"‘Life is Benefit’ Based on Life Account,
Aiming for a Life Finance Platform
Gathering Meeting Fees with Up to 10% Annual Interest"
K Bank announced on the 28th that it will launch a Living Account reflecting living expense characteristics and a Group Account that offers benefits for group expenses.
According to K Bank, the Living Account, a demand deposit account, provides an annual interest rate of 3% up to 3 million KRW without any conditions. Amounts exceeding this limit are subject to an annual interest rate of 0.1%. Individuals aged 17 and older are eligible to open an account, limited to one account per person.
The Living Account also features a Living Expense Transfer service that can be automatically set to ensure customers do not miss out on the 3% annual interest rate for up to 3 million KRW. By setting the account from which living expenses will be transferred, the withdrawal amount, and the date, funds are automatically transferred monthly to the K Bank Living Account. Additionally, K Bank has integrated various services into the Living Account, including cashback discount coupons, grocery price information, and exchange rate alert services.
K Bank’s Group Account offers an annual interest rate of 2.3% up to 3 million KRW, with amounts exceeding this subject to 0.1% interest. The 'Group Expense Plus' feature within the Group Account provides up to a 10% annual interest rate if group members meet the target amount without any additional conditions.
The base interest rate is 2.0% annually, with an additional 3.0% if the entire target amount is achieved, plus a 0.5% preferential interest rate added for each successful participant. When the maximum of 10 participants join, the highest annual interest rate of 10% is applied. The target amount can be set up to 10 million KRW.
For example, if a group of six friends plans an overseas trip at the end of the year in three months, they can start saving travel expenses with Group Expense Plus. To reach the total target amount of 6 million KRW, each person would save about 77,000 KRW weekly, earning an 8% annual interest rate. The money saved through Group Expense Plus is managed separately from the existing group account that holds regular membership fees, making management easier.
Functions reflecting recent group trends have also been added. The Group Account’s main screen can be customized with photos, and considering the characteristics of fan cafes or open chat room groups that use nicknames or anonymity, users can operate under nicknames instead of real names.
Seo Hoseong, CEO of K Bank, said, "We have introduced a new concept account that can change customers’ living paradigms," adding, "As a living finance platform, K Bank will continue to provide enhanced customer lifestyle services by integrating finance and daily life."
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