Busan Youth Double Joy Savings Account Offers 6.3% Annual Rate
Save 100,000 KRW Monthly for 3 Years → 7.2 Million KRW Plus Interest
BNK Busan Bank (President Bang Seongbin) has decided to maintain the highest nationwide interest rate for savings accounts held by young people in Busan.
Busan Bank announced on the 8th that despite the decline in market interest rates, the applicable rate for the "Busan Youth Double Joy Account," which is being offered in 2024, will be frozen at the previous rate and provided at up to 6.3% per annum.
This rate is the highest in the country compared to youth-targeted savings products operated by other local governments, and the decision prioritizes public interest over the profitability of financial institutions.
The "Busan Youth Double Joy Account" is a savings product launched in 2022 through an agreement between Busan Bank and Busan City to provide savings opportunities and a foundation for independence to young people in Busan with unstable incomes.
Applicants can choose between a 24-month or 36-month term, and if they save 100,000 won per month, they will receive up to 7.2 million won, including principal and support funds, plus interest, depending on the chosen term.
Busan City plans to select 4,000 young people as eligible participants through online recruitment and screening, and Busan Bank will proceed with account openings for the selected individuals in October. Last year, the competition ratio was 4.6 to 1, and this year, the competition is expected to be even fiercer.
This is the third year of the account, and including this year's expected participants, the total number will reach 12,000. The recruitment of 4,000 people this year represents the highest enrollment rate compared to the youth population among all local governments.
Last July, Busan Bank's "BNK Baby Angel Savings Account" was recognized as contributing to solving social issues such as population decline and low birth rates, and was selected as an excellent case of win-win and cooperative financial innovation by the Financial Supervisory Service. This savings product, launched in May, offers high interest rates to provide economic benefits to households with newborns or multiple children.
In addition, last year, to help address the sharp decline in marriage rates, the "NeomanSolo Savings Account," aimed at helping the 2030 generation prepare for marriage expenses, was launched with a limit of 20,000 accounts and was quickly sold out.
Kim Yongkyu, Head of Customer Marketing at Busan Bank, said, "The issue of young people leaving the region is the top priority to solve for the survival and growth of the region," and added, "We will spare no effort to support young people to settle down and take root in the region."
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