[Financial Microscope] Internet-Only Banks Targeting Children and Teenagers as 'Future Customers'

Offering High Interest Rates Up to 7.5%

Debit Card Products Linked to Children’s Accounts

Online Account Opening Drives Popularity

Supreme Court Restrictions on Scraping Highlight Need for Alternatives

The three internet-only banks are stepping up their strategies to attract potential “future customers” such as children and teenagers. In addition to offering high-interest rate products, they are improving accessibility by linking these products to services such as check cards.

According to the financial industry on September 2, as of August 12, KakaoBank’s “My Kids Bank Account” and “My Kids Savings Account” had surpassed 800,000 cumulative users within 10 months of launch. The total number of accounts opened for the My Kids Bank Account alone exceeded 410,000. The popularity was particularly evident as 210,000 out of around 1 million new customers at KakaoBank in the first half of 2026 signed up for the My Kids Bank Account. The My Kids Savings Account offers a base annual interest rate of 3%, with an additional automatic transfer bonus rate of 4 percentage points, making the maximum possible rate 7% annually. The subscription period is 12 months, with a maximum monthly contribution of 200,000 won allowed. If the account holder is under 18 at maturity, the account can be automatically renewed. Features that allow communication between parents and children are also provided: parents can make deposits or withdrawals and leave messages and emoticons such as “First day of walking” or “First New Year’s gift money,” and children can see these messages and tap “like.” Parents can also add a child’s photo to the service screen in the “My Kids” tab.

Toss Bank was the first internet bank to introduce a kids’ account in October 2023. As of August 17, 2026, the cumulative number of Toss Bank Kids Account accounts surpassed 1.3 million. The lineup also includes the “Kids Savings Account” and a “Fetus Savings Account.” The Kids Savings Account is a product that guardians can open for children from 0 to 15 years old, with a basic annual interest rate of 2.5%, plus an automatic transfer bonus rate of 2.5 percentage points, for a maximum of 5% annually. You can deposit up to 200,000 won per month for up to 12 months, and the account can be automatically re-enrolled at maturity. The Fetus Savings Account allows expectant parents to sign up before birth, and after the child is born, if an account is opened in the child’s name, the highest annual interest rate of 5% is offered. In addition, starting from June 2026, Toss Bank lowered the minimum age to issue a check card from 12 to 7 years old, enabling Kids Account holders aged 7 or older to receive a check card in their own name.

Kbank also entered the kids’ account competition this year. After launching the “My Kids Savings Account and Bank Account” in May, the number of subscribers exceeded 10,000 within two weeks, garnering significant attention. The My Kids Savings Account has a subscription period of 1 to 5 years and a base annual interest rate of 3.5%. If you successfully make deposits every month, a bonus rate applies, raising the maximum annual interest rate to 7.5%. The monthly deposit ceiling is 300,000 won, and customers can automatically re-enroll until they turn 17.

The main feature of kids’ accounts is that they can be opened non-face-to-face, without complex document submissions, which has contributed to their popularity. However, because of the Supreme Court’s restriction on data scraping, a switch to alternative verification methods is required. Initially, the Supreme Court planned to implement restrictions on scraping the Family Relationship Registry System from August 20, citing concerns about personal information misuse and system overload, but has decided to postpone these restrictions. The postponement applies to institutions that applied by August 31, and all three internet banks have completed their applications.

Data scraping is a function by which companies log into public institution websites on behalf of customers to collect necessary information. If scraping is restricted, customers must instead acquire family relationship certificates themselves and submit them to financial institutions. As concerns about disruptions to non-face-to-face financial transactions persisted, the Supreme Court granted a grace period to prepare for the transition to alternative verification methods. Some are mentioning a switch to an application programming interface (API) or public MyData system as possible solutions.

An official at one of the internet banks explained, “We are continuously planning products and services for children and teenagers so that they will continue to use a familiar financial institution into adulthood, thereby securing future customers. Although the Supreme Court has granted a temporary reprieve on the data scraping restriction, when we transition to new verification methods, it is crucial to have ample preparation time.”

This content was produced with the assistance of AI translation services.