RetireJapan

RetireJapan wrote: ↑Tue Feb 09, 2021 12:05 am

Tomthumb16 wrote: ↑Mon Feb 08, 2021 11:31 pm Good Morning Everyone!
I have opened up a SBI Junior Nisa account for my 1 year old as well. Since last October you can no longer deposit money directly into SBI with a ATM card. You need to open a SBI Hybrid account first which is fine for adults but it says I can not open up a Hybrid account for a minor. So if i do open up a post office account for my kid how can I deposit it into Junior Nisa??? Is it possible to deposit it directly into junior Nisa without having a hybrid account???
SBI seems to have outdone itself this time!!!

Thanks in advance

You need an account in the child's name, and then any money has to go into that account first, then be transferred from there to the broker.

Tomthumb16 wrote: ↑Tue Feb 09, 2021 1:45 pm Thanks. Seems I misunderstood about needing a SBI Hybrid account. How easy is it and what are the advantages to having a post office account rather than a regular bank account?

RetireJapan wrote: ↑Tue Oct 15, 2019 6:09 am Afraid not. The money must come from the child's account.

Leafs_Raps wrote: ↑Sat Feb 13, 2021 6:47 pm I have actually been sending money from my SMBC account to both my child's and wife's SBI NISA accounts (junior & tsumitate) for the past few years without any issue. I use the SMBC mobile app. The only thing that you must do differently is change the 依頼人名 from your name to the name of your child or partner. We first started doing this to avoid paying the transfer fees you incur when sending money from a resona bank account to an SBI account. (My wife deals with resona.) When I called to complain about this, the agent taught me this simple trick and we have never had an issue since.

Leafs_Raps wrote: ↑Sat Feb 13, 2021 6:47 pm

RetireJapan wrote: ↑Tue Oct 15, 2019 6:09 am Afraid not. The money must come from the child's account.

Hello everyone,

I have actually been sending money from my SMBC account to both my child's and wife's SBI NISA accounts (junior & tsumitate) for the past few years without any issue. I use the SMBC mobile app. The only thing that you must do differently is change the 依頼人名 from your name to the name of your child or partner. We first started doing this to avoid paying the transfer fees you incur when sending money from a resona bank account to an SBI account. (My wife deals with resona.) When I called to complain about this, the agent taught me this simple trick and we have never had an issue since.

I hope this helps.

robster wrote: ↑Wed Feb 10, 2021 11:58 am You will probably just find that it is simpler and quicker opening up a Yucho account for your kid, the requirements are fairly low. Don't even need to bring the kid along with you. Do note : while Japanese nationals can use the online application form for their kids, foreigners cannot, even if the kid has a Japanese passport - you need to fill in the paper form which you can get at the post office counter.
Post office staff were helpful about the usual rigmarole of kana/romaji requirements.

crew wrote: ↑Wed Jul 14, 2021 2:09 am I am finding this rather frustrating. All these banks say you can start a Junior NISA account from the moment your child is born. Then also tells you in the fine print that to put money into the account you need to do so from the child's bank account. Then to open a child's bank account he needs to be at least 15 years old!

Any recommendations on banks I can open a child less than 15 years old's bank account, particularly those I can do fully online? Oh and if I can have a central page to manage all accounts (I have a lot of kids!)

TokyoWart wrote: ↑Wed Jul 14, 2021 2:32 am

crew wrote: ↑Wed Jul 14, 2021 2:09 am I am finding this rather frustrating. All these banks say you can start a Junior NISA account from the moment your child is born. Then also tells you in the fine print that to put money into the account you need to do so from the child's bank account. Then to open a child's bank account he needs to be at least 15 years old!

Any recommendations on banks I can open a child less than 15 years old's bank account, particularly those I can do fully online? Oh and if I can have a central page to manage all accounts (I have a lot of kids!)

We had no trouble opening bank accounts for our kids at the postal bank while they were very young and those were the bank accounts we linked to their Junior NISA accounts.