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Fintech

Youth Future Savings open to applications regardless of birth year from June 29

South Korea’s Youth Future Savings will accept applications from June 29 to July 3 regardless of applicants’ birth year, after the end of a birth-year rotation used during the first five business days. The three-year savings product allows flexible monthly deposits of up to 500,000 won. The government will provide matching contributions of 6 percent for the general plan and 12 percent for the preferential plan, and interest income tax will be exempted. Income screening runs July 6 to 24.

Finance

Savings banks raise deposit rates as money moves out, 4 percent products return

South Korean savings banks are raising deposit rates as deposit-like funds move out amid a stock market tilt. The average 1-year term deposit rate at 79 savings banks reached 3.74 percent as of June 26, the highest since November 2024. OK Savings Bank lifted rates to 4.5 percent on some products, while others raised term and demand-account rates toward 3 percent. Banks have also increased deposit rates, narrowing the gap.

Finance

Youth Future Savings bonus rates disclosed, banks offer up to 8 percent

South Korea will launch the Youth Future Savings policy finance product on June 22. The Financial Services Commission said it disclosed interest rates and preferential conditions by institution on the Korea Federation of Banks\' consumer portal. The product carries a fixed base rate of 5 percent for three years, with preferential rates adding 2 to 3 percentage points to as much as 7 to 8 percent. With government contributions and tax exemptions, the commission said the effect can be similar to higher simple-rate savings returns.