Maturity date customizable down to the month and day within 1–36 months

Up to 2 partial withdrawals and 3 automatic rollovers allowed

Toss Bank corporate identity image. [Toss Bank]
Toss Bank corporate identity image. [Toss Bank]

Toss Bank has introduced a fixed deposit product that lets customers set their own maturity date to match when they actually need their money.

Toss Bank said Wednesday it launched a fixed deposit that allows account holders to choose a specific month and day as the maturity date, anywhere from one to 36 months after opening. Customers can align the deposit term with a moving settlement date, a tuition payment deadline, a travel itinerary or any other occasion requiring a lump sum.

Conventional fixed deposits typically mature at preset intervals — three months, six months, one year — which often do not line up with when a customer actually needs the funds. If the money is needed before maturity, early termination means forfeiting the contracted interest rate. If the deposit matures too soon, the customer is left parking the proceeds in a low-rate demand account until the funds are needed.

The new product addresses this by letting customers designate the exact date they plan to use the money as the maturity date. When the deposit matures, the principal and interest are automatically transferred to the customer's Toss Bank account.

The interest rate is determined solely by the length of the deposit, with no additional qualifying conditions. Deposits of three months or more earn an annual rate of 3.30 percent, while those held for at least one year qualify for a maximum annual rate of 3.80 percent. The applicable rate is locked in at the time the customer sets the maturity date.

Deposits range from a minimum of 1 million won ($751) to a maximum of 1 billion won, in increments of 10,000 won. Customers may open multiple accounts, making it possible to earmark funds for different purposes — such as a housing balance payment or travel expenses — each timed to a separate maturity date.

For customers whose plans change and who need funds before maturity, the product offers a partial early-withdrawal feature called "Miri Ppaegi." Up to two partial withdrawals are permitted, and as long as at least 1 million won remains in the account, the rest of the deposit continues to earn interest until the original maturity date. The early-withdrawal rate applies to any amount taken out ahead of schedule.

[Provided by Toss Bank]
[Provided by Toss Bank]

The product also offers an automatic rollover feature that reinvests the principal and interest for the same term at maturity, available up to three times.

Toss Bank has previously launched products including one that lets customers receive interest at a time of their choosing and another that pays interest immediately upon opening. The new deposit extends that flexibility beyond interest timing to the maturity date itself, giving customers control over both.

"The maturity date has traditionally been something the bank decides, but now customers can set it according to their own schedule," a Toss Bank official said. "We will continue building financial products that adapt to customers' lives, rather than asking customers to adapt to our products."

Meanwhile, Toss Bank has also partnered with the Seoul Credit Guarantee Foundation to offer "bridge guarantee" loans for small-business owners who have closed their businesses. The program supports borrowers who used regional credit guarantee loans before shutting down, allowing them to repay in installments over up to 15 years.


rim@heraldcorp.com