Toss Bank Surpasses 1 Million Remote Kids Accounts, a First for Internet-Only Banks

Toss Bank announced on September 22 that the cumulative number of accounts for its child-exclusive "Kids Account" has surpassed 1 million.

The Toss Bank Kids Service is a financial service designed exclusively for children, encompassing the Kids Account, Kids Savings, Kids Check Card, and an interest-earning piggy bank. Not only can parents open and manage accounts for their children directly, but the service is also designed to allow children to experience financial activities for themselves.

Toss Bank became the first internet-only bank to enable parents to open accounts in their minor children's names remotely. Parents with children aged 0 to 16 can easily open accounts, subscribe to savings plans, and issue check cards through the app, as the document verification process has been fully automated, eliminating the need to visit a branch.

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The Kids Account goes beyond simple account opening, allowing parents to transfer funds, check balances, and make savings deposits. After opening an account, customers can also sign up for the "Kids Savings" plan, which offers an annual interest rate of up to 5% (before tax). Regardless of transaction history, anyone can receive the maximum interest rate as long as automatic transfers are successful, with a maximum monthly deposit of 200,000 won allowed for up to 12 months, until the child turns 15.

Currently, the age distribution of users is 7.9% for ages 0-6, 16.6% for ages 7-11, and 75.5% for ages 12-16, indicating that the main user base consists of teenagers who are learning and practicing good financial habits. In particular, children aged 12 and above can receive a check card in their own name and begin managing their finances independently, actively using the card for everyday purchases such as transportation, convenience stores, and online payments.

In addition, Toss Bank has introduced an "interest-earning piggy bank," allowing customers aged 7 to 16 to accumulate daily interest on their savings and receive an annual interest rate of 1.6% (before tax) with a single click.

A Toss Bank representative stated, "The Kids Service is more than just a financial product for children; it provides an experience for parents and children to learn and grow together financially," adding, "We will continue to introduce new initiatives so that children can naturally learn about finance in their daily lives."

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