Features of Toss Bank and how to use it

Toss Bank gives an interest of 2.0% per annum irrespective of regular deposits and withdrawals, savings, and deposits.

The current interest rate of 0.75% is 1.0% within this year, and an interest rate increase is expected next year, but the 2.0% interest rate of Toss Bank is still attractive.

How to use Toss Bank's 2.0% interest rate





Toss Bank Features

1 Toss Bank account

Toss Bank has one direct deposit and withdrawal account. This means that there is only one account that can be sent to Toss Bank from another bank.

I manage accounts by purpose, but since I have only one account for frequent deposits and withdrawals, it is inconvenient to use it as an automatic debit account. Because money is mixed.

After opening Toss Bank, the first thing I looked for was whether it was possible to create multiple frequent deposit and withdrawal accounts. However, no more accounts could be created.

Toss Bank does not have separate savings and savings accounts. Does not matter. You can't send it to a savings account or a savings account from outside anyway.





The interest rate of Toss Bank is 2.0% per annum regardless of bankbook and collection.

Bank's regular deposit and withdrawal passbook is usually 0.1% per annum, CMA is 0.5% to 0.7%, and when the interest rate is 0.75%, deposits are usually around 1.5%.

Toss Bank only has a bankbook for frequent deposits and withdrawals, and it seems that deposits and savings are handled internally, not into accounts. The total is 2.0% per annum. Later, when the interest rate rises or falls, both the bankbook and the savings account will move together.




Collect Toss Bank


Toss Bank's collection is a deposit and savings product.

Kakao Bank has innovated in account opening and transfer, but the concept of financial products such as accounts, deposits, and savings accounts remains the same. Not bad. That's what financial products are, and we're used to it.

Toss Bank eliminates the explicit account and product concept of deposits and savings, and uses it as a 'collection' within the service. Okay. It's not too bad yet, not very good either.



Deposits and withdrawals from the Toss Bank collection are possible only through the Toss Bank passbook.

Collecting Toss Bank brings money out of the bankbook at any time, just like Kakao Bank's Safebox. Conversely, if you want to send the money you have collected to another place, you need to send it to the Toss Bank account, which is a frequent deposit and withdrawal account.

You cannot send directly from one gathering space to another. Unconditionally, you must send it to a bank account for frequent deposits and withdrawals and then send it back to another collection. Well, you can do that. It's not very inconvenient, but you have to remember how much you took out, so you can keep the balance of your bankbook with 0



Collecting Toss Bank is similar to Kakao Bank Safebox.

Toss Bank collection seems to be an internal financial product, so the method used is the same as Kakao Bank's Safebox.

There is a process of putting it in and taking it out, and it is not possible to deposit and withdraw money at any time to an external bank.




Toss Bank's Gathering vs. Kakao Bank Safebox

In Toss Bank, the total is 2%, regardless of any time deposits and withdrawals or collections.

The regular deposit and withdrawal account of Kakao Bank is 0.1% like any other bank passbook, and the Kakao Bank Safebox is applied a little higher than the interest rate. As interest rates rose to 0.75%, the Safebox also rose to 0.8%.

Kakao Bank Safebox could only put in up to 1000 million won, but when Toss Bank opened, it gave 2% without a limit, so Kakao Bank raised the maximum limit of the safe box from 1000 million won to 1 million won. Also, competition is good.




fill toss bank


The maximum daily limit for filling a Toss Bank account is 1,000 million won.

Tossbank can bring money from other banks through replenishment. This is using open banking, and it seems to work really well.

However, after bringing 1 million won, when I tried to bring it back, I was unable to bring it due to the daily remittance limit.



It's my limit, but as far as I know it's everyone's limit. This is because the import of Toss Bank uses open banking, and the maximum daily limit of open banking is 1,000 million won.

There is no way to bring more than XNUMX million won in a day through import.



If you want to put more than 1,000 million won in Toss Bank per day, you can transfer money to Toss Bank.


When the daily limit was exceeded, there was no message telling me how to solve it, so I was momentarily embarrassed. It occurred to me that there was no way to put money into the Toss Bank account.

I came to my senses and transferred from another bank app to my Toss Bank account.

I think it would be good if you write a message telling you to send money over the daily limit. One of the error message principles is called error recovery.

The reason I thought for a moment that I could no longer deposit money was because of the 'Import' menu. KB Securities has a 'recharge' button in the purchase window, which is also brought through open banking. It was so unfamiliar.

I thought that I could only do the “Import” menu to put money into the Toss Bank account, and I thought that I couldn’t bring any more money because it took the 1000 million won transfer limit, but I’m getting used to it.

In fact, before open banking, there was no way to bring money from one bank account to another. If you put money into your account, you must transfer money from another account. The way to bring money through open banking is an additional thing.

Toss Bank consists of the main menu on the menu, which supports open banking. Import is on the same level menu as deposits and loans. So it takes one day to bring in, so there is no other way to think about it



Toss Bank Transfer


After opening a Toss Bank account, the daily transfer limit is 100 to 200 million won.

The limit is like this because an account was opened with another bank within 20 business days or the use of the passbook was not confirmed.

The same goes for other banks.



Remittance limit will be increased if you send proof of account

You can increase the transfer limit by submitting an electricity bill or city gas bill.

In my case, it seems to have taken 2 business days.

With OTP connection, you can transfer up to 1 million won at a time.




Utilization of Toss Bank

As described above, I looked at the characteristics of Toss Bank and summarized how to use Toss Bank in my situation.


External Bank ⟷ Toss Bank Passbook⟷ Collect Toss Bank

Deposits and withdrawals of external banks and Toss Bank, and deposits and withdrawals of Toss Bank in Toss Bank.

It is inconvenient to have only one Toss Bank passbook, but it seems that the concept has been grasped this way, so it is unlikely to change. So, I decided to keep the balance at 1 without using a direct debit account or debit card.



Do not use as a direct debit account

Use the CMA account of a brokerage company for a passbook that automatically transfers utility bills or credit cards. The interest rate is around 0.5% to 0.7%, so there is no reason to put it in a 0.1% deposit and withdrawal account for a short time.

So I tried to change this to a toss bank with an annual rate of 2.0%, but I decided not to. This is because Toss Bank has only one frequent deposit and withdrawal account.

I keep a direct debit account, put in my monthly bills, and whenever I use my credit card, I transfer it directly to my direct debit account. Since a credit card is a debt, it is used as a debit card so that you can use it only as much as you have money. This is possible thanks to Kakao Bank's easy transfer method.

Toss Bank has only one frequent deposit and withdrawal account, so it is not used as an automatic debit account. This is because it is complicated when mixed with other regular deposits and withdrawals.



The Toss Bank passbook is a temporary space, and the balance is kept at 0.

Toss Bank passbook is the only occasional deposit and withdrawal passbook, and it is a window through which money can come in from outside, and it is a deposit/withdrawal window with Mojiwa inside Toss Bank.

When you send money from another bank to Toss Bank, or when you take out or put money in the collection, it is confusing if you have a different balance. So we always keep the balance at 0.





Toss Bank debit card is not used

Every time you use it, you get 300 won in cash back for each category, but you don't use it even if there is a benefit in order not to keep the balance because there is only one frequent deposit and withdrawal account.



Use Toss Bank as a parking passbook

To use it as a parking passbook, set the Toss Bank frequent deposit and withdrawal account to 0, and do not use the Toss Bank check card.




Moved Kakao Bank Safebox to Toss Bank

The amount stored in the Kakao Bank Safebox has been moved to Toss Bank collection. This is because there is a big difference between the Safe Box 0.8% interest rate and the Toss Bank 2.0% interest rate.


stock deposit

stock deposit  Moved from the general trust account to the CMA account because of the interest rate. I don't trade often, so I transfer the necessary amount to the trust account only when buying and subscribing for public offerings. The CMA is still 0.5%, even though interest rates have risen from 0.75% to 0.7%. I thought for a moment because I could get a 2% interest rate if I moved to Toss Bank. For two reasons.

First, limit the remittance limit. Restrictions were lifted by submitting documents.

Second, it is difficult to determine the proportion of stocks and cash holdings.

In securities MTS, the percentages and amounts of stocks and cash are shown. It is essential for allocating and maintaining a share of stocks and cash.

However, if you put the deposit into the Toss Bank collection, there is a problem that the funds related to all stocks (valued stocks + deposits) are not visible in MTS. Although it is a small difference, since stocks are valuations, they change as stocks rise and fall, and US stocks change with the exchange rate.

As the limit on remittance was lifted, stock deposits were moved to Toss Bank. Again, the problem is that the proportion of stocks and cash holdings in MTS is not visible.

While looking for a way, I found a way to manually enter cash in Orrak. The cash share can be seen in the ups and downs. Anyway, MTS seems to have been resolved because the weight of stocks in the US and Korea and between sectors and stocks is not well seen, so it is going up and down.



Use Toss Bank as deposits and savings accounts

new deposits and savings

If you are going to make a new deposit or savings account, of course it is advantageous to put it in the Toss Bank collection.


The interest rate of 1.2% and 1.65% deposits are not to be broken

I was about to break the deposit in Kakao Bank and transfer it to Toss Bank, but if the deposit is canceled midway, the applied interest rate will be changed to 50% of the basic interest rate.

So, when you cancel and receive a 2.0% interest rate for the remainder of the term  Calculate the interest differenceI tried

I calculated the interest rate I received from cancellation today + the interest rate put in Toss Bank for the rest of the period of 2.0%, but the 1.2% deposit was slightly larger. So I decided to just leave it alone.



What is the Toss Bank interest rate of 2.0% in the future?

When Toss Bank opened with an interest rate of 2.0%, its competitor, Kakao Bank, raised only the limit of Safebox without raising the interest rates of Safebox, deposits, and savings accounts. Again, raising interest rates in the banking industry is difficult.

Tossbank is said to be able to maintain an interest rate of 2.0%. As a bank, you have to make money from loans, but the government has regulated loans because of real estate, and Toss Bank has already set the amount to borrow this year, so the maximum sales have been set. Toss is not just a bank, so there are other profits. But we don't know how long it will hold 2.0%. Another toss profit would have to rise in order to maintain this interest rate.

There are also many predictions that interest rates will rise this year and next year. If the interest rate of Toss Bank does not rise when the interest rate is raised, there is no need to keep Toss Bank if it is for deposit purposes rather than a parking passbook like Kakao Bank's Safebox.



The effectiveness of Toss Bank's 2.0% interest rate is good, and the efficiency of the concept and UI is new while solving the banking business as a service. It's not good or bad.

By removing the concept of an account or product from a financial product and changing it to a service name, the concept remains the same, but only the interface has been changed, which is not good for users.

There is an industry standard and there are rules for credit, and unless all banks do that, people only have to understand and apply these rules when using Tossbank. People need to grasp the concept of gathering, so they have to revise their mental model. This is difficult. This is because it is a concept, not an interface.

I tried depositing and withdrawing from Toss Bank, making a collection, putting it in and taking it out, reading the help site, and finally organized the flow between accounts as follows. The user's mental model is formed in this way using interfaces (especially labels and messages).

External bank ⟷ Toss Bank passbook (frequent deposit/withdrawal, 1)⟷ Collecting Toss Bank (multiple, deposit/savings/safe box)


Tossbank has changed the terminology as well, so people need to learn it as well. You should learn these terms and dialog messages only when using Tossbank.

Not everything new is good. Innovation is only meaningful when it is positive progress, just as a reorganization should be an improvement, not a change.

The 2.0% interest rate is very good. The interface, interaction, and concept are not very good for first-time users except for opening an account. This is because you have to grasp the concept, learn it, and get used to it. Overall, though, it's not bad, but it's new and interesting. It's not as bad as it is, but it's good to get used to it little by little. However, if the interest rate of Kakao Bank or other banks is significantly higher, they will move immediately.


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