More banks offer daily interest payments on deposits
Toss Bank was the first lender to adopt a daily interest payment service in March 2022. Korea Times file By Yi Whan-wooCommercial banks are increasingly interested in offering accounts that pay a certain amount of interest to customers every day, as compared to every month under the current system, in order to secure more deposits.The daily interest payment was introduced by Toss Bank, an internet-only lender, in March 2022.It allows account holders to receive interest, worth 3 percent annually, once a day instead of once a month if they choose to do so.More than 3 million customers used the service since its introduction and interests paid so far amount to 267 billion won, according to Toss Bank.“The service is so popular and the number of payments made last month alone surpassed 180 million,” the company said.Two other internet-only lenders, KakaoBank and K bank, adopted such services this year, in January and May, respectively, after learning that the service can
Jun 2, 2023By Yi Whan-woo
