KakaoBank Launches Nationwide Living Expense Account for Vulnerable Groups

KakaoBank announced on May 19 that it will launch a "Nationwide Living Expense Account" designed to protect customers' minimum living expenses.

The Nationwide Living Expense Account is a policy product aimed at ensuring basic living standards for financially vulnerable groups through seizure prevention features. Anyone aged 14 and older can enroll, but accounts can only be opened at one financial institution. The account allows for flexible deposits up to a monthly limit of 2.5 million won, ensuring the safety of essential living expenses.

KakaoBank developed this product in conjunction with the Korea Credit Information Service. The base interest rate is set at 2% annually until the end of this year.

To enhance customer convenience, the bank has added unique features. Customers will receive notifications when a new deposit limit is assigned on the first of each month or when the total limit of 2.5 million won is reached. Additionally, users can easily access transaction statements and balance certificates through a dedicated menu in the app.

KakaoBank is also expanding inclusive finance by lowering interest rates for its New Hope Seed II and Sunshine Loan products.

A KakaoBank representative stated, "This product was designed to help customers facing economic difficulties maintain their daily lives and recover even in seizure situations. We will continue to practice inclusive finance for small business owners and those with low credit ratings."