By The Nation
The Kept financial management platform features an easy-to-use digital wallet and savings jars that lure users with higher interest rates.
High household debt coupled with the impacts of Covid-19 have highlighted the low personal savings rate in Thailand, said Krungsri’s head of Retail Banking and Distribution Phonganant Thanattrai.
“Therefore Krungsri developed Kept [as] an assistant to make savings possible and financial goals achievable, just by adjusting savings behaviour.”
The platform has three accounts – Kept, Grow and Fun – under “the one wallet, two savings jars” system, he added.
Customers can transfer money to the Kept Wallet, and set a certain amount of money for spending in advance. The remaining amount will be automatically transferred to the Grow account at the end of every day. If there’s not enough money in the Kept wallet, the system has a feature for automatically transferring money back from the Grow account. Customers can transfer money in and out of Kept as often as needed without paying any fee.
The Grow account works as a long-term savings jar, receiving automatic transfers of surplus money (minimum of Bt5,000) for high interest (currently 1.6 per cent) in the first year and 1.8 per cent in the second.
The Fun account works like a short-term savings jar, enabling customers to set up and regulate daily transfers into and out of the account.
The Kept application is available for download on iOS and Android.