77,000 People Joined Youth Leap Account on First Day of Enrollment

Save up to 50 million KRW by depositing 700,000 KRW monthly for 5 years
Applications start from the 15th

On the 15th, the day the 'Youth Leap Account,' which allows you to save up to 50 million won by depositing 700,000 won monthly for five years, was launched, counselors at the Youth Leap Account Non-face-to-face Consultation Center in Jung-gu, Seoul, were providing consultations. Photo by Jinhyung Kang aymsdream@

The Youth Leap Account, which allows saving up to 50 million KRW by depositing 700,000 KRW monthly for 5 years, attracted 77,000 applicants on the first day of enrollment. Eleven commercial banks began accepting applications for the Youth Leap Account from 9 a.m. to 6 p.m. on the 15th.

These banks have unified the interest rate at a maximum of 6%. Eligibility requires individuals to have a personal income of 60 million KRW or less and a household income at or below 180% of the median income, targeting youth aged 19 to 34.

From this day until the 21st, applications will be accepted based on a five-day rotation system according to the birth year. On the 15th, those whose birth year ends in 3 or 8 can apply; on the 16th, those ending in 4 or 9; on the 17th, those ending in 0 or 5; on the 20th, those ending in 1 or 6; and on the 21st, those ending in 2 or 7. On the 22nd and 23rd, applications can be submitted regardless of birth year.

Starting in July, there will be a two-week application period each month. Detailed schedules for application, eligibility verification, and account opening will be provided through the Korea Inclusive Finance Agency website.

Applicants can immediately verify age requirements and whether they are subject to comprehensive financial income taxation via the bank’s app at the time of application. Subsequently, personal and household income eligibility will be verified remotely by the Korea Inclusive Finance Agency.

Household income verification is conducted by determining household members based on the resident registration certificate, followed by obtaining consent from the applicant and household members for income inquiry. Once all eligibility checks are completed, the bank that received the application will inform the applicant of their eligibility.

Youths who receive confirmation of eligibility can select one bank to open an account between July 10 and July 21 (one account per person). Applications can be submitted to multiple banks, but account opening is limited to one bank only.