Korea Post opens second round of youth savings account with rate up to 8%
In short
Korea Post's postal savings arm said it will begin a second sales round of its Youth Future Savings account on Oct 7, with a maximum annual rate of 8.0%. Applicants aged 19 to 34 within income limits can apply through Oct 16, with account opening set for Nov 16–27. The product pays a base rate of 5.0% plus preferential rates and a 6% or 12% contribution on deposits.
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Korea Post's postal business bureau said it will begin a second sales round of its Youth Future Savings account on Oct 7, with a maximum annual rate of 8.0%. Newsis, ZDNet Korea and Asia Economy all reported the offering, which the outlets said runs through Oct 16. [ 1 , 2 , 3 ]
According to ZDNet Korea and Asia Economy, the account is open to people aged 19 to 34, including salaried workers with total salary of 75 million won or less, comprehensive income of 63 million won or less, and small business owners with annual revenue of 3 billion won or less. Depositors receive a contribution of 6% or 12% of their payments depending on annual income, annual revenue and household median income, the outlets reported. [ 2 , 3 ]
The product pays a base rate of 5.0% a year, with preferential rates of up to 2.0 percentage points for income, completion of financial counselling, first-time Korea Post savings customers or salary-transfer customers, check card use and automatic transfers, both outlets said. ZDNet Korea and Asia Economy reported that an additional 1.0 percentage point is offered to customers who open an account between Nov 16 and Nov 27, taking the maximum rate to 8.0%. [ 2 , 3 ]
The account is a three-year free-installment savings product with a monthly deposit limit of 500,000 won, and interest income at maturity is tax-free, according to the two outlets. For the second round, applications run from Oct 7 to Oct 16. In the first two days, applicants are divided by the last digit of their birth year, with odd numbers applying on Oct 7 and even numbers on Oct 8; from Oct 12 to Oct 16 anyone may apply regardless of birth year. Reviews run from Oct 19 to Nov 13, and those who pass may open accounts between Nov 16 and Nov 27. [ 2 , 3 ]
Korea Post is also running a sign-up event with prizes including a Galaxy Z Fold8, a stamp album and CU convenience store mobile gift certificates for customers who apply in advance, meet the conditions and open an account between Nov 16 and Nov 27, the outlets said. Park In-hwan, head of the postal business bureau, was quoted as saying the service will keep expanding financial benefits and services that young people can feel. [ 2 , 3 ]
Why it matters
The account is a state-run savings product aimed at young adults, and the maximum 8.0% rate is presented as the headline draw for a younger customer base at Korea Post. The documents give no data on take-up, so the practical effect on young savers is not yet shown.
Key facts
- Korea Post will start the second sales round of the Youth Future Savings account on Oct 7, with an annual rate of up to 8.0%. [ 1 , 2 , 3 ]
- Applicants must be aged 19 to 34, with total salary of 75 million won or less, comprehensive income of 63 million won or less, or annual revenue of 300 million won or less for small business owners. [ 2 , 3 ]
- The base rate is 5.0% a year, with up to 2.0 percentage points in preferential rates. [ 2 , 3 ]
- An extra 1.0 percentage point is offered to customers who open an account between Nov 16 and Nov 27, bringing the maximum to 8.0%. [ 2 , 3 ]
- The account is a three-year free-installment savings product with a monthly deposit limit of 500,000 won and tax-free interest income at maturity. [ 2 , 3 ]
- Contributions of 6% or 12% of deposits are paid depending on annual income, revenue and household median income. [ 2 , 3 ]
- An sign-up event offers prizes including a Galaxy Z Fold8, a stamp album and CU convenience store mobile gift certificates. [ 2 , 3 ]
Confirmed by several sources
- Korea Post is running a second sales round of the Youth Future Savings account with a maximum annual rate of 8.0%. [ 1 , 2 , 3 ]
- Applications are accepted from Oct 7 to Oct 16. [ 2 , 3 ]
- Eligibility is limited to those aged 19–34 within salary, income or revenue thresholds. [ 2 , 3 ]
- The base rate is 5.0% a year plus up to 2.0 percentage points of preferential rates, with an additional 1.0 percentage point for accounts opened Nov 16–27. [ 2 , 3 ]
- Park In-hwan, head of the postal business bureau, said the service will expand financial benefits for young people. [ 2 , 3 ]
Still unclear
- Whether the article text carried under the Newsis headline is related to the savings account announcement. The Newsis feed title concerns the Youth Future Savings account, but the article text supplied with it discusses the Supreme Court chief justice and a judicial appointment dispute, so it supports only the headline-level claim.
- Where in South Korea the announcement was made. None of the documents name a city.