Up to 50 Million Won 'Cheongnyeon Doyak Account' Applied by 140,000 People in Two Days

Saving 700,000 KRW Monthly for 5 Years to Accumulate 50 Million KRW
Apply by the 21st Based on Birth Year Using 5-Day Rotation System

Nearly 140,000 applicants signed up for the Youth Leap Account, which allows saving up to 50 million KRW by depositing 700,000 KRW monthly for 5 years, within two days of its launch.

On the morning of the 15th, counselors are providing subscription consultations at the 'Youth Leap Account Non-face-to-face Consultation Center' inside T Tower, Jung-gu, Seoul.
[Photo by Yonhap News]

According to the Financial Services Commission on the 16th, the cumulative number of applicants for the Youth Leap Account reached approximately 139,000 by 2 PM that day. On the first day of launch, the 15th, 77,000 people applied, and from 9 AM to 2 PM on the following day, the 16th, about 62,000 more applied.

The Youth Leap Account is a product that allows individuals aged 19 to 34, who meet the criteria of total annual income under 60 million KRW and household median income below 180%, to save a lump sum of up to 50 million KRW by depositing 700,000 KRW monthly for 5 years. For those who have completed military service, up to 6 years of military service period is excluded from the age calculation.

However, applicants are restricted if their financial income (sum of interest income and dividend income) exceeded 20 million KRW at least once in the past three years.

Deposits can be made freely within the monthly limit of 700,000 KRW, and the maturity period is 5 years. Depending on personal income level and deposit amount, the government provides a monthly contribution of up to 24,000 KRW, and interest income is tax-exempt. The maximum expected interest rate, including basic and preferential rates by income and bank, is 6.0% across all 11 participating banks.

Meanwhile, the Youth Leap Account accepts applications based on a 5-day rotation system according to birth year until the 21st. On the 16th, those whose birth year ends with 4 or 9 can apply; on the 17th, those ending with 0 or 5; on the 20th, those ending with 1 or 6; and on the 21st, those ending with 2 or 7. On the 22nd and 23rd, applications are open regardless of birth year. Starting July, there will be a two-week application period each month.

Youth wishing to apply can do so non-face-to-face via mobile apps of 11 banks including Kookmin, NongHyup, and Shinhan, during business hours from 9 AM to 6:30 PM on weekdays.

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