K Bank Launches 'Challenge Box' Service for Automatic Weekly Savings of Large Sums

[Asia Economy Reporter Kiho Sung] K-Bank announced on the 1st that it will launch the automatic lump-sum savings product "Challenge Box," which allows anyone to easily and conveniently save money.

Customers can freely set the amount and period according to their personal goals and situations, and the weekly savings amount is automatically calculated. Additionally, it features various services to help customers who have prematurely terminated existing installment savings products, known as "Jeokgeumpogija," to continue saving until the end.

With "Challenge Box," customers can select a personalized goal name from recommended lists such as "Let's go on a Europe trip in 2022," "Gift myself a luxury wallet," or "Treat family gathering to beef," or set their own goal name. The target amount can be up to 5 million KRW, and the target date can be set between 30 and 200 days. The weekly deposit amount, excluding interest, is calculated and automatic transfer is set. The base interest rate is 1.5% per annum, and if the target amount is maintained until the target date without complicated conditions, a preferential interest rate of 0.5% per annum is applied, allowing customers to receive up to 2.0% per annum.

Challenge Box offers three services: ▲Emergency fund withdrawal ▲Automatic adjustment of savings amount ▲Rounding-up service. The "Emergency fund withdrawal" service allows withdrawals without restrictions whenever needed without terminating the product subscription. The "Rounding-up service" compensates for the difference between the target amount and the sum of "weekly deposit amount + interest payment" within about ten won, covered by K-Bank.

To commemorate the launch of Challenge Box, the event "Supporting My Challenge in 2022!" is being held. Until the 29th of this month, among customers who subscribe to Challenge Box, 10,000 people will be selected by lottery to receive 2,100 KRW, and 10 people will receive 1 million KRW as support funds. Prizes will be deposited into K-Bank deposit and withdrawal accounts on the 31st of this month, and customers must succeed or maintain their goals by that date.

Kim Ki-deok, Head of Marketing at K-Bank, said, "We planned Challenge Box to provide benefits and fun for healthy consumption habits," and added, "We will continue to introduce various financial products reflecting the lifestyle and consumption patterns of the MZ generation."