 2% is applied. If 100 million KRW is deposited in the Split Savings account, approximately 5,400 KRW in pre-tax interest accumulates daily. If multiple accounts are opened and money is divided among them, daily compound interest is applied to each account separately.
The Split Savings account is a new interpretation of Toss Bank's existing "Saving" feature. It functions as a "safe" where customers can save and grow money according to various rules they set themselves. Accounts can be created or deleted as needed, with no restrictions on the number of accounts.
Another feature is the prevention of financial crime risks. Transfers to the Split Savings account are only possible through Toss Bank accounts held by the individual customer.
Customers who use only the existing Toss Bank account instead of the Split Savings account will continue to use the "Get Interest Now" service as before. The Split Savings account can only be opened from a Toss Bank account and is not available for Toss Bank foreign currency accounts.
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A Toss Bank representative stated, "As the first financial company to introduce this, Toss Bank customers will enjoy an enhanced experience of the 'Get Interest Now' service through the Split Savings account, which provides high utility. We plan to continuously introduce innovative services that consider customer convenience and financial sovereignty."
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