Toss Bank to pay daily deposit interest

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The corporate logo of Toss Bank (Toss Bank)

Toss Bank, South Korea’s internet-only bank, announced on Wednesday that it will pay its customers daily deposit rates for the first time in the banking industry.

Toss Bank account holders can simply click the ‘Get Now’ button to get paid with daily deposit interest instead of receiving it monthly.

The service allows users to withdraw their funds, including deposit interest, at any time.

For example, if customers deposit 1 million won ($805) into the account, they can save 55 won in interest every day, according to an official at Toss Bank. It is calculated by dividing the annual interest of 2,000 won over 365 days.

“Our new service started with a simple question: Why does the bank decide when to pay customers interest on deposits?” the official said.

“The bank is a place that customers can trust to build wealth and they should be rewarded even if they deposit money for just one day.”

Users who do not opt ​​into the daily deposit interest service can receive monthly interest every third Saturday of the month.

Toss Bank plans to continue the service until the end of this year. After a certain phase of a stabilization process, it will be put into regular operation, the bank said.

Byun Hye-jin ([email protected])

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