415,000 Applications for Youth Hope Savings to Youth Leap Account in Half a Month

It has been revealed that approximately 410,000 young people with maturing Youth Hope Savings accounts applied for linked enrollment in the Youth Leap Account during the half-month period.

The Financial Services Commission announced on the 21st that during the 15 business days up to the 16th, 415,000 young people with maturing Youth Hope Savings accounts (including reapplications) applied for linked enrollment in the Youth Leap Account.

Youth eligible for linked enrollment in the Youth Leap Account can, if they wish, make a lump-sum deposit of at least 2 million KRW up to the amount of their matured Youth Hope Savings payout into the Youth Leap Account.

Additionally, it was found that 151,000 young people (including reapplications) who are not scheduled to mature their Youth Hope Savings between the 5th and 16th (8 business days) applied for the Youth Leap Account. As a result, the cumulative number of young people who have applied for the Youth Leap Account so far is 1,889,000 (excluding reapplications).

Considering the maturity of the Youth Hope Savings, the linked enrollment application for the Youth Leap Account in March will start early on the 22nd and operate until March 8 (business days only). During this application period, not only those with matured or maturing Youth Hope Savings can apply for linked enrollment, but general youth can also apply. Those who previously applied but were unable to open an account can reapply during the same period.

Afterward, through verification procedures such as eligibility and lump-sum deposit status (applicable only to those with matured or maturing Youth Hope Savings), young people confirmed as eligible can open accounts. For those who apply between the 22nd and 29th and are confirmed eligible, the account opening period is from March 18 to 29 (10 business days). For those who apply between March 4 and 8 and are confirmed eligible, the account opening period is from March 25 to April 5 (10 business days).

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Youth with maturing Youth Hope Savings can only apply for linked enrollment with lump-sum deposits until the month following the month in which their Youth Hope Savings matures. Accordingly, young people whose Youth Hope Savings mature in February can apply for linked enrollment in the Youth Leap Account until March, and those maturing in March can apply until April. After that, only basic deposits will be accepted for Youth Leap Account enrollment, similar to general youth.

Youth with maturing Youth Hope Savings who applied for linked enrollment between the 25th of last month and the 2nd of this month and were notified of eligibility can open Youth Leap Accounts from the 22nd to March 15 (16 business days). Those who applied between the 5th and 16th and were notified of eligibility, including general youth, can open accounts from March 4 to 15 (10 business days). Account opening is only possible on business days.

Furthermore, youth with maturing Youth Hope Savings need to terminate their Youth Hope Savings maturity through the bank application where they subscribed before opening the Youth Leap Account.

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