K Bank has launched a new suite of financial products for children, targeting households with minor children. The internet-only bank is making a push into the "kids finance" market by enabling parents to easily open accounts in their children's names remotely and offering a savings product with rates of up to 8 percent annually.
K Bank on Monday rolled out the "MyKids Account," a free checking account for children under 14. Parents can complete the account opening process on their own mobile phones, with a non-face-to-face authentication method that verifies family relationships without requiring separate document submissions.
When an account is opened, parents and children are automatically linked to the "MyKids Service." Parents can manage their children's accounts in real time, and children aged 14 or older who own a mobile phone in their own name can directly view and use their accounts.
The service also allows transfer limits to be set in fine detail, taking into account children's spending habits and financial education. Parents can adjust remittance limits in increments of 10,000 won, enabling children to experience financial activities within a set range. The service also features the ability to manage multiple children's accounts on a single screen and customized screen layouts using children's photos.
The "MyKids Savings" product, unveiled alongside the account, targets demand for long-term savings. A notable feature is that customers can choose subscription periods from one to five years in one-year increments, allowing financial planning aligned with a child's growth milestones such as school enrollment and graduation.
The base interest rate is 3.0 to 3.5 percent annually, with an additional preferential rate of 4 percentage points available for depositing at least two-thirds of the subscription period. When conditions are met, the top rate reaches 7.5 percent annually. The monthly deposit limit is 300,000 won.
The product is available for subscription up to age 17. For example, K Bank explained, a customer who opens an account before age 14 and subscribes to a five-year savings plan before age 17 can enjoy long-term high interest benefits well into adulthood.
A launch event is also underway. Customers who visit the app's event page by the fifth of next month will receive a coupon for an additional 1 percentage point in interest, and those who subscribe to the savings product within seven days of receiving the coupon can secure a rate of up to 8 percent annually.
A participatory event in which customers collect stamps by sharing referral links is also being held. Cash rewards will be provided based on the number of stamps collected, with additional rewards to be distributed through a drawing.
"We have designed the service so that parents and children can experience financial life together and naturally develop economic habits," a K Bank official said. "We plan to continue expanding our product lineup for family customers."
