[Asia Economy Reporter Bu Aeri] Toss Bank announced on the 6th that it will raise the interest rates on deposit products by up to 1 percentage point to mark its first anniversary.
According to Toss Bank, the interest rate on the demand deposit account 'Toss Bank Account' will increase by 0.3 percentage points from the existing 2% to 2.3%. The base interest rate for the 'Kiwoobwayo Savings' will also rise by 1 percentage point, raising the maximum interest rate from 3% to 4% per annum.
In the case of the 'Toss Bank Account,' customers will receive an interest rate of 2.3% even if they deposit for just one day, which Toss Bank stated is the highest level of benefits among demand deposit accounts offered by first-tier banks. The rate applies up to a maximum annual limit of 100 million KRW regardless of the account opening date.
The 'Receive Interest Now' service has also been enhanced, allowing customers who deposit 100 million KRW to receive 6,301 KRW (before tax) daily, while maintaining the effect of daily compound interest. Since its launch in March this year, the 'Receive Interest Now' service has been used by 2.1 million customers over seven months, who have received a total of 141.7 billion KRW in interest.
The 'Kiwoobwayo Savings' allows customers to enjoy an interest rate benefit of 2.0% per annum (before tax) even if they terminate early. Customers who successfully set up automatic transfers weekly for six months within a monthly limit of 1 million KRW can receive a preferential interest rate of 2.0%. At maturity, customers can enjoy a maximum interest rate benefit of 4.0% per annum (before tax). However, the increased base interest rate benefit applies only to new savings account customers from the 6th onward.
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