청년도약계좌One
Regarding the start of operation of the Youth Leap Account
The Youth Leap Account, which supports young people’s mid- to long-term asset formation, will begin operation on June 15. The Youth Leap Account is a product that allows subscribers to freely make payments up to 700,000 won per month. The account is maintained even if there are no payments in between, and the maturity date is 5 years. Matching government contributions is provided according to the level of personal income and the amount paid by the individual, and tax exemption (interest income tax and special tax for rural areas) is provided on interest income.
☞ (Appendix 1) Youth Leap Account subscription eligibility, requirements, etc., (Appendix 2) Major QA
It is scheduled to begin operation at 11 banks* on June 15, and you can apply for membership non-face-to-face on business days (9 a.m. to 6:30 p.m.) through the corresponding bank’s app.
* Nonghyup, Shinhan, Woori, Hana, Enterprise, Kookmin, Busan, Gwangju, Jeonbuk, Gyeongnam, Daegu Bank
* SC First Bank begins operation in January 2024
In June 23, you can apply for membership from June 15th to June 23rd. In the first five business days (June 15 to June 21), you can apply for membership according to the 5-part system based on your year of birth, and on June 22 and June 23, you can apply for membership regardless of your year of birth.
※ Starting from July 2023, the subscription application period will run for 2 weeks every month (detailed schedules for subscription application, confirmation of membership requirements, and account opening are provided on the Korea Inclusive Finance Agency website (https://www.kinfa.or.kr))
Date available for registration
6.15 (Thursday)
6.16 (Fri)
June 19 (Monday)
June 20 (Tuesday)
June 21 (Wednesday)
June 22 (Thursday)~23 (Friday)
last digit of birth year
3, 8
4, 9
0, 5
1, 6
2, 7
all possible
Applicants can immediately check the age requirements and whether they are a comprehensive financial income taxpayer upon application through the bank app.
Afterwards, personal income and household income requirements are, in principle, confirmed non-face-to-face by the Korea Inclusive Finance Agency. Confirmation of household income requirements is made after determining household members based on resident registration certificates and then obtaining consent from the subscriber and household members for income verification. Once all requirements have been verified, the bank that applied for membership will inform you of whether or not you can join.
Young people who are informed that they can sign up can select one bank and open an account between July 10th and July 21st (one account per person*).
* You can apply for membership at multiple banks, but you can only select one bank to open an account.
2
Youth Leap Account interest rate
The Youth Leap Account product has a fixed interest rate for three years after signing up and a variable interest rate* for the next two years. The variable interest rate will be set by adding the base interest rate at the relevant time and the additional interest rate applied during the fixed interest rate period. If personal income based on total salary is 24 million won or less**, income + preferential interest rate (preferential interest rate for low-income groups) is granted.
* Details such as the variable cycle applied during the variable interest rate period are confirmed through further consultation between the handling banks.
** Personal income based on comprehensive income that is added to the comprehensive income tax base is 16 million won or less
The 11 handling banks today (June 14) posted the final interest rates for youth leap accounts on the Korea Federation of Banks consumer portal (https://portal.kfb.or.kr, interest rate/fee comparison disclosure – deposit product interest rate comparison – youth leap account interest rate). It was announced. On this site, you can check the final basic interest rate (fixed interest rate applied for 3 years), income + preferential interest rate, preferential interest rate by handling bank, and additional interest rate for savings-secured loans by handling bank. In particular, the preferential interest rate by handling bank is classified by type. You can compare in detail.
Assuming that the future base interest rate, which is difficult to accurately predict, will remain unchanged for 5 years, young people (personal income (based on gross salary) of 24 million won or less for 5 years) who subscribe to the Youth Leap Account* will receive government contributions and other benefits in addition to bank interest on the amount paid. Due to the related interest and interest income tax exemption, it is expected that the same effect as signing up for a general deposit (taxable product) of 7.68~8.86%** per year will be achieved.
* In case of subscription from 6 general banks among handling banks
** Personal income (based on total salary) for 5 years: KRW 36 million or less: 7.01~8.19% per year
Personal income (based on total salary) for 5 years: KRW 48 million or less: 6.94~8.12% per year
Personal income (based on total salary) for 5 years: KRW 60 million or less: 6.86~8.05% per year
