Youth Leap Account: Interest Rate Competition among 12 Banks for President Yoon’s Promise

12 banks, including NH Nonghyup Bank, Shinhan Bank, Woori Bank, KB Kookmin Bank, and Hana Bank, will post the first interest rate for Youth Leap Accounts on the website of the Federation of Banks at 10:00 am the day after tomorrow (8th).

The Youth Leap Account is designed to make a lump sum of money of about 50 million won by adding support funds by saving up to 700,000 won per month for 5 years.

Although the interest rate is a structure in which banks autonomously decide, it is known that setting an interest rate of 6% is a significant burden for banks during a period of falling market interest rates.

Banks will announce the final interest rate on the 12th after going through the process of comparing and adjusting interest rates through the first preliminary disclosure.

Financial authorities predict that about 3 million young people will sign up for the Youth Leap Account at the beginning of its launch, but the results may differ from expectations depending on the level of interest rates offered by banks.

Young people between the ages of 19 and 34 with an individual income of less than 60 million won and a household income of less than 180% of the median household income are eligible to join the Youth Leap Account.