Toss Bank introduces group vault to store surplus funds

By Chae Jong-won and Yoon Yeon-hae, Pulse - South Korea‘s app-based lender Toss Bank launched a group vault that allows users to store surplus funds in their existing group accounts on Tuesday.

This service is available to all customers with group accounts, with an annual interest rate of 2 percent applied without any limit. Users can enjoy the benefits of daily compounding as interest is paid daily, and each group account can open one group vault.

Toss Bank also revamped its group account feature in April 2024, allowing users to easily check their total expenditure for the month and the changes in their spending compared to the previous month under spending categories, which makes it more convenient for users to manage their living expenses or group funds. They can change and review their usage of group funds in 22 different categories such as food, cafes, supermarkets, hobbies, and leisure.

“Customers can manage their group funds more efficiently thanks to this functional expansion,” a Toss Bank official said.

Source: https://pulse.mk.co.kr/news/english/11057288

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