[Asia Economy Reporter Song Hwajeong] The Youth Hope Savings Account will be launched at 11 banks. With a 5-day staggered subscription system, on the first day, those born in 1991, 1996, and 2001 can apply for subscription.
On the 21st, the Financial Services Commission announced that the Youth Hope Savings Account will be launched from that day at 11 banks including Kookmin, Shinhan, Hana, Woori, Nonghyup, Industrial, Busan, Daegu, Gwangju, Jeonbuk, and Jeju banks. Customers can choose one bank among the participating banks and open only one account, with both face-to-face and non-face-to-face subscription options available. Non-face-to-face subscriptions are available from 9:30 AM to 6:00 PM on business days, while face-to-face subscriptions operate from 9:30 AM to 3:30 PM.
From that day until the 25th, the 5-day staggered subscription system will be applied. On the first day, those born in 1991, 1996, and 2001 can subscribe; on the 22nd, those born in 1987, 1992, 1997, and 2002; on the 23rd, those born in 1988, 1993, 1998, and 2003; on the 24th, those born in 1989, 1994, and 1999; and on the 25th, those born in 1990, 1995, and 2000 can subscribe respectively.
Applicants who participated in the "Preview" and received a subscription eligibility text message can subscribe immediately at the bank where they previewed without going through the subscription eligibility verification process again. Applicants who did not participate in the preview must go through the subscription eligibility verification process before subscribing.
The interest rates offered by banks can be compared by bank on the Bankers Association Consumer Portal Deposit Product Interest Rate Comparison Disclosure Site.
The Financial Services Commission stated, "The Youth Hope Savings Account is a product supported by government budget savings incentives and will be operated on a first-come, first-served basis according to subscription order," adding, "Based on the preview operation results, subscription demand is expected to be higher than initially anticipated, and we are consulting with the Ministry of Economy and Finance on the operational direction."
According to the banking sector, from the 9th to the afternoon of the 18th, the number of preview applications to check subscription eligibility for the Youth Hope Savings Account at the five major banks?KB, Shinhan, Hana, Woori, and Nonghyup?has exceeded 1.5 million. Including the remaining six banks?Industrial, Busan, Daegu, Gwangju, Jeonbuk, and Jeju?the total number of inquiries at the 11 banks is expected to approach 2 million. This year’s Youth Hope Savings Account project budget is 45.6 billion KRW, which can support about 380,000 subscribers assuming all subscribe with the maximum monthly deposit limit of 500,000 KRW.
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