Youth Future Savings Account Offers Up to 19.4% Annual Return as Banks Compete for Customers

On June 22, major banks launched the Youth Future Savings Account, which offers an annual interest rate of up to 19.4%, as they compete to attract future customers.

According to the financial sector, the five largest banks—KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup—began accepting applications for the Youth Future Savings Account on this day.

The Youth Future Savings Account allows deposits of up to 500,000 won per month and has a three-year maturity. It features a base interest rate of 5%, with additional preferential rates from banks bringing the total to between 7% and 8%. The government also supports contributions, providing 6% for standard subscribers and 12% for preferential subscribers, along with tax exemptions on interest income.

Commercial banks are promoting interest rates of up to 8.0% to attract customers.

KB Kookmin Bank offers a base rate of 5.0% and an additional maximum preferential rate of 3.0 percentage points for customers who meet conditions such as automatic bill payments, card usage, and KB Live Mobile app usage.

Shinhan Bank also advertises a maximum annual rate of 8%. Customers can earn up to 3.0 percentage points in preferential rates based on card usage and securities trading, with an additional 1.0 percentage point for those who link to the Youth Leap Account.

Woori Bank provides a maximum annual rate of 8% and an additional preferential rate of up to 1.0 percentage point for new customers or those who link their accounts.

Hana Bank has partnered with the Korea Financial Services Agency to offer a product with a maximum annual rate of 8%. Customers can qualify for preferential rates by meeting conditions such as salary transfers, card usage, and completing youth financial counseling. Additional benefits include preferential interest rate coupons for customers switching from the Youth Leap Account.

NH Nonghyup Bank offers a base rate of 5% and a maximum preferential rate of 3.0 percentage points for customers who meet conditions such as salary transfers and using NH Nonghyup cards.

On the launch day, financial authorities also promoted the Youth Future Savings Account.

According to the Financial Services Commission, Chair Lee Ok-yeon personally handed out coffee to young people in Seongsu-dong on their way to work to promote the account. He also observed a Financial Services Commission intern assisting a young person in applying for the account through a bank's mobile app.

Lee emphasized that the Youth Future Savings Account is a policy product that serves as a reliable partner for young people struggling to build assets and a ladder of hope for their financial future.

The Youth Future Savings Account is available for enrollment at major banks and 14 institutions under the Korea Post. The application period runs from June 22 to July 3, targeting young people aged 19 to 34 who meet income or sales criteria.