Toss Bank's youth-only savings service, 'interest-earning piggy bank', has surpassed a cumulative 510,000 accounts about two years after its launch.

Toss Bank said on Tuesday that the cumulative number of accounts for the 'interest-earning piggy bank', launched in October 2024, has topped 510,000. About 4 out of 10 customers who hold a Toss Bank i account use the service, it said.

The interest-earning piggy bank is a product that lets customers aged 7 to 16 who hold a Toss Bank i account set aside allowance money or emergency funds. It offers an annual interest rate of 1.4 percent as of Tuesday, and interest accrues daily on saved amounts.

Customers can receive the interest accumulated so far by pressing a button in the app at any time they want. They can also set a nickname for each piggy bank to separate savings by purpose.

By age group, users aged 12 to 16 accounted for 76 percent of the total. The share of users was high among those who start managing their own allowance, such as upper-grade elementary school students and middle and high school students, it said.

Cumulative interest paid to customers since launch totals about 950 million won. The average balance per user was estimated at about 128,000 won.

A Toss Bank official said, "Experiencing the process of saving money yourself and seeing interest accumulate from an early age is an important starting point for forming financial habits." The official added, "We will continue to expand financial products and services tailored to teenagers."