[Edaily Reporter Jeong Min-ju ] Applications for the second round of the “Youth Future Savings Account” will begin next month. After submitting an application, applicants will undergo income and eligibility reviews, and accounts can be opened starting November 16. This round also offers existing “Youth Leap Account” holders the opportunity to switch to the “Youth Future Savings Account.”

The Financial Services Commission announced on the 16th that it will accept applications for the second round of the Youth Future Savings Account from the 7th to the 16th of next month. On the 7th, applicants whose birth year ends in an odd number may apply, and on the 8th, those whose birth year ends in an even number may apply. From October 12 through 16, all young adults may apply regardless of their birth year. Following the application period, income screening and eligibility reviews for the preferential tier will take place from October 19 to November 13. Subscribers who pass the review can open an account at a participating financial institution and begin making deposits from November 16 to 27.

Eligibility is limited to young adults aged 19 to 34. For those who have completed military service, up to six years of that period will be excluded from the age calculation. The income criteria are based on the final income figures from the National Tax Service for the previous year, 2025.

To qualify for the standard plan, which receives a government contribution, applicants must be general income earners with total gross income of 60 million won or less (comprehensive income of 48 million won or less) and a household income at or below 200% of the median income. For small business owners, the criterion is annual sales of 300 million won or less. For standard plan enrollees, 6% of their contributions will be matched by a government contribution.

The Preferred Plan is available to employees of small and medium-sized enterprises (SMEs) and new hires who meet certain requirements, as well as small business owners. For SME employees and new hires, the criteria are a total annual salary of 36 million won or less (comprehensive income of 26 million won or less) and a household income at or below 150% of the median income; small business owners must have annual sales of 100 million won or less and meet the same household income criteria. The matching rate for the Preferred Plan is 12%. For two-person dual-income households, the median income threshold is set at 250% for the standard plan and 200% for the preferential plan. Those with total annual income exceeding 60 million won but not exceeding 75 million won are eligible only for the tax exemption on interest income, without making any contributions. If the maximum monthly contribution of 500,000 won is made, the account will accumulate 22.55 million won at maturity.

Existing subscribers to the Youth Leap Account can also switch to this program. Switching to the Youth Future Savings Account allows them to increase their rate of return while shortening the contribution period. While the Youth Leap Account requires monthly contributions of up to 700,000 won for five years, the Youth Future Savings Account requires monthly contributions of up to 500,000 won for three years. The maximum annual rate of return for the Youth Leap Account is approximately 9.2%, whereas for the Youth Future Savings Account, it is approximately 14.4% for the standard type and approximately 19.4% for the preferential type—a difference of up to 10.2 percentage points higher for the preferential type.

Those wishing to switch should first complete the application and screening process for the Youth Future Savings Account, receive confirmation of eligibility, and open the account. They can then make a special early withdrawal from the Youth Leap Account specifically for the purpose of opening the Youth Future Savings Account. In this case, the government contribution on the existing Youth Leap Account deposits and the tax exemption on interest income will be maintained. Detailed procedures for the switch will be provided individually to eligible participants at a later date.

An official from the Financial Services Commission stated, “We plan to provide additional guidance on the specific switching procedures before enrollment begins,” adding, “Details regarding eligibility requirements can be found on the Youth Future Savings website.”