The Financial Services Commission and the Ministry of National Defense said on the 8th they will allow smartphone use for service members receiving training at boot camp during the Youth Future Savings subscription-application period so they can apply to subscribe and open accounts.
Youth Future Savings is a product that offers a maximum annual interest rate of 7–8% to support asset building for young people and will launch on the 22nd of this month. Applications to subscribe will be conducted remotely through a mobile application (app). Therefore, during the basic military training period after enlistment, when smartphone use is restricted, it is not possible to subscribe to the product.
The Financial Services Commission and the Ministry of National Defense decided to enable young people in military training to use smartphones inside boot camp so they can proceed with remote subscription applications and account-opening procedures, ensuring they do not miss the Youth Future Savings subscription window. The subscription-application period runs from the 22nd of this month to on the 3rd of next month, and the account-opening period is from Jul. 27 to Aug. 7.
Youth Future Savings is a three-year fixed-rate product that offers an interest rate of up to 7–8% annually by adding an institution-specific preferential rate of 2–3 percentage points to the base rate of 5% annually. Eligibility is young people ages 19–34.
Service members can subscribe to Youth Future Savings in addition to either the Soldier Tomorrow Preparation Savings or the Long-Term Leap Savings. For enlisted soldiers, subscribing to both the Soldier Tomorrow Preparation Savings and Youth Future Savings makes it possible to build a lump sum of around 40 million won.
The Financial Services Commission said, "To ensure a smooth application process, it is necessary to install in advance the mobile app of the institution handling Youth Future Savings that you wish to subscribe to before enlistment or before applying, and to prepare in advance for member registration, identity verification procedures, and opening a transaction account."