All youth meeting eligibility requirements may apply
Results to be announced July 24 after three-week screening
Applications for the Youth Future Savings Account, launched June 22, have surpassed 2 million in cumulative sign-ups.
As of 1 p.m. Thursday, applicants totaled about 2.012 million, according to the Financial Services Commission.
The Youth Future Savings Account is a three-year savings product for people ages 19 to 34, allowing flexible monthly deposits of up to 500,000 won ($322). When government contributions and tax-exempt interest income are added to the base interest rate, the effective annual yield can reach 19 percent.
Applications close Friday. Any young person who meets the eligibility requirements may sign up. The Financial Services Commission had originally planned to cap enrollment at about 3.2 million, but President Lee Jae Myung directed officials to "process everyone, even if that means drawing up additional budget," and the cap was removed.
A three-week eligibility screening will follow the close of applications, with results sent individually to applicants on July 24. Those who pass may open accounts during a two-week window from July 27 through Aug. 7. After opening an account, holders can make free monthly deposits ranging from 1,000 won to 500,000 won.
Transfers from the existing Youth Leap Account to the Youth Future Savings Account are permitted only during the initial enrollment period. Government contributions, tax-exempt interest income, and preferential interest rates on existing Youth Leap Account deposits will be maintained.
In addition to government contributions and tax exemptions, Youth Future Savings Account holders receive a credit score bonus. Participants in the "Financial Counseling for All Youth" program, which launches this month, can also receive incentives including a 0.2 percentage point preferential interest rate.
Detailed information on the Youth Future Savings Account is available through the product's official webpage or the Korea Inclusive Finance Agency's youth finance call center.
ehkim@heraldcorp.com
