‘Lump Sum Savings’ Youth Leap Account, Interest Rates Announced on the 12th of Next Month

Final Interest Rate Announcement on the 12th
"Request for Uninterrupted Support"

The interest rate level of the ‘Cheongnyeon Doyak Account,’ scheduled to be launched with the goal of asset formation for young people, will be disclosed in early to mid next month.

On the 31st, the Financial Services Commission held a preliminary inspection meeting for the operation of the Cheongnyeon Doyak Account at the Government Seoul Office in Jongno-gu, Seoul, chaired by Vice Chairman Kim So-young.

At the meeting, deputy heads of handling institutions including the five major commercial banks (KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup), Industrial Bank of Korea, Busan Bank (secretariat of regional banks), as well as officials from the Korea Inclusive Finance Agency, the Korea Federation of Banks, and the Korea Institute of Finance attended.

Kim So-young, Vice Chairman of the Financial Services Commission, is briefing on the launch of the 'Online One-Stop Debt Consolidation Loan Infrastructure' at the Government Seoul Office in Jongno-gu, Seoul, on the 30th. Photo by Yoon Dong-joo doso7@

The Cheongnyeon Doyak Account, set to begin operation next month, will be handled by 12 banks that previously applied for handling through a public recruitment process (KB Kookmin, Shinhan, Woori, Hana, NH Nonghyup, Industrial Bank of Korea, SC First Bank, Busan, Gwangju, Jeonnam, Gyeongnam, Daegu).

The handling institutions of the Cheongnyeon Doyak Account plan to begin full-scale preparations for operation by disclosing the basic interest rates of the product, preferential interest rates for low-income groups, and additional interest rates for loans secured by savings and deposits on the Korea Federation of Banks website on the 8th and 12th of next month.

Vice Chairman Kim said, “To realize the purpose of mid- to long-term asset formation for youth, handling institutions need to provide seamless support and consider fulfilling their social responsibility toward future generations in the operation.” He added, “Also, the disclosure of interest rates by each handling institution must be smooth, and to ensure that young people fully understand and subscribe to the product, it is necessary to prepare to disclose not only the basic interest rate but also preferential interest rates for low-income groups and additional interest rates for loans secured by savings and deposits.”