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Busan Adds to Young People’s Savings… “Busan Youth Double Joy Savings Account” Begins Saving Program

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Busan Metropolitan City, led by Mayor Chun Jae-soo, announced that the 6,000 final participants selected for the 2026 Busan Youth Double Joy Savings Account will begin opening their accounts tomorrow, October 8, and start saving.

A total of 65,061 people applied during the recruitment period in August, resulting in a highly competitive ratio of approximately 11 applicants for each available place. Following a lottery and eligibility screening, Busan Metropolitan City selected and announced the 6,000 final participants on October 2.

The Busan Youth Double Joy Savings Account is a program designed to help working young people build a lump-sum fund and achieve financial independence. When participants save KRW 100,000 each month, Busan Metropolitan City provides an equal amount in matching funds at a 1:1 ratio.

Participants may choose a savings period of either 24 or 36 months. Those who save for 24 months will receive KRW 4.8 million plus interest, consisting of KRW 2.4 million in personal savings and KRW 2.4 million in matching funds from Busan Metropolitan City. Those who save for 36 months will receive KRW 7.2 million plus interest, consisting of KRW 3.6 million in personal savings and KRW 3.6 million in matching funds from the city.

This year in particular, the program offers an interest rate of up to 4.8% per year, providing young people with greater practical benefits in building their assets.

At a time when interest rates on ordinary savings products offered by commercial banks are generally in the 2% to 3% range, the Busan Youth Double Joy Savings Account provides a base interest rate of 4.4% per year, along with a preferential rate of up to an additional 0.4% per year based on transaction activity and other criteria, for a maximum annual interest rate of 4.8%.

This is 0.3 percentage points higher than last year’s maximum annual rate of 4.5%.

Busan Metropolitan City has worked to offer an interest rate higher than those available on ordinary commercial banking products to support young people in building assets on a stable basis. The city plans to continue working closely with local financial institutions to support young people’s financial independence.

In addition to matching participants’ savings, Busan Metropolitan City also provides financial education and customized financial counseling to help young people manage their own assets and plan their futures with greater financial stability.

Beginning this year, the city has also introduced one-on-one customized financial counseling in partnership with the Busan Credit Guarantee Foundation, helping participating young people strengthen their financial capabilities in areas including consumption and expenditure management and debt management.

Meanwhile, Busan Metropolitan City met with BNK Busan Bank yesterday, October 6, to commemorate the launch of the Busan Youth Double Joy Savings Account and discuss ways to ensure the smooth implementation and stable operation of the program.

At the meeting, the two organizations agreed to provide financial support to help young people build assets on a stable basis and to maintain their ongoing cooperation.

Mayor Chun Jae-soo said, “Creating a foundation that enables young people to envision their future in Busan and achieve stable financial independence is itself an investment in Busan’s future.”

He added, “We will continue our support so that the Busan Youth Double Joy Savings Account can reinforce the efforts of young people and serve as a solid foundation for their financial independence and future planning.”