Financial Services Commission: "Check if You Are Eligible to Join the Youth Hope Savings Account"

Available on 11 Bank Apps from the 9th to the 18th

[Asia Economy Reporter Sim Nayoung] The Financial Services Commission announced that from the 9th to the 18th, the ‘Youth Hope Savings Preview,’ which allows prospective subscribers to check their eligibility for the Youth Hope Savings account in advance, will be operational.

On weekdays, it will operate from 10 a.m. to 10 p.m., and participants can join through the apps of 11 banks offering the savings product (Kookmin, Shinhan, Hana, Woori, Nonghyup, Industrial Bank of Korea, Busan, Daegu, Gwangju, Jeonbuk, and Jeju Banks). Eligibility results will be notified via text message within 2 to 3 business days.

The Youth Hope Savings account can be opened if the age and personal income requirements are met, with no restrictions based on occupation or company size. The age criterion is between 19 and 34 years old as of the subscription date (with up to 6 years of military service recognized). The personal income criterion is a total salary of 36 million KRW (comprehensive income amount of 26 million KRW) or less during the previous tax period (January to December 2021).

Subscribers who participate in the ‘Youth Hope Savings Preview’ and receive an eligibility confirmation text can open an account directly at the bank where they previewed the product once it is officially launched, without undergoing the eligibility verification process again.

From today, market interest rates can be compared by bank on the Bankers Association Consumer Portal’s deposit product interest rate comparison disclosure site.

The Youth Hope Savings account will be officially launched at 11 banks, and subscribers can select one bank among the participating banks to open only one account. Both in-person and non-face-to-face subscriptions are possible. During the first week of the official launch (February 21?25), a five-day rotation subscription system will be applied.

The Financial Services Commission stated, "The Youth Hope Savings account is a product supported by government budget savings incentives and will be operated on a first-come, first-served basis* for subscription applications. Subscription may close depending on the budget size and other factors."

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