Hello everyone,
Do you know a bank in Japan that gives high yield savings? Does anyone know about ING?
HIGH YIELD SAVINGS ACCOUNT?
Re: HIGH YIELD SAVINGS ACCOUNT?
High-yield savings accounts do not exist in Japan, at least not at current interest rates. ING is not in Japan.
Re: HIGH YIELD SAVINGS ACCOUNT?
The Bank of Japan's interest rate is -0.1%, which means banks have to pay it to store their money. The reason seems to be to encourage banks to lend money to stimulate the economy, but the effect for savers is that accounts paying any form of meaningful interest on deposits are non-existent.
Re: HIGH YIELD SAVINGS ACCOUNT?
Hi,
If you have an account in Rakuten bank and another at Rakuten Securities, then you can link them together (they named the process マネーブリッジ - perhaps they meant 'money bridge'?) and you will be offered a 0.10% interest in your Rakuten bank account without the need of even put the money into deposits.
I know that this is very far away from high yield savings account, but better that some other traditional banks here in Japan that offers 0.01% - 0.02%. I am pretty sure there could be other options out there for internet banking in Japan, but for now I will stick with Rakuten, as I have the Tsumitate NISA with them.
(Having a quick search on Mr.Google, it seems there are other internet banks like one called Tokyo Start bank, 東京スター銀行 following the same approach as Rakuten´s and also offering some deposits with a yield of 0.25% - 0.199% after taxes)
Good luck on your search!
If you have an account in Rakuten bank and another at Rakuten Securities, then you can link them together (they named the process マネーブリッジ - perhaps they meant 'money bridge'?) and you will be offered a 0.10% interest in your Rakuten bank account without the need of even put the money into deposits.
I know that this is very far away from high yield savings account, but better that some other traditional banks here in Japan that offers 0.01% - 0.02%. I am pretty sure there could be other options out there for internet banking in Japan, but for now I will stick with Rakuten, as I have the Tsumitate NISA with them.
(Having a quick search on Mr.Google, it seems there are other internet banks like one called Tokyo Start bank, 東京スター銀行 following the same approach as Rakuten´s and also offering some deposits with a yield of 0.25% - 0.199% after taxes)
Good luck on your search!