Nearly 690,000 apply in second round of Youth Future Savings Account offering up to 20% annual return

About 690,000 people applied during the second enrollment window for the Youth Future Savings Account, a government-backed savings product, bringing the cumulative total of applicants across both rounds to roughly 2.82 million.

The Financial Services Commission said 688,000 people applied during the second enrollment period, which ran from Oct. 7 to Friday.

By age group, those between 25 and 29 accounted for the largest share at about 233,000. Applicants aged 19 to 24 numbered roughly 232,000, while those 30 and older totaled about 223,000.

Of the total applicants, about 558,000 applied as general-income earners, roughly 108,000 as employees of small and medium-sized enterprises, and the remaining approximately 21,000 as self-employed business owners.

Combined with the first round, the total number of applicants now stands at approximately 2,819,000.

Enrollment reviews for all applicants will run through Nov. 13. Before final results are confirmed, the Financial Services Commission plans to notify applicants of preliminary review outcomes between Oct. 30 and Nov. 2, allowing them to compare their chosen account type against the review results and submit appeals if needed.

Existing Youth Leap Account holders who applied during this second window and pass the review must first open a Youth Future Savings Account during the account-opening period, then apply for a "special early termination of the Youth Leap Account for the purpose of enrolling in the Youth Future Savings Account."

Taking into account both the government contribution and tax-exemption benefits, the government says the effective annual interest rate reaches up to 14.4 percent for the standard tier and up to 19.4 percent for the preferential tier. If the 2027 government budget proposal — which includes expanding eligibility and raising the preferential payout ratio — is approved through National Assembly deliberations, the government plans to apply the revised benefits retroactively to existing account holders.