"Youth Future Savings Account Offering Up to 19.4% Annual Interest Launches on June 22... Two-Week Enrollment Period"

Up to 500,000 Won Monthly Contribution Allowed
Government Matching & Tax Exemption Benefits Provided
Preferential Enrollment Available for SME Employees and Small Business Owners

From June 22, young adults aged 19 to 34 will be able to enroll in the Youth Future Savings Account, which offers a maximum annual interest benefit of 19.4% for a two-week period.

According to the Financial Services Commission on June 21, applications for the Youth Future Savings Account will be accepted for two weeks from June 22 to July 3.

The Youth Future Savings Account is a three-year maturity, flexible installment savings product that allows monthly deposits of up to 500,000 won. The government provides a matching contribution of either 6% or 12% of the deposited amount, and interest income tax is also exempted. Considering the interest rate, government matching, and tax exemption benefits, the effective return is similar to enrolling in a simple savings account with an annual interest rate of 13.2% to 14.4% for the standard type, and 18.2% to 19.4% for the preferential type.

During the first five business days of the application period (June 22 to 26), applications will be accepted according to a five-tier system based on the last digit of one's birth year. During the following five business days (June 29 to July 3), anyone can apply regardless of birth year.

The participating institutions include IBK Industrial Bank of Korea, NongHyup Bank, Shinhan Bank, Woori Bank, Hana Bank, KB Kookmin Bank, iM Bank, Busan Bank, Kyongnam Bank, Gwangju Bank, Jeonbuk Bank, Suhyup Bank, KakaoBank, and Korea Post. Young adults wishing to enroll can apply non-face-to-face through each financial institution's application without submitting separate documents.

Eligibility for the Youth Future Savings Account is limited to young adults aged 19 to 34 who meet income or sales requirements. During this application period, those born between January 1, 1991, and August 7, 2007, may apply. However, for those who have completed military service, up to six years of service can be excluded from age calculation. For example, an individual currently aged 35 who has served two years in the military will be considered as 33 years old and may undergo the application review.

In particular, young adults who will turn 35 between the end of this application period and the second application period scheduled for December (those born from August 8 to December 31, 1991) may have limited opportunities for additional enrollment in the future. Therefore, it is recommended that those who wish to participate do not miss this first application period.

Applicants must be able to verify their income for the previous year (2025), and employees of small and medium-sized enterprises, new recruits at small and medium-sized enterprises, and self-employed small business owners who meet certain criteria can enroll in the preferential type, which offers a 12% government matching rate.

For more details, please visit the Youth Future Savings Account website or contact the Youth Financial Call Center at the Korea Inclusive Finance Agency.

This content was produced with the assistance of AI translation services.