Korea Inclusive Finance Agency: Final Youth Leap Account Applications to Be Accepted December 1-5

End of New Enrollments
Advantageous for Those Turning 35 Before July Next Year

Youth Leap Account. Yonhap News

The Korea Inclusive Finance Agency announced on November 25 that applications for the Youth Leap Account will be accepted from December 1 to December 5. After this period, new enrollments will no longer be available.

While new enrollments will end, young people who have already signed up for the Youth Leap Account will continue to receive government contributions and tax exemption on interest income for five years from the date of enrollment until maturity.

The Youth Leap Account is a savings product that allows participants to make flexible monthly deposits of up to 700,000 won for five years, with the government providing additional monthly contributions. Upon maturity, participants receive bank interest (with an annual rate of 4.5% to 6.0%) along with tax exemption benefits.

According to the Korea Inclusive Finance Agency, considering the launch timing of the Youth Future Savings, it is advantageous for young people who have not yet joined the Youth Leap Account and will turn 35 before July next year to enroll during this application period. The Youth Future Savings is available to those aged 19 to 34.

Applications for the Youth Leap Account can be submitted through KB Kookmin, Shinhan, Hana, Woori, NongHyup, IBK, Busan, Gwangju, Jeonbuk, and Kyongnam Banks, as well as the iM Bank app. After verifying eligibility, an account can be opened. For single-person households notified as eligible, accounts can be opened from December 11 to December 29, while households with two or more members can open accounts from December 22 to December 29.

During the November application period, a total of 81,000 people applied, bringing the cumulative number of applicants to 3.69 million. As of this date, 2.47 million accounts have been opened in total.

For more details, please visit the Youth Leap Account website or the Korea Inclusive Finance Agency website, or contact the Inclusive Finance Call Center.

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