In order to help working youth become more independent, the city of Seoul is recruiting participants for the ‘Double Hope Youth Account’, which will save 150,000 won per month for two or three years and the same amount will be deposited into the Seoul city budget and donations from citizens. Excluding the monthly bank interest, if you save 5.4 million won over 3 years, you can receive up to 10.8 million won, which is a really good benefit. The ‘Double Hope Youth Account’ is accepting 10,000 new participants on June 10th. They say they are recruiting on a job-first basis, so please find out how to apply and the qualifications in advance and apply quickly.
1. How to apply for a Hope Double youth account
2. Hope Double youth account application qualifications and required documents
3. Hope Double Youth Account Support Details and Benefits
4. Hope Double Youth Bankbook obligations and precautions
1. How to apply for a Hope Double youth account
You may be wondering how to apply first. You can apply both in person and online. In-person applications can be made through the community center at your address, and online applications can be made through the Seoul Metropolitan Government’s Asset Formation Support Project website. You can also download the application documents from the city, autonomous district, and Seoul Welfare Foundation websites and mail them to the person in charge of the community center where you live. The detailed method is as follows.
[Visit application]
Apply by visiting the community center in your area of residence (09:00 ~ 18:00)
How to find the local community center in your jurisdiction: Access the road name address (https://www.juso.go.kr/openIndexPage.do) site > Enter your residential address > Click “See more” > Check information on your local community center in your jurisdiction.
[Online application]
Access the Seoul Metropolitan Government’s Asset Formation Support Project website (applications accepted until 18:00 on the application deadline)
Seoul City Asset Formation Support Project Website (https://account.welfare.seoul.kr/web/main/index.lp) > Bankbook application
How to apply for Double Hope Youth Bank Account Viewership Qualification Benefits Subsidy Required Documents
Number of people recruited: 10,000 people in total
Application period: Monday, June 10, 2024 – Friday, June 21, 2024 18:00 (No applications outside the application period)
How to apply: Visit the community center at your address, apply online
Inquiries: Hope Double Youth Account Call Center (1688-1453)
[Number of people recruited by Seoul autonomous district]
Total Jongno Middle Yongsan Seongdong Gwangjin Dongdaemun Jungnang Seongbuk Gangbuk Dobong Nowon Eunpyeong
10,000 198 191 251 305 426 402 444 442 356 339 489 489
Seodaemun Mapo Yangcheon Gangseo Guro Geumcheon Yeongdeungpo Dongjak Gwanak Seocho Gangnam Songpa Gangdong
352 394 400 589 416 340 416 435 656 311 399 526 434
2. Hope Double youth account application qualifications and required documents
The Hope Double Youth Account is an asset formation support project that helps working young people become financially independent by raising a lump sum, establish concrete future plans, and open a hopeful future. Therefore, for this bank account project, 10,000 youth bank account holders are selected after screening. A certain number of people are selected through income, asset investigation, document review, and financial information inquiry. If you are eligible, you can submit a membership application.
How to apply for Double Hope Youth Bank Account Viewership Qualification Benefits Subsidy Required Documents
[Eligibility to apply]
Living in Seoul
18 to 34 years old
Employee
The amount of your earned income is less than a certain amount
Income of person obligated to support less than KRW 100 million per year, assets less than KRW 900 million per year
[Required Documents]
Membership Application
Consent to provide personal information
Social security benefit application (change) form
Consent to provide financial information
Proof of employment: Document confirming employment for more than 3 months (1 month is recognized when working for more than 10 days)
How to apply for Double Hope Youth Bank Account Viewership Qualification Benefits Subsidy Required Documents
3. Hope Double Youth Passbook support details and benefits
I need to find out the details of the support and how much benefit I can receive. Young people between the ages of 18 and 34 who live and work in Seoul can participate in the Double Hope Youth Account if their income is less than KRW 2.55 million per month, the income of their dependents is less than KRW 100 million per year, and their assets are less than KRW 900 million. For example, if you consistently save 150,000 won per month for 3 years, at maturity, you can add the 5.4 million won supported by the Seoul Metropolitan Government to the principal amount of your savings, 5.4 million won, and receive a whopping 10.8 million won plus interest on the savings, which is really great. It can’t be anything other than a benefit.
[Support details]
Personal savings: 150,000 won per month
Matching support amount: An amount equal to your savings is accumulated every month
Contract period: Choose between 24 months (2 years) or 36 months (3 years)
Total accumulated savings: 100,000 won (2 years) – Total 4.8 million won / 100,000 won (3 years) – Total 7.2 million won / 150,000 won (2 years) – Total 7.2 million won / 150,000 won (3 years) – Total 10.8 million won
Savings method: monthly automatic transfer
Organizations that support matching amounts: Seoul Metropolitan Government, Seoul Community Chest of Korea, etc.
[Monthly savings amount and support details]
Monthly Savings Savings Period Own Savings Matching Support Amount Total Savings Remarks
150,000 won 3 years 3.6 million won 3.6 million won 7.2 million won If accumulated monthly
interest excluded
2 years 5.4 million won 5.4 million won 10.8 million won
100,000 won 3 years 3.6 million won 7.2 million won 7.2 million won
2 years 2.4 million won 4.8 million won 4.8 million won
4. Hope Double Youth Bankbook obligations and precautions
When looking into these policy projects, the most difficult thing is the obligations or reasons for non-selection. Although you worked hard to prepare all the documents and applied, you may not receive benefits midway because the requirements are not met, or there may be cases where overlapping projects are not identified at the selection stage. But it’s so complicated that it’s hard to understand everything. Therefore, we have summarized the mandatory requirements, representative reasons for non-selection, as well as those excluded from application, so please be sure to check them out.
[Obligation]
Continuous residence in Seoul during the accumulation period
Save more than 50% of the accumulation period
Work for more than 50% of the accumulation period (proof of work required upon expiration)
Financial education is required at least once a year during the accumulation period.
Faithfully implement other agreements without violating them
How to apply for Double Hope Youth Bank Account Viewership Qualification Benefits Subsidy Required Documents
[Not available for selection]
Participants in the Seoul Youth Allowance or the 2024 Seoul Monthly Rent Support Project
Recipient of livelihood, medical, housing and education benefits
Those who have a history of participating in similar asset formation support projects
military service member
How to apply for Double Hope Youth Bank Account Viewership Qualification Benefits Subsidy Required Documents
[ Things to keep in mind and those excluded from application ]
You apply based on your place of residence according to your resident registration. (It does not matter if the place of work is not in Seoul)
If you transfer to another city or province after applying, you will be excluded from selection.
It is possible to apply in duplicate with the Youth Job Search Activities Subsidy. (When confirming employment)
It does not matter where you work, and you can apply if you have been working for more than 3 months. (Working more than 10 days per month is recognized as 1 month of work)
The Seoul Metropolitan Government introduced online application for the ‘Double Hope Youth Bankbook’ this year and improved the convenience of application by streamlining the previously required 9 types of documents into 5 types. Institutional improvements were made to allow participants to open a bank account in their own name. They say he did it too. Please read the above information carefully, prepare the documents in advance, and apply quickly within the deadline to ensure that you enjoy the benefits.