Kakao Bank, an internet-only bank subsidary of Kakao, announced Tuesday the launch of a savings product that automatically saves only small change daily.
Through the Coin Box service, users can save money easily, according to company officials.
When users open Coin Box and select a coin-collecting service, small change under 1,000 won (84 cents) that was previously saved in deposit and savings accounts will be automatically transferred the next day on weekdays.
The service reinterprets actual piggy banks, allowing savings of up to 100,000 won with an annual interest rate of 2 percent. Customers can only withdraw money from the account once, regardless of how much they have saved.
Unlike actual piggy banks, users can check their savings amount through a peeping service on the fifth of every month. They can estimate the amount of savings with corresponding images, such as a cup of coffee, an amusement park ticket or an airplane ticket to Jeju Island.
An official of Kakao Bank introduces Coin Box service at a press conference on Tuesday in Seoul. (Jie Ye-eun/The Korea Herald)
“Coin Box is a savings product that provides convenience, along with the pleasure of making savings. We will continuously work on providing more interesting financial services to our users,” a Kakao Bank official said.
By Jie Ye-eun (email@example.com