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KB Juniors to Be Financially Responsible at an Early Age

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  • Published Dec 29, 2008 6:53 pm KST
  • Updated Dec 29, 2008 6:53 pm KST

With the debut of KB Financial Group in September, Kookmin Bank, the flagship firm of the holding company and the nation’s larges lender, introduced a new type of financial package ``KB Junior Package’’ targeting children and teenagers.

The package, designed for those aged under 18, consists of KB Junior Star Passbook, KB Junior Star Installment Savings and KB Junior Check Card.

The package has recently gained popularity as it helps children and teenagers gain a financial mindset and develop proper spending habits by giving them opportunities to manage their pocket money by themselves.

First of all, KB Junior Star Passbook is a demand deposit. It carries an annual interest of 0.1 percent but those who have KB Junior Star Check Card and sign up for KB Junior Star Installment Savings will get additional interest. They will also be exempt from ATM fees. Once they turn 20, the product will automatically switch to KB Star*t Passbook, a product designed for young adults, including college students.

Secondly, KB Junior Star Installment Savings is a product designed to help teenagers save a round sum of money for education expenses later. The minimum amount for the first installment is 100,000 won, but subscribers can deposit 30,000 won or more a month thereafter. The maturity of the product is one year, but in case that it is not signed off, it would be automatically renewed. It carries an annual interest of 5.2 percent. Teenagers who are physically-challenged or those supporting families will get additional 0.5 percentage point interest.

Finally, KB Junior Star Check Card is a card containing functions of both debit and credit cards. The product provides a wide variety of discounts in areas such as cinema, theme parks and convenient stores. In particular, the product has an additional feature that prevents teenagers from paying with the card at adult-only places.

Those singing up for KB Junior Star Bankbook and Installment Savings will be given English story-telling CDs, as well as MP3s, as free gifts.