Youth Future Savings is a 3-year maturity savings product targeting young people aged 19 to 34, and provides unprecedented benefits rarely seen in the financial market. If you combine the basic interest rate of 5% with the preferential interest rate of 2-3% points provided by each bank, you can enjoy a high interest rate of 7-8% per year, and the government adds a certain percentage of the monthly payment as a contribution. In particular, those eligible for preferential treatment, such as employees of small and medium-sized enterprises or small business owners, receive 12% of the amount paid as a contribution, and experience a much higher perceived rate of return than the general type (6%). Putting all of these benefits together, it has a similar effect to signing up for a savings account with an annual interest rate of 18-19%, which is an excellent opportunity for young people in desperate need of building assets. However, in order to sign up, the previous year's income must be reported to the National Tax Service, so any young person who can provide proof of income, regardless of employment type, such as part-time job or freelancer, is eligible to apply.

The key to the registration process is the initial registration period, which runs from the 22nd to August 7th. In particular, in the first week of application, the 5-part system according to the last digit of the year of birth is applied, so you need to be careful to check the calendar. On the 22nd, you can apply by day of the week starting with the last digits 1 and 6, and from the second week onwards, anyone can apply freely without the 5-part system. One thing to note is that it is not a first-come, first-served system. If the number of applicants exceeds the budget range, applicants are selected in order of low personal income, so priority is given to young people with low income. Additionally, if you wish to sign up for preferential treatment as a small business owner, you must obtain a small business confirmation in advance through the Small Business Status Information System. Since it takes about a week on average to be issued, it is wise to start preparing your documents right away to avoid missing the application period.

For young people who already have a Youth Leap Account, this future savings account presents a crossroads of choice. In principle, multiple subscriptions to the two products are not possible, but switching from the Youth Leap Account to the Youth Future Savings Account is temporarily allowed only during this initial subscription period. The iron rule that must be remembered at this time is ‘sign up first, cancel later’. After receiving notification of approval for subscription to the Youth Future Savings Account, you must open an account and then specially cancel the existing Youth Leap Account in order to receive contributions and tax-exempt benefits without loss. If you cancel your Leap account first, the transfer benefit will disappear, so do not make the mistake of going against the order. In addition, if you plan to maintain your Leap account until maturity, you must be aware that you are excluded from future savings subscription.

We need to cool-headedly analyze that changing jobs unconditionally is not the right answer. The monthly payment limit for the Youth Leap Account is 700,000 won, which is larger than the Future Savings Account (500,000 won), and the maturity is also longer, so the amount received at maturity may be larger in the Leap Account. Therefore, you must carefully consider whether your household income meets the requirements of 200% or less of the median income and whether you are an employed person or small business owner who can receive preferential benefits. Additionally, young people who are about to reach the age of 35, such as those born in 1991, are at high risk of having their future subscription opportunities limited if they miss this first recruitment period. You should carefully review your income level and financial plan for the next three years, and calmly use the calculator to see which product guarantees a higher rate of return.