Shinhan Bank "Check Eligibility for 'Youth Hope Savings'"

Available on Shinhan SOL
Up to 5.7% interest rate, tax-exempt interest income, up to 360,000 KRW savings incentive provided
Event for customers who join Shinhan Youth Hope Savings after preview participation

[Asia Economy Reporter Sim Nayoung] Shinhan Bank announced on the 9th that it will implement the ‘Youth Hope Savings Preview’ service, which allows potential subscribers to check their eligibility for the Shinhan Youth Hope Savings in advance. The ‘Youth Hope Savings Preview’ is a service for young people aged 19 to 34 that enables them to verify their eligibility for the Shinhan Youth Hope Savings through Shinhan SOL beforehand.

The eligibility result can be confirmed via text message within 2 business days from the application date, and eligible subscribers can open the savings account immediately through Shinhan SOL or at branches without undergoing the eligibility verification process again.

The Shinhan Youth Hope Savings is a 24-month flexible installment savings product supported by the government to help young people build stable assets. Deposits can be made from as little as 1,000 KRW up to 500,000 KRW per month, offering a base interest rate of 5.0% per annum plus a preferential interest rate of up to 0.7%, providing a maximum annual interest rate of 5.7%.

Eligibility is limited to young people aged 19 to 34 who meet the individual income criteria of a total salary of 36 million KRW or less, or a comprehensive income amount of 26 million KRW or less, and who are not subject to comprehensive financial income taxation.

The preferential interest rate of up to 0.7% per annum includes 0.5% for customers without a Shinhan Bank savings history in the past year, 0.3% for those with a certain amount of income transfer, and 0.2% for those who have issued a Shinhan certificate or joined Shinhan Moneyverse and linked at least one financial asset.

Tax-exempt interest income benefits and additional government savings incentives are also provided. The savings incentive offers 2% (up to 120,000 KRW) of the first-year principal and 4% (up to 240,000 KRW) of the second-year principal, allowing a maximum of 360,000 KRW in incentives.

Customers who pay monthly installments into the Shinhan Youth Hope Savings and receive the 5.7% interest rate, savings incentives, and tax-exempt benefits can effectively achieve the equivalent of subscribing to a general taxable savings product with an annual interest rate of up to 10.14%. (Assuming monthly payments on the same day for 2 years, simple interest applied, and a 15.4% interest income tax rate considered)

In line with the launch of the ‘Youth Hope Savings Preview,’ Shinhan Bank is running a customer event until the 18th of this month. The first 10,000 customers who participate in the ‘Youth Hope Savings Preview’ through Shinhan SOL and complete product subscription by March 31 will receive a Starbucks Americano coupon. Additional events related to the product launch will also be held.

A Shinhan Bank official stated, “We prepared this product launch and event to support young people facing difficulties due to the spread of COVID-19,” and added, “We will continue efforts to practice warm finance that grows together with customers in line with Shinhan Financial Group (Chairman Cho Yong-byeong)’s vision of ‘Easier, More Comfortable, and New Finance.’”

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