The most important thing to watch out for when switching from a Youth Leap Account to a Youth Future Savings account is the order of account cancellation. This is because if you cancel your existing Youth Leap Account first, you cannot receive the switching benefits.

■ What happens to the benefits when switching? When a Youth Leap Account subscriber switches to a Youth Future Savings account, the government contribution and tax exemption benefits on the amounts paid into the existing account are maintained. In addition, the preferential interest rate requirements per bank that have already been met or partially fulfilled in the existing Youth Leap Account may be reflected in the calculation of the special mid-term cancellation refund.

However, the existing preferential interest rate conditions are not automatically transferred to the newly opened Youth Future Savings account. Preferential interest rates for the Youth Future Savings account are applied only when separate requirements set by the participating bank, such as salary transfer, automatic transfer, and transaction records, are newly satisfied.

■ Switching Procedure ① Apply for Youth Future Savings and complete the screening → ② Receive notification of eligibility → ③ Open a Youth Future Savings account → ④ Cancel the existing Youth Leap Account via 'special mid-term cancellation'

Special mid-term cancellation can be requested through the app of the bank that handled the existing Youth Leap Account. If this procedure is not completed within the account opening period, contributions to the Youth Future Savings account will also become impossible.

• ■ Precautions
• If you cancel the Youth Leap Account through a regular mid-term cancellation before opening a Youth Future Savings account, the switching benefit will not apply.
• A lump-sum deposit method of transferring the cancelled funds from the Youth Leap Account into the Youth Future Savings account is not supported.
• Whether preferential interest rates are recognized and the timing of special mid-term cancellation processing must be finally confirmed through guidance from the participating bank and the Korea Inclusive Finance Agency.

Subscribers who wish to switch should prioritize confirming the notification of Youth Future Savings eligibility and account opening rather than hastily canceling their Youth Leap Account.

[This article was written with the assistance of AI. This article is general policy information written based on official materials from relevant agencies, including the Financial Services Commission and the Korea Inclusive Finance Agency. Whether you are eligible to open a Youth Future Savings account, and the application of government contributions, preferential interest rates, and special mid-term cancellation, may vary depending on individual age, income, account status, and product conditions of each financial institution. Therefore, please check the latest guidance from the relevant financial institution or agency before subscribing.]