Applications for the Youth Leap Account Accepted from February 3 to 14
Flexible Monthly Deposits Up to 700,000 KRW for 5 Years
The Korea Inclusive Finance Agency announced on the 31st that it will accept applications for the Youth Leap Account for February from February 3 to 14.
The Youth Leap Account, launched to support the medium- to long-term asset formation of young people, is a savings product that allows flexible monthly deposits up to 700,000 KRW within a 5-year maturity period (interest rate 4.5~6.0% per annum). The government provides matching contributions up to a limit (400,000~600,000 KRW per month) based on the depositor's income bracket for the monthly deposits. Getty Images
The Youth Leap Account can be opened after verifying eligibility through the applications of participating banks (KB Kookmin, Shinhan, Woori, Hana, NH Nonghyup, Busan, Gwangju, Jeonbuk, Gyeongnam Banks, and iM Bank) each month.
Single-person households can open accounts from February 20 to March 14, and households with two or more people can open accounts during business days from March 4 to March 24.
The Youth Leap Account, launched to support young people's mid- to long-term asset formation, allows flexible monthly deposits up to 700,000 KRW for a 5-year maturity period (interest rate 4.5~6.0% per annum). The government provides matching contributions up to a monthly limit of 400,000 to 600,000 KRW based on the depositor's income bracket.
Starting January this year, matching contributions have been expanded to all income brackets up to the deposit limit (700,000 KRW per month), and a matching rate of 3.0% is applied to the expanded brackets.
As a result, the monthly matching contribution received by subscribers increases from a maximum of 24,000 KRW to 33,000 KRW, allowing them to enjoy an effect equivalent to subscribing to a general savings product with an annual interest rate of up to 9.54% at maturity.
Meanwhile, during the January application period, a total of 170,000 people applied for the Youth Leap Account. Since its launch in June 2023, a cumulative total of 2.82 million people have applied, and 1.62 million have opened accounts.
For more detailed information about the Youth Leap Account product, please refer to the Youth Leap Account website or the Korea Inclusive Finance Agency website, or contact the Korea Inclusive Finance Call Center or the call centers of participating banks.
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