Saemaul Geumgo's 'Baby Steps' savings account tops 22,000 subscribers

The Korea Federation of Saemaul Geumgo said Thursday that more than 22,000 people have signed up for its "MG Heuimang Nanum Georeumma Savings Account," a social contribution financial product launched to help address the country's low birth rate.

The one-year savings account, commonly known as the "Baby Steps" account, offers an interest rate of up to 12 percent per year for children born in 2026. The base rate is a fixed monthly rate of 4 percent, with deposits capped at 300,000 won ($219) per month. Preferential rates range from 6 to 8 percent per year on top of the base. First children qualify for an annual rate of 10 percent, second children 11 percent, and third or subsequent children 12 percent. Newborns in areas designated as population-decline zones receive the maximum 12 percent rate regardless of birth order.

The product launched in April with a cap of 50,000 accounts. About 22,000 accounts have been opened so far, consuming roughly 44 percent of the total allotment.

Saemaul Geumgo has released a new social contribution savings product each year since 2023 to combat the low birth rate. The "Kangaroo Savings" account attracted 35,039 subscribers in 2023, the "Dragon Savings" account drew 49,563 in 2024, and the "Baby Snake Savings" account enrolled 49,803 in 2025. Including this year's Baby Steps account subscribers, cumulative enrollment across all four products has reached approximately 156,000.

"We introduce a new product every year to provide real financial benefits to families with newborns and to contribute to overcoming the low birth rate," a federation official said. "We will continue to expand our support projects and social contribution activities in step with local communities."