KakaoBank launches 1-month installment savings product

[Courtesy of KakaoBank]

KakaoBank Corp. has launched a one-month installment savings product that offers an annual interest rate of up to 8 percent, South Korea’s online-only lender said on Tuesday.

The short-term account is an installment savings product that allows financial consumers to pay a minimum of 100 won ($0.07) to 30,000 won per day for 31 days.

The initial annual interest rate stands at 2.5 percent, and a preferential interest rate is added at every payment, bringing the maximum interest rate to 8 percent.

“It is a product that consumers can start with a minimum payment of 100 won, so anyone can enjoy a successful savings experience without any burden,” said an official from KakaoBank.