Second Round of Youth Future Savings Applications Begins October 7

Switching from Youth Leap Account Now Allowed

Applications Accepted Until the 16th; Account Opening from November 16 to 27

Direct Selection of Subscription Type and Objection Process for Preliminary Review Introduced

Small Business Owners Must Obtain Certificates for All Business Locations in Advance

The second round of applications for the Youth Future Savings program will be held from October 7 to 16. Existing subscribers of the Youth Leap Account will be given an additional opportunity to switch to the Youth Future Savings, and the application process has been improved so applicants can directly choose the type of subscription, check the results of the preliminary review, and file objections if necessary.

On the first day of enrollment for the Youth Future Savings on the 22nd, young people are receiving financial consultations at the Korea Inclusive Finance Agency consultation booth set up in Seongsu-dong, Seongdong-gu, Seoul. 2026.06.22 Photo by Dongjoo Yoon

On September 30, the Financial Services Commission announced the application and review procedures, as well as the main schedule, for the second round of Youth Future Savings enrollment. Applications can be submitted non-face-to-face via the mobile applications of 14 participating institutions, including NongHyup, Shinhan, Woori, Hana, IBK, KB Kookmin, KakaoBank, and Korea Post.

On the first day of applications, October 7, youth whose year of birth ends in an odd number can apply; on October 8, those whose year of birth ends in an even number can apply. From October 12 to 16, applications are open to all eligible individuals regardless of birth year. Applications will not be accepted on Saturdays, Sundays, or public holidays.

Eligibility reviews will be conducted from October 19 to November 13. The final results of the review will be individually notified on November 12 and 13. Applicants who are notified that they are eligible must open their accounts between November 16 and 27, except for weekends. If this period is exceeded, account opening will not be possible.

Starting from this round, at the application stage, applicants must directly select their applicable category: general wage earner, small and medium-sized enterprise (SME) employee, or self-employed small business owner. Youth wishing to receive preferential benefits must apply under the SME employee or small business owner category; whether preferential benefits are actually granted will be determined based on the review by the Korea Inclusive Finance Agency.

Prior to the final results being confirmed, preliminary review results will be announced and applicants will be given the opportunity to raise objections. The preliminary review notification is scheduled from October 30 to November 2, and objections can be filed from November 2 to 5. These are tentative dates and may change depending on the number of applicants or the progress of the review. Reviews are principally conducted through inter-agency electronic data linking, so separate documents are generally not required. However, if additional confirmation regarding income or SME employment is necessary, applicants may be requested to submit supporting documents.

Youth applying as self-employed small business owners must obtain a Small Business Owner Certificate from the Small Business Status Information System before applying. If operating more than one business location, a certificate for each must be obtained, and certificates must still be valid within their one-year effective period. On average, issuance takes about seven days, but may take longer if demand surges.

If the certificate is not issued by the deadline for objection submissions, November 5, applicants cannot be reviewed based on small business sales criteria and will instead be reviewed under the comprehensive income criteria. Individuals who are not operating a business or whose business falls under the government’s exclusion policy for small business financing loans are not eligible to apply as small business owners. However, if they meet the requirements for general wage earners, they may apply under that category.

Youth wishing to switch from the Youth Leap Account must first pass the Youth Future Savings eligibility review and open an account, then separately apply for "special early termination for the purpose of subscribing to the Youth Future Savings" through their Youth Leap Account bank app. Special early termination must be requested directly, even if both products are handled by the same bank. By following these procedures, government contributions and the tax-free benefits on interest income from the existing Youth Leap Account can be preserved.

Special early termination must also be completed within the Youth Future Savings account opening period, from November 16 to 27. If the procedure is not completed within this period, the Youth Leap Account will remain active and further payments to the Youth Future Savings will not be possible. In this case, the Youth Future Savings account, which has ceased receiving deposits, must be closed. Upon properly completing the switch, payments can be made to the Youth Future Savings account starting at 9 a.m. on the business day following special early termination.

The Youth Future Savings is a three-year maturity savings product, allowing young adults aged 19 to 34 to freely deposit up to 500,000 won per month. Up to six years of compulsory military service do not count toward age eligibility. Eligibility is limited to those with a total salary of 75 million won (comprehensive income of 63 million won) or less, or self-employed small business owners with annual sales of 300 million won or less, and whose household income does not exceed 200% of the median. For dual-income households of two, the household income ceiling is relaxed to 250% of the median. Income eligibility reviews are based on 2025 National Tax Service confirmed income.

For the standard account, government contributions are set at 6% of paid-in amounts. For preferential accounts—applicants who are SME employees, newly hired workers, or eligible self-employed small business owners—12% is matched, provided certain requirements are met. However, those whose total salary exceeds 60 million won but is less than or equal to 75 million won are only eligible for tax-free benefits, not for government contributions. The base interest rate is 5% per annum, and each participating institution may offer additional preferential rates of up to 2–3 percentage points, so the product offers a fixed three-year rate. For example, an eligible preferential account holder who deposits 500,000 won per month for three years at an annual rate of 8% will receive a maximum maturity payout of 22.55 million won, including the principal of 18 million won, government contributions, and interest income.

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