/Opening an account with Toss Bank’s unlimited pre-tax interest rate of 2% and 45 seconds/
Toss’s Counterattack
Toss has been used for a long time, but it was not used well with the creation of Kakao Bank. On October 5th, Toss Bank was finally launched and service started. I’ve done it. As a domestic internet bank, Toss Bank, the 3rd internet bank after K Bank and Kakao Bank, will open an account and review my impressions, not my actual experience.
⊆ 2% annual interest rate with no conditions 토스뱅크 계좌개설
Since the interest rates of all banks are so low, banks are using various tricks to attract customers, the representative of which is the interest notation of deposits and frequent deposits and withdrawals. It is advertised as 5% before tax, but in very small print, yes, the amount is only up to 1 million won, or if you set a CAP and give 0.1% interest on the amount above that, honestly, this notation can be said to deceive customers. Considering this CAP, 이베이스매뉴얼
the most competitive instant deposit and withdrawal product so far was a passbook that gives 2% before tax up to KRW 10 million of the Welcome Savings Bank, but when the CAP is around KRW 10 million, it is quite usable as a parking passbook or a passbook for actual use. I did. However, Toss Bank offered an unlimited pre-tax interest rate of 2% from the start of the service. In fact, there were many voices of concern about Toss Bank’s aggressive strategy, but it will be 100% in the red! It will not be covered by the loan-to-deposit margin! Toss Bank is also expected to change its interest rate of 2% per annum someday, but the current interest rate of 2% per annum without CAP is the highest in Korea.
∝45 seconds to open an account
With the first Internet-only banks, commercial banks followed the convenience of opening a non-face-to-face account, and the customer experience was no different. Opening a non-face-to-face account always had to go through the process of photographing and authenticating a resident registration card. However, this process did not proceed quickly, so it was a bit frustrating, but Toss Bank used Good Idea to significantly reduce the time to open a non-face-to-face account. When opening an account, non-face-to-face authentication is usually processed as a deposit of KRW 1, but Toss Bank uses Toss scraping for PFM (Personal Finance Management) to deposit KRW 1 to another account. Toss Bank reads what was entered in the account and immediately enters it, so that the customer who opens an account does not need to take an ID photo. If 1 Won is automatically deposited into one of my accounts, and 1 Won is deposited after Toss scrapes and reads it, the non-face-to-face authentication is completed. Why, Toss Bank was possible, but Kakao Bank and other banks had doubts about how simple it was in the Toss app. It was possible because the toss app already had other bank information. In fact, this processing capability is impossible for Kakao Bank as well as other banks, which is why the first Toss Bank account opening was processed much faster than other banks.
∂Toss Bank’s trick, not a trick, forced open banking connection
Toss Banking brings and connects all open banking participating banks’ brokerage accounts in the market while creating open banking linked accounts. Kakao Bank, which responded late to open banking, showed a similar appearance, but the purpose is to transfer money to Toss Bank. Toss already has the certificate information, so this is also very fast.
∑Toss Bank Card with daily cash back without annual fee or performance conditions
The Toss Bank card benefits are very good, but the essence of the Toss Card benefits is that you get instant cash back every day without any performance conditions. If you use it in coffee, convenience stores, taxis, fast food, and public transportation, you can get 300 won cash back and up to 46,500 won per month in 5 areas once a day. 300 won for coffee (Starbucks, Ediya, A Twosome Place, Coffee Bean, Full Basset, Blue Bottle, Holly’s, Angel-in-us, Pas Gucci, Tom Antoms), 300 won at convenience stores (CU, GS25, 7-Eleven, E-Mart 24) Ministop), 300 won at fast food (McDonald’s, shakeshack, Burger King, Mom’s Touch, Lotteria) 300 won by taxi (regular payment on site, Kakao Taxi, Tada, UT, Macaron), 300 won by public transportation: transportation card function There are buses and subways.
Here, the Toss card can be said to be incredibly good benefits because 3% cash back is applied to all overseas payments without any previous month’s performance. It is a significant benefit just by cherry picking every day. Considering that even if you drink a 1,000 won drink in the store, you get 300 won cashback, it is a whopping 30%, and the check card merchant fee income is around 1%. Of course, the Toss Card cashback benefit is until January 2, 2022, as stated in the Toss Bank announcement, so there will be changes in the Toss Card benefits. Card registration through NFC and smart OTP utilization were also very quick and easy functions.
∇Fast and good condition Toss Bank credit loan
Toss Bank’s credit loan and Toss Bank’s credit loan, which many people have been waiting for, advertised the lowest interest rate. I had no choice but to throw it away and hope for next year. However, it cannot be denied that Toss Bank has created a new wind in Internet banking. If Kakao Bank was run in KakaoTalk or Kakao Pay app, Kakao Pay would have been used more practically. Personally, I think Toss’s strategy is right. This is because there is no need to force customers to distinguish between toss and toss bank. Of course, homework also exists in Toss Bank. Although financial apps are moving towards One App these days, Toss has grown so large that it requires tremendous skill to maintain the exponential number of users, securities and banking, payments and existing services from an initially light and light app. . Among domestic apps, it can be said that the Fintech service that is doing this is actually unique. As Toss is taking its first steps, it has already been caught up in the loan amount regulation enough to stop lending, and as the Toss bank grows, concerns about system stability are likely to grow. It seems like it remains to be seen how Toss Bank’s success will affect domestic Fintech.
Recently, Tossbank Bankbook was launched, which provides an innovative deposit/withdrawal rate of 2%.
It is possible to open a non-face-to-face account, so it can be made in about 5 minutes. After examining the characteristics of the general Toss Bank deposit and withdrawal passbook, we will proceed with the non-face-to-face account opening.
Characteristic
– Individuals 17 years of age or older can open one account with a real name, and must have a resident registration card or driver’s license.
In addition, the Deposit Insurance Corporation protects the depositors as a target of protection, but the maximum protection limit is 50 million won per person, including the principal and interest of all financial products subject to deposit protection in the bank, and the remaining amount in excess of 50 million won is not protected.
1. Interest rate – 0.1% for both less than 100 million won and over 100 million won
It can be issued without any conditions, and the interest rate before tax is 2% per annum.
Even if you do not meet the preferential conditions such as direct debit or payroll account registration, 2% is provided up to KRW 100 million without a fixed maturity. Also, unlike savings accounts, as it is a deposit and withdrawal account, it is convenient to freely put in and withdraw from one passbook.
2. Transfer limits and fees
You can send up to 1 billion won at a time, and you can do it only with a card without an OTP device.
All remittances, ATM deposits and withdrawals, and certificates are all fee-free. In the remittance part, transfer fees to our bank, other banks, and direct debit fees are all free, and all ATMs, such as banks and convenience stores, are exempt from all Toss Bank deposit transfers and Toss Bank withdrawal fees. Fees are subject to change according to the policy, and any change will be notified through the website or mobile app one month prior to implementation.
3. Toss Bank interest payment date
Toss Bank interest payment is settled on the third Friday of every month, and Saturday is set as the Toss Bank interest payment date.
However, with the recently changed interest payment, you can receive it every day, and you can also enjoy the daily compounding effect. The calculation method is to add up the interest calculated every day from the third Saturday of every month, which is the monthly interest payment date of Toss Bank, to the day before the next interest payment date (the third Friday of every month), and deposit on the Toss Bank interest payment date.
Daily Toss Bank interest payment formula = Daily final balance for each amount section X Interest rate for each amount section / 365 days
Non-face-to-face account opening
By default, the app must be installed.
After launching the app, click all three parts in the lower right corner to create a central image, and click the Toss Bank here to get Started like the image on the right.
Let’s take a look at the characteristics of this deposit and withdrawal passbook, and then proceed to create a passbook.
The consent section for creating a bankbook appears, and you can check the product description.
It is recommended that you read the product manual to some extent without overlooking it. If you confirm, the next step for entering personal information is created. Enter your email first
It then further verifies details such as name and mobile number, email verification, address, etc., as well as the occupation and purpose of the transaction and the source of the funds.
Information verification is based on the Act on the Reporting and Use of Specific Financial Transaction Information, Anti-Money Laundering and Public Threats Prohibition of Financing