Toss Bank has announced an increase in interest rates for its free savings account, offering a maximum annual rate of 3.75% for a one-year term. The bank has also expanded benefits for short-term savers, with three-month products now offering rates in the 3% range.
The new rates will take effect for new customers starting October 27, as announced by Toss Bank on October 26.
As a result, the maximum interest rate for three- to five-month products will rise from the previous 1.8% to 3.1%, an increase of 1.3 percentage points. For six- to eleven-month products, the rate will increase from 2.3% to 3.4%, while the twelve- to twenty-three-month products will see a rise from 3.0% to 3.75%. All rates are before tax.
To qualify for the preferential rate, customers must set up automatic transfers. If successful for more than half of the total subscription period, customers will receive an additional 0.5 percentage points. The minimum amount for automatic transfers can be set as low as 1 won, and deposit amounts can be adjusted freely.
The free savings account allows customers to choose a subscription period ranging from three to thirty-six months on a monthly basis. There are no restrictions on the initial subscription amount, and customers can deposit up to 3 million won per month through a combination of automatic transfers and direct deposits.
Additionally, the account offers a 'withdrawal in advance' feature, allowing customers to withdraw part of their balance without terminating the account. This feature can be used up to two times, with early withdrawal rates applying only to the withdrawn amounts.
A Toss Bank representative stated, "Reflecting recent market interest rate trends, we have enabled customers saving for a year to receive rates in the high 3% range. We will continue to introduce products that offer tangible benefits to our customers."
* This article has been translated by AI.
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