Hana Bank announced on the 2nd that it will recruit new applicants for the Youth Tomorrow Savings Account, which has been sold since October 2022, until the 21st.
The Youth Tomorrow Savings Account is a savings product exclusively sold by Hana Bank through an agreement with the Ministry of Health and Welfare. It was established to support economically disadvantaged youth in building a lump sum of money to start a stable social life.
The Youth Tomorrow Savings Account is known to be a great help for young people to accumulate a lump sum, as the government provides additional support of up to 300,000 KRW when the youth themselves save at least 100,000 KRW. Since its launch, the number of subscribers has exceeded 90,000.
Following last year, Hana Bank plans to operate a ‘Simple Eligibility Check Service’ through its mobile application ‘Hana One Q’ until the 21st, allowing young people who wish to subscribe to the Youth Tomorrow Savings Account to quickly and easily verify their eligibility.
Through the Simple Eligibility Check Service, approximately 190,000 applicants in the 2023 recruitment were able to confirm their eligibility before the main screening. Considering that the Youth Tomorrow Savings Account can be subscribed to simultaneously with the ‘Youth Leap Installment Savings’ launched last year, it is expected that more than 200,000 applicants will use the Simple Eligibility Check Service this year.
The eligibility for the Youth Tomorrow Savings Account includes youth aged 19 to 34 at the time of application (for recipients and near-poverty groups, aged 15 to 39) who have earned income from work or business, belong to recipient or near-poverty households, or have household median income at or below 100%. For the monthly payment of 100,000 KRW made by the eligible youth, the government provides an additional matching contribution of the same amount (300,000 KRW for recipients and near-poverty households).
The subscription amount can range from 100,000 KRW to 500,000 KRW in units of 10,000 KRW. The subscription period is three years. The interest rate consists of a base rate of 2.0% per annum plus a maximum preferential rate of 3.0% per annum, allowing for a maximum annual interest rate of 5.0% (as of May 1, 2023, before tax).
The preferential interest rates include ▲1.2% per annum for salary and main transaction transfers ▲1.0% per annum for new or existing housing subscription savings ▲0.5% per annum for marketing consent ▲0.3% per annum for registration of the ‘Hana Hap’ service.
Youth wishing to subscribe can apply by using the internet ‘Bokjiro’ website or by visiting their local town, township, or neighborhood community service center (address jurisdiction) directly until the 21st.
If selected through screening, applicants can subscribe to the product starting August 1 via Hana Bank’s representative mobile app ‘Hana One Q’ or by visiting any Hana Bank branch nationwide.
A representative from Hana Bank’s Retail Products Department stated, "It is very meaningful to be a reliable partner in helping youth accumulate a lump sum and take their first steps in society," adding, "We will continue to actively lead in providing products and services that allow young people to enjoy more benefits."
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