"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 an annual interest rate benefit of up to 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 from June 22 to July 3, over a two-week period.

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

During the application period, the first five business days (June 22–26) will follow a five-day rotation system based on the last digit of the applicant’s year of birth. For the subsequent five business days (June 29–July 3), anyone can apply regardless of their year of birth.

The participating institutions are IBK, NongHyup Bank, Shinhan Bank, Woori Bank, Hana Bank, KB Kookmin Bank, iM Bank, Busan Bank, Kyongnam Bank, Kwangju Bank, Jeonbuk Bank, Suhyup Bank, KakaoBank, and Korea Post. Youths wishing to enroll can apply non-face-to-face through each financial institution’s application without submitting additional documents.

To be eligible for the Youth Future Savings Account, applicants must be aged 19 to 34 and meet certain income or revenue requirements. For this enrollment period, those born between January 1, 1991, and August 7, 2007, are eligible to apply. However, those who have completed military service may exclude up to six years of service period from the age calculation. For example, even if someone is currently 35 years old, if they served two years in the military, their age will be considered as 33 for the purpose of application review.

Especially, youths who will turn 35 between the end of this enrollment period and the second enrollment period scheduled for December (those born between August 8 and December 31, 1991) may have limited opportunities to enroll later, so it is recommended they do not miss this first application period if they wish to participate.

Applicants must be able to verify their income for the previous year (2025). Employees of small and medium-sized enterprises (SMEs), newly employed workers at SMEs, and small business owners who meet certain criteria may enroll in the preferential type (with a 12% government matching contribution rate).

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

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