The number of applicants for the Youth Future Savings Account has surpassed 1 million just five days after its launch.
The Financial Services Commission announced that as of 1:00 p.m. today (June 26), there were 1,012,000 applicants for the savings product.
The Youth Future Savings Account is a three-year maturity, flexible installment savings product that allows deposits of up to 500,000 won per month.
It offers an annual interest rate of up to 7–8% to support asset formation for young people.
Since its launch on June 22, a five-day rotation system based on the last digit of the applicant's birth year has been in effect. Starting June 29 through July 3, anyone can apply regardless of their birth year.
Following this, income verification and eligibility checks for preferential rates will be conducted from July 6 to 24, and account openings will be available starting July 27.
The Financial Services Commission and the Korea Inclusive Finance Agency plan to ensure that all young applicants who meet the eligibility requirements can sign up for the account.
Previously, President Lee Jae-myung instructed during a Cabinet meeting and emergency economic review meeting on June 23, "For those who apply within the two-week period, let us process everyone who meets the criteria, even if it requires allocating additional budget."
(Photo: Yonhap News)