"Any Member Can Issue Cards and Make Payments"… Launch of 'Toss Bank Group Account'

Add 'Co-Meeting Leader' After Real-Name Verification and Meeting Leader Consent
Annual 2.3% Interest Applied to Fees... Cashback Benefits Included

Toss Bank Group Account Launch. Photo by Toss Bank

[Asia Economy Reporter Kwon Hyun-ji] Toss Bank launched the ‘Toss Bank Group Account’ on the 1st, allowing any group member to make withdrawals, issue cards, and make payments.

Unlike existing commercial group accounts where only the initial account opener, the group leader, had exclusive rights to withdraw, issue cards, and make payments, the Toss Bank Group Account allows anyone to become a ‘co-group leader’ (joint account holder) and use these functions. The aim is to enhance payment convenience for all members who pay dues and reduce the account management burden concentrated on a single group leader.

With the consent of the group leader and existing co-group leaders and after completing identity verification procedures, anyone can become a co-group leader, and new co-group leaders can be added at any time. Once a co-group leader, a ‘group card’ in their own name is issued just like the group leader, and year-end tax adjustments are possible for payment details.

The Toss Bank Group Account removes the limit on the number of group members, making it suitable for small groups of 2-3 people as well as large groups. It also grants invitation rights to all members, allowing easy and convenient management of the group account. Every time dues are paid, all members receive payment details, and members who have not paid dues are automatically notified.

The account offers an annual interest rate of 2.3% (before tax) even if money is deposited for just one day. A Toss Bank official explained, “Unlike other parking accounts, there is no need to move money to a separate space and lock it up, allowing convenient access to high-interest benefits.” The interest rate for the competing Kakao Bank group account is about 0.1%.

Cashback benefits are also provided for payments. The eligible categories are divided into three main group activities: ▲Gatherings (payments made at restaurants and pubs from 7 PM to 12 AM) ▲Play (karaoke rooms, bowling alleys, billiard halls, golf courses, golf practice ranges, etc.) ▲Shopping (Emart, Nonghyup Hanaro Mart, etc.). Benefits are provided once per day per category, up to 5 times per month, and a maximum of 15 times per month. For payments over 10,000 KRW, 500 KRW per transaction is instantly refunded; for payments under 10,000 KRW, 100 KRW per transaction is refunded. These benefits apply per group account, and even if multiple cards exist under one account, the number of uses is aggregated per account. Cashback benefits are available until the end of June this year.

An event called ‘Group Support Fund’ is also underway, giving up to 10,000 KRW per group member. The more members in the group, the more support funds accumulate. The support funds are deposited directly into the group account and can be withdrawn or used for payments. The Group Support Fund event is scheduled to run until the end of March this year.

A Toss Bank official said, “The Toss Bank Group Account aims to return the ‘right to spend money’ to all group members,” adding, “We will strive to provide the best benefits and convenience to all groups through Toss Bank’s differentiated group account and group card.”