"160,000 Youths Flock to '6% Interest Youth Leap Account' in Just Two Days"

77,000 Visitors on First Day, 84,000 on Second Day
Major Banks Have the Same Base Interest Rate
Choose Based on Preferential Interest Rate Conditions

On the 15th, the 'Youth Leap Account,' which allows you to save 700,000 KRW monthly for 5 years to accumulate up to 50 million KRW, was launched. Youth Leap Account non-face-to-face consultation center counselors are providing consultations in Jung-gu, Seoul. Photo by Jinhyung Kang aymsdream@

The Youth Leap Account, which allows saving up to 50 million KRW by depositing 700,000 KRW monthly for five years, attracted 161,000 applicants within two days of opening. Eleven commercial banks began accepting applications for the Youth Leap Account on the 15th. On the first day, 77,000 people signed up, followed by 84,000 on the second day.

These banks have unified the interest rate at a maximum of 6%. Eligibility requires an individual income of 60 million KRW or less and a household income at or below 180% of the median income, targeting youth aged 19 to 34. Yae Jae-hoon, Director of Financial Consumers at the Financial Services Commission, advised, "To prevent concentration in a specific bank, major banks have set the base interest rate equally, so applicants should choose a bank based on preferential interest rates."

From the 15th to the 21st of this month, applications will be accepted based on a five-day rotation according to birth year. On the 15th, those with birth years ending in 3 or 8 can apply; on the 16th, those ending in 4 or 9; on the 17th, those ending in 0 or 5; on the 20th, those ending in 1 or 6; and on the 21st, those ending in 2 or 7. On the 22nd and 23rd, applications are open regardless of birth year.

Starting in July, there will be a two-week application period each month. Detailed schedules for application, eligibility verification, and account opening will be provided through the Korea Inclusive Finance Agency website.

Applicants can immediately verify age requirements and whether they are subject to comprehensive financial income taxation via the bank’s app during application. Subsequently, individual and household income eligibility will be verified remotely by the Korea Inclusive Finance Agency.

Household income verification is conducted by determining household members based on the resident registration certificate, followed by obtaining consent from the applicant and household members for income inquiry. Once all eligibility checks are complete, the bank receiving the application will notify the applicant of their eligibility.

Youth who receive confirmation of eligibility can select one bank and open an account between July 10 and July 21 (one account per person). Applications can be submitted to multiple banks, but account opening is limited to one bank only.

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