2026 Youth Future Savings Account Applications Close at 6:30 PM on October 16: How Do You Switch from the Youth Leap Account?
Applications for the 2 round of the 2026 Youth Future Savings Account close on Friday, October 16, at 6:30 PM. Existing Youth Leap Account holders can also switch if they meet the eligibility requirements. However, the correct sequence is not to close the Youth Leap Account first. Applicants must pass the eligibility screening for the Youth Future Savings Account, open the new account, and then apply for a special early termination of their existing account.
According to guidance announced by the Financial Services Commission on October 15, the application period and the actual account-opening period are different. Young people who currently hold a Youth Leap Account should pay particular attention to the distinction between the two accounts' switching procedures.
October 16 Youth Future Savings Account Deadline: What Time Must You Apply By?
Applications for the 2 round of the Youth Future Savings Account can be submitted until 2026-10-16 at 6:30 PM. Applications open at 9 AM and are processed through participating financial institutions' mobile apps.
On October 7 and 8, applicants were divided into groups according to the last digit of their birth year. However, from October 12 through 16, applications are accepted regardless of birth year.
Completing an application does not mean that a savings account is immediately created. Applicants must undergo an eligibility screening and complete enrollment during a separate account-opening period.
| Category | Schedule |
|---|---|
| 2 application round deadline | October 16 18:30 |
| Eligibility screening | October 19–November 13 |
| Preliminary screening results announced | October 30–November 2 (tentative) |
| Appeals | November 2–5 (tentative) |
| Account opening and start of deposits | November 16–27 |
The schedules for announcing preliminary screening results and submitting appeals may change depending on the progress of the screening process.
Even applicants who receive confirmation that they are eligible cannot open an account under this application round unless they complete the account-opening process by November 27.
Can Existing Youth Leap Account Holders Switch to the Youth Future Savings Account?
Existing Youth Leap Account holders can switch to the Youth Future Savings Account if they meet its eligibility requirements. The Financial Services Commission is offering Youth Leap Account holders an additional opportunity to switch during this 2 recruitment round.
The switching process is as follows.
1. Apply for the Youth Future Savings Account by 6:30 PM on October 16
2. Undergo the eligibility screening beginning October 19
3. After passing the screening, open a Youth Future Savings Account during November 16–27
4. After opening the new account, apply for special early termination of the Youth Leap Account
The important point is that you do not need to close your existing Youth Leap Account first.
Under the switching procedure announced for this round, applicants are instructed to open their Youth Future Savings Account first and then apply for special early termination of their Youth Leap Account specifically for the purpose of joining the new savings program.
Therefore, rather than rushing to close their existing accounts, Youth Leap Account holders should first submit their Youth Future Savings Account applications and check the screening results.
What Are the Age and Income Requirements for the Youth Future Savings Account?
The basic age requirement for the October 2026 2 application round is 19–34 years old.
The eligible birth-date range announced for this recruitment round is from those born on 1991-11-17 through those born on 2007-11-27.
This age range is based on the actual account-opening period of November 16–27.
Young people who have completed military service may exclude up to 6 years of military service from their age calculation.
Applicants must also meet the income requirements.
The Youth Future Savings Account is available to individuals with total employment income of KRW 75,000,000 or less, or comprehensive income of KRW 63,000,000 or less. Small-business owners with annual sales of KRW 300,000,000 or less may also apply, subject to the applicable income, sales, and other eligibility requirements. Household income must not exceed 200% of the median income.
However, eligibility to open an account is not the same as eligibility to receive government contributions.
Even if an applicant's income falls within the permitted enrollment range, eligibility for government contributions may vary depending on income level and enrollment category.
How Much Can You Deposit Each Month, and What Benefits Does the Youth Future Savings Account Offer?
The Youth Future Savings Account is a flexible-installment savings product with a maturity period of 3 years. Subscribers can deposit between KRW 1,000 and KRW 500,000 per month.
Under the current program, government contributions equal 6% or 12% of the amount deposited, depending on the enrollment category. Interest income is also exempt from taxation.
For example, if someone deposits KRW 500,000 every month for 36 months, their total principal contributions will amount to KRW 18,000,000.
Assuming the subscriber qualifies for government contributions, a simplified calculation using the current contribution rates is shown below.
| Category | Standard Type 6% | Preferential Type 12% |
|---|---|---|
| Monthly deposit | KRW 500,000 | KRW 500,000 |
| Monthly government contribution | KRW 30,000 | KRW 60,000 |
| Total government contributions over 36 months | KRW 1,080,000 | KRW 2,160,000 |
These figures are simplified calculations based on the assumption that the maximum monthly amount is deposited and the same government contribution rate applies throughout the period. Savings interest is not included, and actual payments will vary depending on eligibility and applicable conditions.
In addition, the government's 2027 budget proposal includes a plan to raise the preferential contribution rate from the current 12% to 15%, and to 25% for certain employees of small and medium-sized enterprises outside the Seoul metropolitan area.
The Financial Services Commission stated that if the relevant budget proposals and other measures are finalized following National Assembly deliberations, it plans to apply the revised benefits retroactively to existing subscribers as well.
Therefore, 15% and 25% are not confirmed contribution rates as of October 2026; they are figures included in the proposed 2027 reforms.
Where Can You Apply on October 16?
Applications for the Youth Future Savings Account are available through the mobile apps of 14 participating institutions.
Participating institutions include NongHyup, Shinhan, Woori, Hana, IBK, KB Kookmin, Suhyup, iM, Busan, Gwangju, Jeonbuk, Kyongnam, Kakao, and Korea Post.
Standard online applications can generally be completed without submitting additional documents. However, some applicants, including small-business owners, may be required to provide additional supporting documentation.
During the application process, applicants select their enrollment category and subsequently check their screening results.
Existing Youth Leap Account holders who wish to switch must also prepare to meet the October 16 application deadline. The actual switching process takes place during the November account-opening period after applicants pass the eligibility screening.
If you are unsure about your eligibility or the switching procedure, you can contact the Korea Inclusive Finance Agency's Youth Finance Call Center at 1397 and select option 3 for assistance.
October 16 is not the final day to open a Youth Future Savings Account. It is the final day to submit an application for the 2 round. Existing Youth Leap Account holders should complete their applications by this date and, depending on their November screening results, proceed with opening the new account and applying for special early termination in the correct order.