The government has come up with many policies regarding youth accounts for young people. The most representative youth account is the Youth Leap Account. Let’s learn about the Youth Leap Account, which is a comprehensive collection of accounts for youth.
Youth Account, Summary of Youth Leap Account terms and conditions and how to apply
Let’s summarize the conditions, application method, and subscription method for the Youth Leap Account, the representative youth account.
What is the Youth Leap Account?
The generation that receives the most policies from any government is the youth. Among the youth accounts that allow young people to raise seed money to quickly become independent in society, the representative policy is the Youth Leap Account.
The Youth Leap Account is a policy that will generate 50 million won if you save up to 700,000 won per month for 5 years by combining the money paid by young people and the money supported by the government. The principal amount is up to 42 million won, and the remaining amount of 8 million won is government support + interest. no see.
Youth Account, Summary of Youth Leap Account terms and conditions and how to apply
To summarize briefly,
Subscription period: 5 years
Subscription amount: at least KRW 1,000 ~ within KRW 700,000 per month (limit of KRW 8.4 million per year)
One account per person across all financial institutions
Free savings type
Government support changes depending on income (maximum 6%)
Bank interest rate: basic 4.5%, maximum 6% (3-year fixed interest rate followed by 2-year variable interest rate)
Handling banks are Shinhan/Kookmin/Woori/Hana/Nonghyup/Industrial/Busan/Daegu/Gwanggu/Jeonbuk/Gyeongnam/SC
Youth Account, Summary of Youth Leap Account terms and conditions and how to apply
Youth Leap Account Benefits
1) 15.4% income tax is not imposed when receiving principal and interest.
2) Government subsidies vary depending on income. If your income is low, government subsidies are greater.
– Government subsidy is 22,000 to 24,000 won per month.
Youth Account, Summary of Youth Leap Account terms and conditions and how to apply
3) The basic interest rate is 4.5%, and if all preferential conditions of each bank are reflected, the maximum rate is 6%.
Youth Leap Account conditions, subscription conditions
1) Age: 19 to 34 years old as of the date of registration (up to 40 years of age if proof of military service completion is available)
2) Total salary is 75 million won or less or comprehensive income is 63 million won or less
Since this is only available to young people with income, college students or job seekers without income are not eligible, regardless of their age.
3) Household income is 180% or less of median income, below is based on 2023, ( ) is based on 2022
Based on household income (180%)
As of 2023 As of 2022
Single-person household 3,740,205 won 3,500,661 won
Two-person household 6,221,079 won 5,868,153 won
3-person household 7,982,668 won 7,550,461 won
4-person household 9,721,735 won 9,217,944 won
Youth Account, Summary of Youth Leap Account terms and conditions and how to apply
How to apply for Youth Leap Account
[Monthly] Application for membership – Handling bank app
[Approximately 3 weeks after application] Subscription screening – Korea Inclusive Finance Agency
[Early of next month] Account opening – handling bank app
Youth Account, Summary of Youth Leap Account terms and conditions and how to apply
Youth Account, Summary of Youth Leap Account terms and conditions and how to apply
KB Kookmin Bank KB Youth Leap Account
Let’s take a look at the KB Youth Leap Account of KB Kookmin Bank, the largest commercial bank.
Click the link below to learn more about KB Kookmin Bank’s Youth Leap Account, and if you are a young person, be sure to sign up to save a lump sum of money.
In particular, since it is a free savings plan, you can save up to 700,000 won according to your equity, but since there is no product other than policy funds that can earn this level of interest, we recommend that young people unconditionally sign up for the Youth Leap Account, which is the representative youth account.
Deposit product/subscription (personal banking | financial product | deposit | deposit product/subscription)
Powerful Future High Leap KB Youth Leap Account Available Path Star Banking Period 60 months Amount KRW 1,000 ~ KRW 700,000 per month Highest Interest Rate 4.5% ~ 6.0% per annum As of December 12, 2023, before tax deduction, preferential interest rate included Apply for KB Star Banking Shopping Cart Award
obank.kbstar.com
Let’s take a look at what was announced by KB Kookmin Bank.