Up to 9.54% Annual Interest... The 'Must-Have Product' for Young People

June Applications Open for Youth Leap Account
Sign Up via Participating Bank Apps
Cumulative Accounts Reach 2.01 Million

The Korea Inclusive Finance Agency announced on May 29 that it will accept applications for the June enrollment period of the Youth Leap Account from June 2 to June 13.

The Youth Leap Account can be applied for each month through the applications (apps) of participating banks (KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup, IBK, Busan, iM Bank, Gwangju, Jeonbuk, and Gyeongnam Bank). After completing the eligibility verification process, applicants can open an account.

For this round, one-person households who have been notified as eligible can open their accounts from June 19 to July 11, while households with two or more members can open accounts from June 30 to July 11.

The Youth Leap Account, launched in June 2023 to support young people in building mid- to long-term assets, is a savings product in which participants can freely deposit up to 700,000 won per month (with an annual interest rate of 4.5% to 6.0%) for five years. The government provides additional contributions to the monthly deposits.

At maturity, the combined effect of bank interest, government contributions, and tax exemption benefits can yield an effective annual interest rate of up to 9.54%, which has attracted significant interest from young people seeking to accumulate a lump sum of savings.

During the May application period, a total of 217,000 people applied, bringing the cumulative number of applicants to 3,282,000. As of May 28, a cumulative total of 2,018,000 accounts had been opened. Based on age and income criteria, it is estimated that about 6 million young people are eligible to enroll in the Youth Leap Account, meaning that one out of every three eligible young people has opened an account.

For more detailed information about the Youth Leap Account, please refer to the Youth Leap Account website or the Korea Inclusive Finance Agency website. Inquiries can also be made through the Korea Inclusive Finance Call Center or the call centers of the participating banks.