Toss Bank's 'Grow It 31-Day Savings' Surpasses 600,000 Accounts

Toss Bank announced that its 'Grow It 31-Day Savings' product, launched in August, has surpassed 600,000 accounts as of October 22.

Among customers who saved consistently for more than three weeks, six out of ten re-enrolled within a week after maturity. The re-enrollment rate for customers who saved for 21 days or more reached 60%. The re-enrollment rates were similar for those who received an annual interest rate of 8% and those who completed the full 31 days to earn the maximum annual rate of 10%.

Toss Bank explained that the combination of interest rate benefits and the experience of saving over a period contributed to the re-enrollment. In fact, more than half of maturing customers saved for at least three weeks during the 31-day period, with nearly half of them saving every single day.

Although the savings method requires users to log into the app daily to deposit money, the process of nurturing a squirrel character has made saving a habitual part of their daily routine. This saving behavior is not limited to a specific age group; approximately 60% of savers aged 20 to 50 saved for 21 days or more, qualifying for an interest rate of over 8%.

The influx of first-time customers using Toss Bank's savings product was also notable. Nearly half of the maturing customers had never previously enrolled in a Toss Bank savings product. Among these, one in three re-enrolled after maturity to continue saving.

The 'Grow It 31-Day Savings' product is a challenge-based savings plan where users save a maximum of 5,000 won daily for 31 days while nurturing a squirrel. Enhanced interest rates are applied based on the number of successful savings, with an annual rate of 8% for saving 21 days or more and a maximum annual rate of 10% for completing all 31 days. The rates are before tax.

A Toss Bank representative stated, "Our goal is to provide an enjoyable saving experience through daily missions with small amounts, which has resonated with customers. We will continue to strive to help more customers start saving without burden and maintain their financial lives."