"Deposit 100,000 Won Each Month and Get 300,000 Won Added"...This Account Promises 10.8 Million Won in Three Years

Three-Year Maturity "Hope Savings Account II" Now Open for Applications
Targeting Working Benefit Recipients and Low-Income Households
Implemented by Local Governments Including Jeju City and Cheongju City

Recruitment has begun for subscribers to the "Hope Savings Account II," which provides government support of up to 300,000 won if you save more than 100,000 won per month. The Hope Savings Account II is a program for households in the low-income bracket who are engaged in work; if they save a certain amount each month, the government provides earned income incentives to help them accumulate a lump sum of money.

Recruitment has begun for the vulnerable group savings account "Hope Savings Account II," where the government supports up to 300,000 KRW if you save more than 100,000 KRW per month. Getty Images

On February 2, Jeju City announced that it would be recruiting new subscribers to the "Hope Savings Account II" until the 24th to help low-income households build a foundation for economic independence.

The eligible applicants are basic livelihood security recipients and low-income households who are currently engaged in work. Households with an income at or below 50% of the median income are eligible: for a single-person household, this means a monthly income of up to 1,282,119 won, and for a four-person household, up to 3,247,369 won.

If you save for three years, the government will support up to 7.2 million won

The Hope Savings Account II is a three-year maturity product. If the subscriber saves at least 100,000 won per month, the government will provide additional support funds each year. The support amount increases gradually: 100,000 won per month in the first year, 200,000 won per month in the second year, and 300,000 won per month in the third year. Subscribers can freely save up to a maximum of 500,000 won per month.

If all requirements are met, a total asset of 10.8 million won (excluding interest) can be accumulated, combining the subscriber's savings of 3.6 million won and government support of up to 7.2 million won. The structure in which the amount of support increases the longer the savings are maintained is designed to encourage both continued employment and long-term saving.

Requirements such as continued employment and completion of education must be met

However, to receive the full government support, several conditions must be met: saving at least 100,000 won per month, maintaining employment for three years, completing 10 hours of self-reliance capacity-building education, and submitting a plan for the use of funds are all mandatory. In cases of unavoidable circumstances such as unemployment or illness, exceptions are made allowing for a deferral of up to six months of savings.

On the other hand, if the account is terminated early, the government support will not be paid, and only the amount the subscriber has deposited and the interest will be returned. If you terminate the account early, you will only receive back your own deposits and interest.

The Hope Savings Account II is being implemented not only in Jeju City but also in other local governments nationwide, including Cheongju City and Bucheon City.