Youth Future Savings Plan Accepting Second-Round Applications Through Oct. 16; Up to 19.4% Interest Equivalent

Up to 500,000 won per month; three-year term... 12% government contribution for the preferential plan
For ages 19 to 34; switching from the Youth Leap Account is allowed

The Youth Future Savings Plan, which offers the equivalent of an annual interest rate of up to 19.4% when government contributions and tax-exempt benefits are combined, is accepting applications for its second enrollment round through October 16.

On June 22, the first day of enrollment for the Youth Future Savings account, Financial Services Commission Chairman Lee Eokwon promotes the savings product by handing out coffee to young commuters in Seongsu-dong, Seongdong-gu, Seoul. 2026.06.22 Photo by Yoon Dongju

The Financial Services Commission and the Korea Inclusive Finance Agency announced on October 11 that the second application period for the Youth Future Savings Plan would run from October 7 to 16. Applications can be submitted on weekdays from 9 a.m. to 6:30 p.m., excluding weekends and public holidays.

The Youth Future Savings Plan is a three-year savings product into which subscribers can deposit up to 500,000 won per month, with no fixed payment schedule. Depending on the amount deposited, the government contributes 6% for the standard plan and 12% for the preferential plan, and interest income is tax-exempt. Converted into the equivalent interest rates for a conventional savings account, the benefits amount to an annual rate of 13.2% to 14.4% for the standard plan and 18.2% to 19.4% for the preferential plan.

Eligible applicants are young people aged 19 to 34 who meet income or sales requirements. They must have an annual salary of no more than 75 million won, or be small-business owners with annual sales of no more than 300 million won, and their household income must be no more than 200% of the median. For those who have completed military service, up to six years of service will be excluded when calculating their age.

Employees of small and medium-sized enterprises who meet certain requirements, newly employed workers, and small-business owners may apply for the preferential plan. Small-business owners must obtain a small-business confirmation certificate before applying.

From October 12 to 16, anyone may apply regardless of their year of birth. Applications can be submitted remotely through the apps of participating institutions, including NH Nonghyup, Shinhan, Woori, Hana, IBK, KB Kookmin, Sh Suhyup, Busan, Kwangju, Jeonbuk and Kyongnam banks, as well as iM Bank, KakaoBank and the Korea Post. Applicants will be notified of the screening results on November 12 or 13. Accounts can be opened and deposits made from November 16 to 27.

Starting with this second enrollment round, existing subscribers to the Youth Leap Account may also switch to the new plan. They must first pass the eligibility screening for the Youth Future Savings Plan and open a new account, then apply for a special early termination of their existing Youth Leap Account.

If the National Assembly passes the government’s budget proposal for next year, the government plans to increase the contribution rate for the preferential plan from the current 12% to as much as 25% and apply the revised benefits retroactively to existing subscribers.

For more information, visit the Youth Future Savings Plan website or contact the Korea Inclusive Finance Agency’s Youth Finance Call Center.

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