"No Age Limit" Youth Leap Account Application Resumes on the 3rd

Save up to 50 million KRW with 700,000 KRW monthly
Non-face-to-face app application from 9:00 to 18:30, 3rd to 14th

The Financial Services Commission announced on the 2nd that it will resume accepting applications for the 'Youth Leap Account,' which allows individuals to save up to 50 million KRW by depositing 700,000 KRW monthly for five years.

The Youth Leap Account accepts applications every month. However, this month (from the 3rd to the 14th), there are no restrictions on birth years. Applications can be submitted via eleven designated apps handling the Youth Leap Account from 9:00 AM to 6:30 PM.

On the morning of the 15th of last month, when the 'Youth Leap Account' was launched, counselors were providing subscription consultations at the Youth Leap Account non-face-to-face consultation center inside T Tower, Jung-gu, Seoul.
[Photo by Yonhap News]

The Financial Services Commission verifies eligibility based on individual and household income as of last year. Applicants can check age requirements and whether they are subject to comprehensive financial income taxation through their bank apps. An official stated, "Even young adults who started earning income last year can apply."

Benefits of the Youth Leap Account vary depending on income. For individual income, if the total salary is 60 million KRW or less, applicants can receive government contributions and tax-exempt benefits. If the total salary exceeds 60 million KRW but is 75 million KRW or less, only tax-exempt benefits are available without government contributions. For household income, the combined income of the applicant and household members (spouse, parents, children, and minor siblings) must be 180% or less of the median income as of last year.

Applicants who exceed the individual or household income limits and are therefore ineligible will receive notification messages from the Korea Inclusive Finance Agency. Applicants without separate notifications will be informed by their banks about their eligibility after income verification is completed. If informed of eligibility, applicants can select one bank and open an account between the 10th and 21st.

Once enrolled in the Youth Leap Account, deposits can be made up to 700,000 KRW per month for the five-year maturity period. The account remains active even if deposits are skipped. Government contributions for the deposited amount each month are credited the following month. If the account is terminated early, the accumulated amount excluding the deposited principal will be forfeited. Last month, 761,000 people applied. The Korea Inclusive Finance Agency is currently conducting income verification procedures for individual and household income eligibility.

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