Group Accounts Are Becoming a Manager's Quiet Advantage
Year-end gatherings and shared budgets are pushing demand for group accounts-joint accounts that make shared spending visible and easy to manage. Members can view the same transactions, split fees, and keep money working instead of sitting idle. For banks, these accounts attract low-cost deposits, so the competition is heating up across internet-only, commercial, and savings banks.
If you manage teams, clubs, or household finances, group accounts reduce admin time and centralize cash. Used well, they also generate yield on float while keeping everyone aligned.
What Managers Care About
- Transparency: Everyone sees the same ledger and payment status.
- Speed: Automated reminders cut manual follow-ups and messy spreadsheets.
- Yield: Park shared funds in interest-bearing sub-accounts to offset costs.
- Control: Set roles, permissions, and alerts to avoid bottlenecks or errors.
'AI Group Treasurer' Is Next
Kakao Bank, which launched group accounts in 2018, now leads with about 12.2 million users and more than 10.5 trillion KRW in balances (as of end-September). Its tight link with KakaoTalk drove adoption and ease of use.
To lock in that lead, Kakao Bank plans to launch an "AI Group Treasurer" by year-end. Expect automated tracking of membership fee payments and smoother collections-useful for managers who spend too much time chasing dues.
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Banks Are Stacking Features and Promos
Toss Bank
Added automatic apartment management fee payments to group accounts in September. About half of its group accounts are two-person setups-households, couples, or roommates managing fixed costs. There's also a "Finding Our Missing Household Budget" event running until the 5th of next month, with 2 million KRW prizes to 10 teams; two-person accounts get double the chance.
Shinhan Bank
The "SOL Group Account" has passed 500,000 users. Its Group Savings product offers up to 4.1% annual interest on monthly deposits up to 1 million KRW. Since August, a dedicated interface for small groups has drawn in couples and partners running a joint fund.
KB Kookmin Bank
Includes a "parking account" that functions as a demand deposit. Members can join "KB Group Safe," which offers up to 2% annual interest on balances up to 10 million KRW-useful for keeping short-term cash productive.
Hana Bank
Group leaders can invite members, and all participants can view fee details. Automatic reminders notify payment deadlines and flag unpaid fees, which lowers the coordination burden.
Savings Banks
The Korea Federation of Savings Banks will launch a group account service via the "SB Talk Plus" app on the 29th of this month, with 67 of 79 nationwide savings banks participating. Products vary by institution. IBK Savings Bank rolled out the sector's first group account this month, with tiered rates up to 2.5% annually for balances up to 100 million KRW, openable in the SB Talk Plus app. Until the 28th of this month, groups of two or more that deposit initial fees can enter a lottery for support funds of 10,000-100,000 KRW.
Mutual Finance
The Korean Federation of Community Credit Cooperatives launched a group account service via "MG The Banking" in August. It's limited to customers with existing federation accounts and is positioned for local community groups.
Before You Move Funds: A Quick Checklist
- Interest and caps: Rate tiers, deposit limits (e.g., 1M KRW monthly, 10M KRW parking caps), and how interest is calculated.
- Liquidity rules: Transfers, withdrawal limits, and any lock-in period for savings components.
- Roles and permissions: Who can invite members, approve payments, or change settings.
- Audit trail: Shared transaction history, export options, and reconciliation features.
- Automation: Alerts for dues, unpaid balances, and scheduled payments (e.g., apartment fees).
- Onboarding and KYC: Eligibility, required documents, and whether existing accounts are needed.
- Fees: Account, transfer, or ATM charges that could eat your yield.
- Promotions: Deadlines, entry conditions, and payout timing for events and lotteries.
- Security: App controls, 2FA, and fraud protections-especially for larger pools.
- Support: Availability and response times if the account supports a team or event.
Decision Guide for Managers
- Recurring shared costs? Use a group account with automated reminders and a clear ledger.
- Short-term float? Park funds in interest-bearing components to offset fees and inflation.
- Two-person households or teams? Consider banks with strong two-member features and promos.
- High admin load? Favor accounts with AI or rule-based automation for dues and notifications.
- Multiple small groups? Standardize one bank and process across all to reduce friction.
- Governance risk? Set written rules for deposits, approvals, and offboarding before money moves.
Why Banks Are Pushing Group Accounts
They bring in deposits at low rates, onboard new customers, and tend to stick longer than one-year term deposits. That mix explains the flurry of new products, interest offers, and feature rollouts across internet-only, commercial, and savings banks.
Bottom Line
Pick a bank with the right automation, interest, and controls. Pilot with one group, document the workflow, and track two metrics: time saved on collections and interest earned on float. If both trend up, roll it out across your teams and events.
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