270,000 People Apply for 'Cheongnyeon Doyak Account' Linked Enrollment Within a Week

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Since the start of linked enrollment for 청년도약계좌 (Youth Leap Account) targeting 청년희망적금 (Youth Hope Savings) maturity holders, approximately 270,000 people have applied for the 'switch' within just seven days.

According to the Financial Services Commission on the 4th, from the launch of linked enrollment on the 25th of last month until the 2nd, 272,000 청년희망적금 maturity holders applied for linked enrollment into 청년도약계좌. This year, about 379,000 young people (including reapplications) have applied for 청년도약계좌, bringing the cumulative number of applicants since June last year to approximately 1.66 million (excluding reapplications).

The Financial Services Commission will continue to operate 청년도약계좌 enrollment schedules in February. Support will be provided not only for linked enrollment of 청년희망적금 maturity holders but also for general youth enrollment. General youth can apply for 청년도약계좌 enrollment from the 5th to the 16th. Those who previously applied but could not open an account can reapply during this period.

After verifying eligibility, young people confirmed as eligible can open accounts from February 26 to March 15 if they are single-person households, and from March 4 to 15 if they belong to households with two or more members. Those who applied between January 2 and 12 and were notified of eligibility can open 청년도약계좌 by the 8th.

The linked enrollment application period will continue until the 16th. 청년희망적금 maturity holders who apply for linked enrollment during this period and are confirmed eligible after verification of lump-sum payment status and eligibility can open accounts from March 4 to 15.

For 청년희망적금 maturity holders who already applied for linked enrollment by the 2nd, if confirmed eligible after verifying lump-sum payment conditions and eligibility, they can open 청년도약계좌 from February 22 to March 15. Those who apply for linked enrollment in February and are confirmed eligible can open accounts immediately after their 청년희망적금 matures or within a short period thereafter.

Linked enrollment applications are accepted until the month following the maturity month of 청년희망적금 (for those maturing in February, applications are accepted until March; for those maturing in March, until April). Related schedules after March will be announced separately later.

Additionally, the government, together with partner banks, will strengthen support for young people who maintain 청년도약계좌 enrollment for a significant period to more effectively assist the economic independence of youth with high liquidity needs throughout their life cycle. First, young people who maintain enrollment for more than three years will retain tax-exempt benefits on interest income tax (15.4%) even if they terminate the account early.

Youth who make lump-sum payments into 청년도약계좌 and maintain the account until maturity at five years (with personal income under 24 million KRW over five years) can achieve an effect equivalent to joining a general savings product with an annual interest rate of 8.19% to 9.47% through bank interest (base rate + preferential rate), government contributions and related interest, and tax exemption on interest income. Those who make regular payments can achieve an effect equivalent to joining a general savings product with an annual interest rate of 7.68% to 8.86%.

Meanwhile, young people who terminate their accounts early after three years will receive only their principal and early termination interest but will benefit from tax exemption on interest income and an increased early termination interest rate. For example, if the early termination interest rate is 3.55%, those who made lump-sum payments can achieve an effect equivalent to joining a general savings product with an annual interest rate of 5.13%, and those who made regular payments can achieve 4.17% annually.

Furthermore, early termination interest rates for 청년도약계좌 by each handling bank will be disclosed on the Bankers Association Consumer Portal to enable young people to make more rational decisions about enrollment by fully considering their future liquidity needs. In addition to reasons such as first-time home purchase and retirement, early termination due to marriage or childbirth (including the spouse’s childbirth) will also receive full support for government contributions and tax exemption benefits, with both base and preferential interest rates applied.

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