Registration opens for Toss Bank accounts
Toss Bank started taking registrations for its banking service Friday ahead of its official opening scheduled in October.
The country's third internet-only bank said that it will be offering banking services such as issuing bank accounts, cards and loans in the order of pre-registration.
Applicants must be 17 years old or older.
Toss Bank also unveiled some of its banking services that focus on "no strings" customer benefits.
The bank said that its deposit bankbook will offer a 2 percent interest rate annually. Customers don't have to meet any standards to receive the interest rates, such as the amount of money deposited or the duration of the deposited period.
"Different banks have been offering savings accounts that are tied to benefits that are given only when certain milestones are met," Toss Bank said in a statement Friday.
The bank said it created the product in hopes of freeing customers from the burden of comparing complicated contract terms to get the highest interest rates on each savings account.
The company also introduced a debit card that offers benefits regardless of how much is spent through the card. Benefits rewarded to card users are usually determined based on how much was spent with the card the previous month.
According to Toss Bank, its debit card will offer 300 won ($0.26) cashback on spending in five areas: Coffee, fast food, convenience stores, taxis and public transportation. The maximum amount that users can get is 46,500 won per month.
When customers use the card overseas, whether online or offline, the bank will give users 3 percent cashback on spending.
Commission on money transfers as well as deposit and withdrawals of money at automatic teller machines at home and abroad will be waived.
The benefits tied to the debit card, however, will only last until Jan. 2 next year. A new list of benefits will then be announced.
Toss Bank did not specify when it will stop taking registrations for its service.
A spokesperson from the bank said the timing will be decided based on how many people apply.