shinsei start up yen deposit

[ghodlin]

https://www.sbishinseibank.co.jp/englis ... t/yen.html

This seems like an option for getting >1% interest in Japan.

I can’t work out what the terms are or if there are any catches, since it’s so much higher than usual (for Japan).

Any one using this? Any thoughts?

[Deep Blue]

The 1.5% (before tax) rate only lasts three months….

[Beaglehound]

My wife is using it at my instigation, though not the three-month one. We opened a 12-month one in December, and the process was reasonably smooth.

[ghodlin]

Thanks.

So it’s a locked-in account where you can’t access funds for the duration. Is that right?

Either 3 months at higher rate or one year at lower rate.

Can’t you just do the 3 months first then transfer into a 1 year one?

After the year it reverts to a no(low) interest account?

[Beaglehound]

Thanks.

So it’s a locked-in account where you can’t access funds for the duration. Is that right?

Either 3 months at higher rate or one year at lower rate.

Can’t you just do the 3 months first then transfer into a 1 year one?

After the year it reverts to a no(low) interest account?

Yes, it's locked in. IIRC there is a time limit after opening for you to put money in at these advantageous 'start up' rates. So the 3-month/12-month approach would not work. Possible to put money into both, but then you have nowhere to put your 3-month one on maturity, bar one of their ordinary fixed term accounts, where the rate is not as good.

[ghodlin]

Thanks that’s very helpful.