Youth savings account holders can earn bonus interest rate just by getting free financial counseling

Young people who complete free personalized financial counseling will be able to earn an additional preferential interest rate on the Youth Future Savings Account, a government-backed savings product. Even those who have already opened the account can receive the bonus rate retroactively when it matures, expanding the practical benefits of the policy.

The Financial Services Commission announced Sunday that it will begin accepting applications Monday for "Financial Counseling for All Youth," a program targeting people between the ages of 19 and 34.

The program pairs young people with financial experts for one-on-one consultations tailored to their individual financial situations and asset-building plans. Those who complete a session will receive an additional preferential interest rate of 0.2 percentage points annually when their Youth Future Savings Account reaches maturity.

Young people who enrolled in the savings account before receiving counseling are also eligible for the retroactive rate benefit. If they complete counseling by the last day of the third month before the month in which their account matures, the bonus rate will be applied automatically through the banking system — no separate application required.

Eligibility is open to those aged 19 to 34 as of the application date. However, existing holders of the Youth Leap Account or the Youth Future Savings Account who are older than 34 are granted an exception and may still receive counseling, minimizing gaps in coverage.

Counseling is offered in three formats to suit different needs: an outreach service in which a counselor from the Korea Inclusive Finance Agency visits the applicant in person, an in-branch service at banks and other financial institutions, and an online service available anytime and anywhere. Applicants may choose whichever format suits them best.

Young people may apply for more than one type of counseling simultaneously, making it possible to combine in-person and online sessions. However, a duplicate application for the same type is only permitted after the first session of that type has concluded.

Those wishing to participate must first verify their identity on the dedicated website and complete an online financial self-assessment. They can then select their preferred counseling format and schedule.

Scheduling works on a rolling two-week window starting Thursday: applicants who complete registration between Monday and next Sunday, for example, may book any available date within the two weeks beginning Thursday, July 9.

For the outreach counseling service, a specialist will contact the applicant within two business days of registration to confirm the appointment; for the in-branch service, contact is made within about a week. After each session, a follow-up phone consultation is provided roughly one month later to check on the applicant's progress in carrying out their financial plan.

The FSC has paired the counseling program with a tangible policy incentive to encourage broad participation. Any young person who books and completes at least one of the three counseling formats will receive a 0.2-percentage-point bonus interest rate when their Youth Future Savings Account matures.

To qualify for the preferential rate, applicants must complete counseling by the last day of the third month before the month in which their account matures. Once that condition is met, the rate is applied automatically through the banking system — no additional paperwork or documentation is needed. Young people who enrolled in the Youth Future Savings Account before receiving counseling and have kept it active will also have the 0.2-percentage-point preferential rate applied retroactively at maturity.

"Through financial counseling, young people will be able to review their spending and saving habits and build genuine asset-management skills," an FSC official said. "By linking the preferential interest rate benefit to the program, we aim to make the policy's impact more tangible."