Some 320-thousand people have set up a tax-free Individual Savings Account(ISA) as of Monday. 
 
Monday marked the first day the ISA was made available to users wishing to combine their checking, savings, stocks, bonds, equity-linked securities and exchange-traded funds into one account. 
 
The Financial Services Commission(FSC) said that almost 323-thousand people put up a total of 109-and-a-half billion won into ISAs on the first day, mostly in the form of trusts.
 
Ninety-seven percent of those who signed up, or some 312-thousand, created the accounts in banks, while three percent set up the accounts at securities firms.
 
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, lower than the 15-point-four-percent rate taxed on earnings in that bracket.
 
ISAs are 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.