• Double Hope Youth Account

  It is a savings account for which the Seoul Welfare Foundation matches the full amount of monthly savings that participants deposit from their earned income for two to three years, and subsidizes the same amount using the Seoul City budget, and donations from Seoul citizens. The employment subsidy is granted for savings accounts opened for the purpose of housing, marriage, education, and starting a business. The deposit period is two or three years from the account opening date.

• Kkum-Na-Rae Savings Account

  It is a savings account for which the Seoul Welfare Foundation matches the full amount of monthly savings that the account holders deposit for the purpose of children’s education for three or five years (for living, medical, or wage recipients), or half the amount (housing, education recipients and non-recipients), and subsidizes the amount using the Seoul City budget, and donations from Seoul citizens. The subsidy is provided for savings created for the purpose of education expenses for children registered on the contract.

  
  

• I-room Account for the Severely Disabled

  It is a savings account designed to help young adults with severe disabilities who are facing financial difficulties due to high expenses in comparison to those with low incomes preparing for a brighter future. This account is designed to help the participants prepare seed money that can be used for transition into adulthood and gain independence, encouraging motivation for independence while preventing falling under the poverty line. In addition, we support the hopeful lives of the participants by offering financial education and independence support services.

  
  

Frequently Asked Questions

• QDoes everyone who applies for the savings account programs get selected as participants?
  AThe programs are operated with a limited budget, therefore it will be limited to a certain number of participants through asset status review, document review, financial information search, and other criteria. Accordingly, not everyone will be selected as an applicant even if they meet the eligibility for the programs, and successfully submit the application.
• QI am eligible for both ‘Hope-Plus Savings Account’ and ‘Kkum-Na-Rae Savings Account’. Can I apply for both?
  ADuplicate application is not allowed. Please select one savings account that is most appropriate for your purpose, and apply.

  • Double Hope Youth Savings Account: Funds for young adults for housing, marriage, education, and starting a business
  • Kkum-Na-Rae Savings Account: Registered children's education expenses
• QDo participants need to make deposits just during the saving period
  ANo. The program is designed to provide the participants an opportunity to prepare seed money through saving, and encourage positive changes in their lives through financial education, special activities, and in other ways. Therefore, the participants are expected to participate in various activities throughout the project participation period. The participants are required to receive one session of financial education each year from the opening month of the savings account. In addition, the participants can selectively attend financial consulting sessions, self-help group meetings, and special activities.

  • We also support the participants in various ways to help them meet the savings goal until the completion date in collaboration with case management institutions (self-governing boroughs, social welfare facilities, sponsoring institutions, and others).
• QHow can I collect the final balance after the saving period?
  AAfter the completion of the saving period, the applicants can confirm the agreement on use of the savings, and then withdraw the balance with the Seoul Welfare Foundation's approval. The Seoul Welfare Foundation will conduct case management for one year after the completion to make sure the savings is not used for any other purposes.
• QCan the applicants collect the savings whenever they want?
  A

  • The applicants can terminate the savings account before the completion date. In this case, the matching subsidy will not be provided. Only the savings deposited by the participant will be returned along with any interest gained.
  • For the Double Hope Youth Savings Account, Kkum-Na-Rae Savings Account, and Hope-Plus Savings Account, two types of accounts, the participant’s savings account and the matching subsidy account, are created. For the purpose of convenience, the accounts will be made under the name of the Seoul Welfare Foundation with prior agreement from the participants. Please be advised that accordingly, participants cannot withdraw money as they wish during the savings account period. However, participants may terminate the savings account during the saving period with approval of the Seoul Welfare Foundation.
• QIs there a limit to the deposits?
  A The purpose of use for the Double Hope Youth Savings Account is limited to young adults for housing, marriage, education, and starting a business. The purpose of the Kkum-Na-Rae Savings Account is limited to the registered children's education expenses. This is because they are important bases for preparation of a large sum of money. It is designed to strengthen the participants’ motivation to save money by setting a clear goal.
• QWhat if there is a reasonable cause that prevents regular deposits?
  A

  • The participants are required to deposit a set amount each month. For the Double Hope Youth Savings Account and Hope-Plus Account, failure to make the monthly deposit for three consecutive months, or for a total number of seven months, will cause automatic termination of the account. For the Kkum-Na-Rae Savings Account, failure to make the monthly deposit for three consecutive months, for a total number of seven months within a three-year saving period, or a total number of 11 months within a five-year saving period, will cause automatic termination of the account.
  • For termination before the completion date, only the balance of deposits made by the participant with any interest gained will be provided without the matching subsidy.

    (However, matching subsidies are provided if the participants have moved outside the city or province.)