Korea's headline youth savings product, the Youth Leap Account, stopped taking new sign-ups in December 2025. Its successor is Youth Future Savings (청년미래적금).
1. What do I do right now. The second-round application closed on 16 October (7 or 8 October by birth-year digit, then 12–16 October for everyone). If you applied, the Korea Inclusive Finance Agency sends individual results on 12–13 November, and those who pass open an account and start paying in on 16–27 November (Financial Services Commission, 12 October). We found no official third-round schedule as of 18 October. The round-2 dates were announced on 16 September. The first version of this article gave the second round as “provisionally December”; it has moved up to October.
2. What gets missed. There are three income bands, not the two usually reported — one band gets no government match at all, only the tax exemption. And the age test cuts on birthdates, not birth years.
3. What is the rate. A 5% base plus a bank-specific bonus of 2–3 points, so up to 7–8%, fixed for three years — published by the FSC on 14 May. The first version of this article read only the 23 April release (“the rate level will be confirmed later”) and said the source had no rate and the “about 22 million won” figure was unsourced. We had missed the May announcement; that is corrected here. At 500,000 won a month for three years, the preferential tier pays up to 22.55 million won on an 8% assumption.
Where does the product stand right now
As of 18 October 2026, here is where the product actually stands. Opening a bank app without knowing this is a wasted trip.
| Stage | Window | Status on 18 Oct |
|---|---|---|
| Round 1 application to account opening | 22 Jun - 7 Aug | Closed |
| Round 2 application | 7 Oct (odd) / 8 Oct (even) 12 - 16 Oct, all | Closed |
| Round 2 screening | 19 Oct - 13 Nov results 12 - 13 Nov | Starting |
| Round 2 account opening | 16 - 27 Nov | Upcoming |
Round 2 took odd birth years on 7 October and even on 8 October, then anyone from 12 to 16 October. No round-3 schedule appeared in FSC or Korea Inclusive Finance Agency sources by 18 October — we will add it to this table when it does.
Odd and even refer to the last digit of the birth year, and income is screened on 2025 income (FSC, 16 September). For round 1 the release stated that accounts cannot be opened after the window — passing screening is not enough, and missing the opening window (27 November for round 2) ends it. Weekends and public holidays are excluded from the window itself, but once the account exists you can start depositing even on a weekend. The one exception is a switch from a Youth Leap Account: deposits begin from 9 a.m. the day after the old account is terminated.
What is the product
- From 1,000 up to 500,000 won a month, deposited freely rather than on a fixed schedule
- Three-year term — two years shorter than the Youth Leap Account's five
- The government matches a share of every deposit
- Interest accrues on both your deposits and the government match, and interest income tax is waived
- The rate is fixed for three years: 5% base plus a 2–3 point bank bonus, up to 7–8%. Every bank offers the same two bonus items: 0.5 points for annual income up to 36 million won and 0.2 points for completing financial counselling (14 May announcement)
If the mechanics of a Korean installment savings account are unfamiliar, deposits vs installment savings covers the structure. What a tax exemption is actually worth over time is in compounding, saving and investing.
Do I get the government match
Almost every summary describes two tiers — standard 6%, preferential 12%. The official table has a third row: a band that gets no match at all and only the tax exemption.
| Tier | Income or revenue | Household median income | Match |
|---|---|---|---|
| Preferential | SME employee, gross pay up to 36M won (comprehensive income 26M) or small business owner, revenue up to 100M won | up to 150% | 12% |
| Preferential | Newly hired SME employee meeting the standard-tier income test | up to 200% | 12% |
| Standard | Gross pay up to 60M won (comprehensive income 48M) or small business owner, revenue up to 300M won | up to 200% | 6% |
| No match | Gross pay above 60M up to 75M won (comprehensive income above 48M up to 63M) | up to 200% | none (tax break only) |
Both tests must be met at the same time — the release writes it as “① and ② simultaneously satisfied.” The household is defined from the resident registration record: spouse, parents, children and minor siblings. Grandparents can be counted if a dependency relationship is confirmed.
Married applicants now get a wider band. The 14 May announcement relaxed the household-median test for two-person married households from 200% to 250% (standard) and 150% to 200% (preferential), and the 16 September round-2 notice keeps the same income tests. It also said that if the 2027 budget passes, the preferential match rises from 12% to 15% (25% for employees of regional SMEs), applied retroactively to existing holders — the budget has not passed yet, so the figures below stay at 12%.
Is “preferential” just low income
This is the most widely misreported point. Earning under 36 million won does not by itself put you in the 12% tier. The wording is “an SME employee with gross pay up to 36 million won, or a small business owner with revenue up to 100 million won.” A low earner who is neither lands in the standard 6% tier.
There is a second door. A newly hired SME employee qualifies for 12% as long as their income clears the standard-tier bar (gross pay up to 60 million won). “Newly hired” has a precise definition:
A person who first entered employment during 2025 (the calendar year before the June 2026 application date) and is currently working at an SME. Even if it is not their first-ever job, it counts as new employment when total employment-insurance coverage before joining that company was under one year.
So it is not a “within six months of joining” rule — the earlier version of this article said that, and it is not in the source. The test is first employment during 2025, with an under-one-year employment-insurance escape hatch.
The preferential tier also carries a retention condition. There is no ongoing income re-test, but an SME preferential holder must stay at an SME for at least 29 months, measured from sign-up to one month before maturity, for the tier to be honoured across the full term. Up to two job changes are allowed inside that period. Fall short and the account reverts to standard tier at maturity.
How much is the match worth
Because the rate varies by bank (5–8%), we stripped it out and computed the match alone: match rate x monthly deposit x 36 months.
| Monthly deposit | Total over 3 years | Standard 6% | Preferential 12% |
|---|---|---|---|
| 500,000 won | 18,000,000 won | 1,080,000 won | 2,160,000 won |
| 300,000 won | 10,800,000 won | 648,000 won | 1,296,000 won |
| 100,000 won | 3,600,000 won | 216,000 won | 432,000 won |
We also converted the match into an equivalent annual interest rate. In an installment account the first deposit sits for 36 months and the last for one, so the average holding period is (36+1)÷2 = 18.5 months. Total deposits of 18,000,000 won x 18.5 months ÷ 12 = 27,750,000 won-years of money actually tied up.
- Standard — 1,080,000 ÷ 27,750,000 = equivalent to 3.89% a year
- Preferential — 2,160,000 ÷ 27,750,000 = equivalent to 7.78% a year
This is our approximation, not an official figure. It ignores the interest the match itself earns and the value of the tax exemption, and expresses the match as a simple annual rate. This number is not in the press releases. The direction is still clear: whatever a bank pays, this sits on top of it.
The FSC's own conversion is different. Its 14 May announcement combined interest, match and tax exemption and, on a 7–8% rate, likened the product to a simple-interest installment account paying 13.2–14.4% (standard) or 18.2–19.4% (preferential). At 500,000 won a month the maturity payout is 21.10m / 22.27m won at 7%, and 21.38m / 22.55m won at 8% (standard / preferential). Our 3.89% and 7.78% isolate the match alone, which is why they are smaller.
Can I switch from the Leap Account
Holding both accounts is not allowed. Switching was first permitted only during the first intake (June to August 2026), but on 16 September the FSC said round 2 offers another chance to switch, and since 14 May Leap Account bonus-rate conditions already met are honoured on special termination. The sequence still matters.
| Step | Action |
|---|---|
| ➊ | Apply for Youth Future Savings |
| ➋ | Receive the eligibility notification |
| ➌ | Open the Youth Future Savings account (deposits blocked at this point) |
| ➍ | Special early termination of the Youth Leap Account |
| ➎ | Begin depositing |
The release is explicit: terminate the Youth Leap Account before the new one exists and the switch cannot be applied for at all. In the other direction, failing to complete the special termination within the account-opening window leaves you unable to deposit. In round 2 that window is 16–27 November.
A special termination refund includes the government match accrued so far and keeps the interest-tax exemption — unlike an ordinary early termination. Two limits: the refund cannot be paid into the new account as a lump sum, and anyone who held a Youth Leap Account to its full five-year maturity is not eligible for Youth Future Savings.
Six conditions that are easy to miss
- Financial income tax. Being subject to comprehensive taxation on financial income even once in the past three years blocks entry.
- Tax-exempt income only means no entry — except that parental leave benefit or conscript pay alone still qualifies. Parental leave benefit itself is covered in Korea's parental leave pay.
- Military service is deducted from the age test, up to six years. The release's own example: a 35-year-old who served two years is assessed as 33.
- Small business owners need a confirmation certificate in advance, issued through sminfo.mss.go.kr. It takes about seven days on average, and every business location needs one.
- Only KakaoBank caps account numbers — 200,000 accounts, with 40,000 a day during the five-day staggered week. 40,000 x 5 = 200,000, so the cap fills exactly within that first week by design (our arithmetic). Other banks set no cap.
- Some sectors are excluded from the preferential tier — entertainment and gambling-adjacent businesses for SME employees, policy-loan-excluded sectors for small business owners. Both can still enter as standard tier.
Am I the right age
“Ages 19 to 34” hides a detail. The first intake covered people born 1 January 1991 through 7 August 2007. The late boundary is whoever turns 19 on the last day of the account-opening window. The early boundary exists because people born between 1 January and 7 August 1991 turned 35 in the gap between the Leap Account closing and this product opening, and were let in as an exception.
Which is why the first-round release warned people born 8 August to 31 December 1991 that future opportunities to join may be limited. In the event, round 2 covers people born 17 November 1991 to 27 November 2007 (FSC, 16 September), so anyone born 1 January to 16 November 1991 falls outside it. Whether the military-service deduction still applies is a question for the call centre.
Questions that remain
Is it first come, first served?
No. “All young people meeting the requirements can join,” per the release. If demand threatens to exceed the budget for the match, selection runs from the lowest personal income upward.
What if my income rises after joining?
There is no ongoing income or revenue review. Only the SME preferential tier's 29-month employment condition is monitored.
Is there anything extra for staying in?
Yes. Holding the account for two years or more with at least 8 million won paid in earns a 5–10 point credit-score bonus, per the 14 May announcement.
What happens if I close it early?
As a rule the match and the tax benefit are forfeited. Unavoidable causes — death, emigration, leaving work, business closure, illness — allow a special termination that preserves both. If the reason is a cash crunch, weigh where to park an emergency fund and paying down debt vs saving first.
Can it be combined with other youth programmes?
Yes — the plan is to allow overlap with asset-building schemes run by other ministries and local governments. Unless the other programme forbids it.
What if the bank fails?
Depositor protection applies per financial institution, not per product. The limit and how it is counted are in Korea's 100 million won deposit protection.
Can I also hold the new “youth productive-finance ISA”?
The government bill says yes. The 2026 tax reform package finalised by the Ministry of Finance and Economy on 1 September changed the August draft to allow the youth productive-finance ISA to be held alongside Youth Future Savings. It is still a bill sent to the National Assembly on 3 September, so it can change in deliberation; the ISA terms themselves are in the ISA post and the tax reform post. (checked 28 September 2026)
Sources
- Financial Services Commission press release, “Youth Future Savings: applications open to all birth years from 12 to 16 October” (12 October 2026, KDI Economic Information Center copy, checked 18 October 2026). Source for individual results on 12–13 November and account opening and first payments on 16–27 November.
- Financial Services Commission — primary source — “Preparatory review meeting for the launch of Youth Future Savings” (23 April 2026). Source for the 500,000 won monthly cap, three-year free-deposit structure, interest tax exemption, three-year fixed rate with the level unconfirmed, the three income bands and 6% / 12% match rates, preferential-tier conditions, the definition of new SME employment, the 29-month and two-job-change rules, the financial-income restriction, twice-yearly intakes, the five-step switch, and the special early termination causes.
- Financial Services Commission — primary source — “Check the key details of Youth Future Savings, launching 22 June” (15 June 2026). Source for the schedule (22 Jun - 3 Jul application, 6 - 24 Jul screening, 27 Jul - 7 Aug account opening), the staggered first week, the 1 Jan 1991 - 7 Aug 2007 birthdate range, the warning to those born 8 Aug - 31 Dec 1991, the not-first-come-first-served rule, the household definition, the small-business certificate process and its seven-day lead time, KakaoBank's 200,000-account cap and 40,000 daily limit, the participating banks, and the 1397 youth finance call centre.
- Korea.kr policy briefing (FSC) — primary source — “Youth Future Savings rates published: 500,000 won a month for three years pays up to 22.55 million won” (14 May 2026). Source for the 5% base plus 2–3 point bank bonus (up to 7–8%), the common 0.5 and 0.2 point bonuses, the 13.2–14.4% and 18.2–19.4% equivalents, the maturity payouts, the 15 participating institutions, the relaxed test for married couples, recognition of Leap Account bonuses on switching, and the 5–10 point credit-score bonus.
- Financial Services Commission — primary source — “Round 2 applications for Youth Future Savings open 7 October” (16 September 2026). Source for the round-2 schedule (7/8 Oct odd-even, 12–16 Oct all; 19 Oct–13 Nov screening; 16–27 Nov account opening), the 17 Nov 1991–27 Nov 2007 birthdate range, the 1,000 to 500,000 won monthly range, screening on 2025 income, the extra switching chance, the 15% (regional SME 25%) preferential match subject to the 2027 budget with retroactive effect, and the 14 participating institutions.
- Our own arithmetic — the three-year match amounts, the 18.5-month average holding period, the 3.89% and 7.78% equivalents, and 40,000 x 5 = 200,000 are ours, derived from figures in the two releases.
Where to check further
- Your bank's own bonus items. Beyond the 5% base and the common 0.7 points, the bonus depends on each bank's activity and usage conditions — compare them in the participating banks' apps and on the Youth Future Savings site (fill4young.kinfa.or.kr).
- Whether the 15% preferential match is confirmed, and the excluded industries for the preferential band. The increase depends on the 2027 budget passing, and the industry list belongs to a separate ministry notice — the Korea Inclusive Finance Agency youth line (1397, option 3) answers both.
- When the match is paid, and the won amounts behind “150% / 200% of median household income.” Neither release states either — the median income figures are in the Ministry of Health and Welfare notice, and the payment timing in each bank's product disclosure.
The Leap Account is finished, but the support behind it is not. Round 2 applications closed on 16 October. If you applied, what to do now (18 October 2026) is check the result on 12–13 November and open the account between 16 and 27 November.
First written on 31 July 2026 and revised on 23 September for the round-2 schedule and the published rates. The conditions, schedule, match rates and interest rates are the FSC announcements verbatim; the won amounts and the annual-rate conversion are ours. Check your screening result and the current schedule with the participating banks, the product site, or the Korea Inclusive Finance Agency youth finance call centre (1397, then 3). This is not a recommendation to buy any particular product.
