[E-Daily Reporter Jeong Min-ju ] Applications for the second round of the “Youth Future Savings Account,” which allows young people to save up to 22.55 million won, are now open. Since military service time is excluded from age calculations, even those born in November 1991 are eligible to apply. Existing holders of the “Youth Leap Account” can also switch to the “Youth Future Savings Account” this time.

The Financial Services Commission announced on the 30th that it will accept applications for the “Second Round of the Youth Future Savings Account” from the 7th to the 16th of next month. Applications will be processed online via the mobile apps of participating financial institutions. On the 7th, young adults 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 the 12th to the 16th, applications will be accepted regardless of birth year. Since this is not a first-come, first-served program, applicants who submit their applications within the application period will undergo screening regardless of the order in which they applied.

Eligibility reviews will take place from October 19 to November 13. Young adults notified of their eligibility must open an account between November 16 and 27. Accounts cannot be opened after this period. Contributions can be made immediately after the account is opened.

During the application process, applicants must select the category that applies to them: general income earners, employees of small and medium-sized enterprises (SMEs), or small business owners. For general income earners, eligibility is based on individual and household income requirements; for SME employees, eligibility is assessed based on both individual and household income and employment status at an SME. SME employees who meet certain requirements may enroll in the preferential category; they must have been employed at an SME for a total of at least 29 months from the enrollment date until one month before maturity, with a maximum of two job changes permitted. Small business owners are classified as either “General” or “Preferential” based on an assessment of their sales revenue and household income.

Small business owners must obtain a Small Business Owner Verification Certificate before applying for enrollment. If they operate two or more business locations, verification certificates are required for all locations. Delays in obtaining the verification certificate may make it difficult to verify small business owner status. Small business owners are also classified as either the standard or preferential type based on requirements such as sales revenue and household income.

Eligibility is limited to young adults aged 19 to 34 as of the enrollment date. For those who have completed military service, up to six years may be excluded from the age calculation; therefore, under current criteria, those born between November 17, 1991, and November 27, 2007, are eligible to apply. In addition to regular employees, day laborers, part-time workers, fixed-term workers, and freelancers are also eligible to apply if their personal income reported to the National Tax Service can be verified.

Military personnel may also enroll if they meet the income requirements. If they receive military pay, not only active-duty soldiers but also social service personnel, alternative service personnel, cadets, and officer candidates are exceptionally eligible to apply. Military personnel undergoing basic military training are also supported in applying online and opening an account.

The Youth Future Savings Account is a product that allows flexible monthly deposits of up to 500,000 won for three years. The government matches 6% or 12% of the deposit amount as a contribution. Interest income is tax-exempt. The interest rate is a fixed three-year rate, starting at 5% plus a preferential rate offered by each bank. Assuming an interest rate of 8%, the maximum maturity payout for the preferential rate plan is 22.55 million won. This amount consists of the principal of 18 million won, plus 2.16 million won in government contributions and 2.39 million won in interest.

It is also possible to switch from the Youth Leap Account to the Youth Future Savings Account. However, even if you were 34 years old or younger when you opened the Youth Leap Account, you cannot enroll in or switch to the Youth Future Savings Account if you are currently over 34 years old.

Early termination is also permitted. In the case of a standard early termination, the government contribution will not be paid, and the tax exemption on interest income will not apply. If the early termination falls under special circumstances—such as death, emigration, retirement, business closure, natural disasters, or long-term hospitalization—you may still receive the government contribution and tax-exempt benefits. After termination, you must wait two months before reapplying; upon re-enrollment, the government contribution rate will be partially adjusted based on your previous enrollment period.