I'm trying to open an SMBC bank account, so I can use it together with SBI tsumitate NISA.

[Block]

Hello,

I'm trying to open an SMBC bank account, I want to use it together with SBI's tsumitate NISA, but I see that they have recently started their Olive account, which includes an all-in-one card that combines cash card functions with debit, credit, and point payment.

When I try to apply for this account it gives me no choice but to apply for a credit card. I can't see a way to apply for an account with a debit card only.

I don't want or need a credit card and I don't know if I would be accepted for one.

Has anyone used this account or know of a debit card only account with SMBC?

Thank you.

[Nancy]

Block, I'm not the best person to answer this question, but I googled SBI and clicked translate the page and it looks like they are using the credit card to buy the stocks each month, and then you get points for using the credit card, so that you can buy more stock. (something like this) This way you wouldn't need to pay any bank transfer fees. SBI is also suggesting their own on-line bank...

[RetireJapan]

Yes, to get the points from the online brokers for buying mutual funds, you generally have to use their designated credit card.

[Block]

Thank you for the replies Nancy and Retire Japan.

About my original question. I was trying to open an SMBC bank account but SMBC`s new Olive bank account seems to make you apply for a credit card.

Do they still do a debit card only bank account?

Thank you.

[zeroshiki]

Why not open the account with SBI itself? https://www.netbk.co.jp/contents/

[Block]

Thanks for the link zeroshiki, I'll check it out.

Has anybody used SBI Neobank? What are they like?

[zeroshiki]

It depends what you're looking for in a bank. If it's just to stash your money and transfer it around to brokers or other bank accounts then it fulfills its function well. Its just like any other net bank in that it has no physical location (SBI actually has a few that specialize in loans or investments but effectively it doesn't) so if face to face banking is important for you then its not a good deal.

[TokyoBoglehead]

It depends what you're looking for in a bank. If it's just to stash your money and transfer it around to brokers or other bank accounts then it fulfills its function well. Its just like any other net bank in that it has no physical location (SBI actually has a few that specialize in loans or investments but effectively it doesn't) so if face to face banking is important for you then its not a good deal.

SBI also has great features. Your security account is accessible via your bank account! Easy funding.

It also has status levels that include free transfers at the lower tier

[Block]

Face to face banking is not important to me, so, I'll check out SBI Neobank.

Thank you for the info all.

[sutebayashi]

About my original question. I was trying to open an SMBC bank account but SMBC`s new Olive bank account seems to make you apply for a credit card.

Hey what is this Olive account thing?
I saw this mentioned and saw it on the tv commercials, but have no issues with my existing SMBC account. When I tried to look at my account today I had to upgrade the app on my phone, and then the new app started trying to encourage me to “upgrade” my normal SMBC bank account to an Olive account.

I guess I should watch those CMs more attentively, but is upgrading to this Olive thing a nobrainer?
As a content customer I don’t want to waste my time learning about their new stuff, and what the benefits are supposed to be. I am always so lazy about new tech…