K Bank Launches Savings Product with Highest Interest Rate and Monthly Limit Among Banks

"Deguldegul Farm" to Launch on August 13
Monthly Deposit Limit of 10 Million KRW
Up to 5% Interest Rate for Event Winners
Monthly Interest Payments Instead of Maturity
"Combines the Advantages of Parking and Flexible Savings Accounts"

K Bank is launching a new deposit product with significantly enhanced customer benefits. This is a savings product that allows customers to maximize their monthly deposit limit and receive interest payments every month. By adding visual entertainment, the bank aims to make the experience more enjoyable and to encourage greater use of its application.

K Bank will release the "Deguldegul Farm" savings product on August 13. This is a flexible savings account where customers can deposit funds freely and receive monthly interest payments, with a monthly deposit limit of 10 million KRW. The subscription periods are six months or one year. Among those who sign up for advance notification of the product launch, 10,000 selected winners will receive an annual interest rate of 5% (before tax). If a customer deposits 10 million KRW each month for one year, the total interest earned would be 3.25 million KRW (before tax). The base interest rate is 2.5%.

K Bank is launching a free savings product called "Deguldegul Farm," with a monthly deposit limit of 10 million KRW and a maximum interest rate of 5% (when winning an event). Screenshot of K Bank application

This product offers the highest interest rate and the highest monthly deposit limit among all flexible savings products currently available from first-tier banks. As of August 6, according to the Korea Federation of Banks, out of 35 flexible savings products with a 12-month maturity, only two products offer a maximum interest rate of 5% (Kyongnam Bank's "Sajangnim Geojung ZERO Savings" and Toss Bank's "Child Savings"), but their monthly deposit limits are only 3 million KRW and 200,000 KRW, respectively. There are five products with monthly deposit limits exceeding 10 million KRW or with no limit at all, but their maximum interest rates are only 2% to 2.6%. Among six-month products, KB Kookmin Bank's "KB Special Savings" offers the highest interest rate of 6%, but the monthly deposit limit is 300,000 KRW.

While most flexible savings products pay interest at maturity (either at maturity or upon request for early termination), this product is unique in that it pays interest monthly. It combines the advantages of a parking account, which allows flexible deposits, and a flexible savings account that pays interest at set intervals.

The product also incorporates visual entertainment. With a concept based on harvesting fruit from a farm, the monthly interest received is represented as "fruit" harvested. There is also an associated event: 1,000 customers who vote for the most selected fruit among eight options will receive a Starbucks Americano coupon.

1000 customers who voted for the most selected fruit among the 8 fruits will be given a Starbucks Americano coupon. Screenshot from K Bank application

This product launch appears to be part of K Bank's "dopamine banking" strategy, which aims to increase engagement with the banking app by providing financial products that stimulate positive emotions in customers. In June, K Bank collaborated with Walt Disney to launch "Curious Savings Season 3," featuring Lilo & Stitch as the main characters. From Season 1 to Season 3, the customer re-subscription rate reached 90%. K Bank explained that this was due to the successful incorporation of "dopamine banking" elements. When customers deposit money daily, they unlock random interest rates and character-related stories, which has resonated particularly well with the younger generation (66% of all subscribers are in their 30s or younger) who value fun and rewards. As a result, the product surpassed 150,000 accounts just a month and a half after its launch.