A tax-free bank account is now available as a way for people to accumulate money amid low interest rates.

Known as the Individual Savings Account(ISA), the account will allow users to combine checking, savings, stocks, bonds, equity-linked securities and exchange-traded funds into one account. 

Earnings up to two-point-five million won will not be taxed. Earnings exceeding that amount will be levied a nine-point-nine-percent tax rate, lower than the 15-point-four-percent rate taxed on earnings in that bracket.

ISAs will be available on a one-account-per-person basis, and must be maintained for at least three to five years. Users will be able to put up to 20 million won into the account annually, with amounts not to exceed 100 million won.

Those wishing to set up ISAs must submit documents proving their status of employment to local banks and can create the accounts until December 2018.