Check the final interest rate of the youth leap account on the consumer portal
Youth leap account products will be subject to three years of fixed interest rates based on the date of subscription and two years of variable interest rates thereafter. Assuming that there is no change in the benchmark interest rate over the next five years, young people (personal income for five years, less than 24 million won based on total salary) can earn up to 8% annual interest income. In other words, the youth leaping account adds bank interest on the amount paid, government contributions, related interest, and interest income tax exemption, resulting in the same effect as signing up for a general installment savings (taxable product) of 7.68% to 8.86% per year.
This product was promoted under the government's policy that financial support products for young people support financial activities and help financial independence.
Those eligible for subscription are those who meet the total salary of 75 million won or less and the median household income of 180% or less among young people aged 19 to 34. In the case of variable interest rates applied to youth leaping accounts for two years, the base rate at that time and the additional interest rate applied during the fixed interest rate period are set together.
If personal income based on total salary is less than 24 million won, an additional preferential interest rate (preferential interest rate for low-income groups) will be applied to income. The sales destinations are 11 banks, including Nonghyup, Shinhan, Woori, Hana, Business, Kookmin, Busan, Gwangju, Jeonbuk, Gyeongnam, and Daegu Bank. The final interest rates of the 11 handling banks can be found on the Korea Federation of Banks' consumer portal website (interest rate/fee comparison disclosure - deposit product rate comparison - youth leap account rate).
Here, you can compare and estimate the ▲ basic interest rate (fixed interest rate applied for three years) ▲ variable interest rate (differential payment based on income) ▲ preferential interest rate ▲ additional interest on installment savings collateral loans of 11 banks that sell leap accounts. Preferential interest rates for each handling bank are specified in detail by classifying them by type, so it is recommended to refer to the consumer portal website of the Korea Federation of Banks. To open a youth leap account, you can open a non-face-to-face account on business days (9 a.m. to 6:30 p.m.) through the mobile app of 11 handling banks. From June 22, you can sign up for a youth leap account regardless of the year of birth.
In addition, from July, the subscription application period will be operated for two weeks every month. You can check the website of the Korea Inclusive Finance Agency for applying for a youth leap account, checking the subscription requirements, and opening an account.
Up to 8% per year, guaranteed 50 million won in five-year maturity, a stepping stone for economic independence
Young people with personal income of less than 24 million won based on total salary will be guaranteed an annual interest rate of 7.68 to 8.86% through their youth leap account. If the total salary is less than 60 million won, there is an interest rate effect of 6.86 to 8.05% per year.
The government will provide up to 24,000 won per month if the founder freely pays within the 700,000 won limit per month for the youth leap account. Through these government-supported projects, young people who have completed five years of maturity will receive interest income and tax-free benefits to earn about 50 million won in seed money.
Through this, young people can establish a stable financial foundation and pave the way for economic independence. As a new service for financial independence and financial stability for young people, youth leaping accounts were launched and sold through 11 banks. Free counseling related to the youth leap account can be done at the counseling center '1397'. It is open from 9 a.m. to 6 p.m. on business days. Meanwhile, the Korea Inclusive Finance Agency is guiding the request for consent to income confirmation through its official Kakao Talk channel.
If young people want to sign up for a youth leap account, they can receive guidance through Kakao Talk notification Talk in connection with the request for consent to confirm their income. However, the Korea Inclusive Finance Agency recommends applicants to check whether the calling number is "1397" without a national code when receiving culture and phone calls.
