Toss Bank said on the 24th that it launched the "Welcome Savings" account offering up to 10% a year.
Only new customers with no record of opening a Toss Bank account before Apr. 21 this year can sign up for the Welcome Savings account. When customers enroll in this savings product, a Toss Bank account is opened at the same time. Sales run until May 19 and will end early when the first 100,000 accounts are taken.
The rate is up to 10% a year, combining a base rate of 1% a year and a preferential rate of 9% a year. The preferential rate applies if at least one automatic payment—such as giro, CMS, firm banking, or maintenance fees—occurs from the Toss Bank account from the date of enrollment to the day before maturity, and if the automatic transfer registration is maintained until closure at maturity.
The contract term is three months, and customers can deposit any desired amount from a minimum of 1 won to a maximum of 500,000 won each month. Only deposits made directly from a Toss Bank account are allowed, and at maturity the principal and interest from closure are automatically deposited into the Toss Bank account.
A Toss Bank official said, "The Welcome Savings account is designed so customers using Toss Bank for the first time can experience tangible benefits," adding, "We expect strong interest from new customers, given that a single simple condition—linking an automatic payment—provides a 10% annual rate."