'Youth Leap Account' with 2 Million Young Subscribers, Apply from June 2 to 13

[Financial News] The Korea Inclusive Finance Agency announced on the 29th that it will operate the application period for the Youth Leap Account from June 2 to 13 (8 business days).
The Youth Leap Account can be applied for each month through the handling bank's application, and after the eligibility verification process, an account can be opened. Households of one person who have been notified as eligible for this round can open an account from June 19 to July 11, and households of two or more can open an account from June 30 to July 11 (only on business days).
Launched in June 2023 to support the mid- to long-term asset formation of young people, the Youth Leap Account is a savings product where the government provides additional contributions to monthly deposits within a limit of 700,000 KRW per month (interest rate of 4.5~6.0% per annum) over a 5-year maturity.
At maturity, the Youth Leap Account can yield an interest effect of up to 9.54% per annum when combining bank interest, government contributions, and tax-free benefits, increasing interest among young people looking to accumulate a lump sum.
During the application period in May (2nd to 16th), a total of 217,000 people applied (including reapplications), with a cumulative 3,282,000 people having applied. As of the 28th, a cumulative 2,018,000 people have opened accounts. It is estimated that about 6 million young people are eligible to join the Youth Leap Account based on age, income, etc., meaning 1 out of 3 eligible young people have joined.
For more detailed information about the Youth Leap Account product, refer to the Youth Leap Account website or the Korea Inclusive Finance Agency website, or inquire at the Korea Inclusive Finance Call Center or the handling bank's call center.

 

sjmary@fnnews.com Hyejin Seo, Reporter