Check When to Cancel Before Switching From the Youth Leap Account to Youth Future Savings

What is the order for switching?

The press release gives three steps. Do not cancel first, and move only after you are told you can enroll.

1. Finish the Youth Future Savings application and review, and receive notice that you can enroll.
2. Open your Youth Future Savings account within the account opening period.
3. In the app of the bank that handles your Youth Leap Account, apply for "special early termination of the Youth Leap Account for the purpose of joining Youth Future Savings."

Once step 3 is received, the Youth Leap Account is cancelled automatically, and from then on you can deposit into Youth Future Savings. It says that when you switch, the government contribution on Youth Leap Account deposits and the interest income tax exemption are kept.

Where does cancellation fall in the second round's schedule?

The second round proceeds in the order of application, review, and account opening. The application period ended on October 16, so you are now in the stretch of waiting for review results.

Source: Financial Services Commission press release, date checked 2026-10-12. Saturdays, Sundays, and holidays are excluded. It also says the internal review schedule may change depending on the number of applicants.

Special early termination comes after you open the account, so what matters is not the order in which you apply but finishing within the account opening period. After this period you can no longer open the account.

What happens if you delay the cancellation request?

If you do not finish special early termination within the set period after opening the account, you cannot deposit into Youth Future Savings. The press release says that in this case the Youth Leap Account is kept as it is, and the Youth Future Savings account whose deposits have stopped must be cancelled.

If you cancel Youth Future Savings early, you can apply again after 2 months have passed from the cancellation date. When you join again, the government contribution payout rate is partly reduced by an adjustment ratio that takes your earlier enrollment period into account. It says the period when deposits were stopped also counts as enrollment time.

When do deposits start again?

Regular enrollees can deposit right after opening the account. It says this is possible on Saturdays and Sundays too. Switching from the Youth Leap Account is different. You can deposit from 9 a.m. on the business day after the special early termination procedure is finished.

So if you have set a monthly deposit date, it is better not to schedule the cancellation request for a Friday afternoon or just before a long holiday. This part is a suggestion that follows from the stated rules, not a recommendation in the press release.

What happens when the Youth Leap Account matures?

Even after the Youth Leap Account matures, you cannot join Youth Future Savings. The press release states this along with the fact that the two products cannot be held together.

So if your account is close to maturity, first check whether you are at a stage where you can switch before maturity, not after. This article does not assert which option is better.

What should you check before switching?

Check these three things in order.

• Check whether you have received notice of your Youth Future Savings review result. The press release says individual notice of the preliminary review result comes around October 30 to November 2 and the final result around November 12 to 13, but that is a tentative schedule.
• Look ahead in the app of the bank where you hold the Youth Leap Account for the special early termination menu.
• Mark on your calendar the dates when you will finish both steps within the account opening period, November 16 to 27.

Schedules and detailed terms can change. Check once more with the Korea Inclusive Finance Agency's youth finance call center (1397, option 3) and the Youth Future Savings guide page (fill4young.kinfa.or.kr). The contribution amount and tax judgments depend on your own situation, so it is safer to look separately at the National Tax Service call center at 126 or Hometax guidance.

The reference material is the Financial Services Commission press release (2026-09-30), and the date checked is 2026-10-12.