Setting up SBI iDeCo

[Newseishain]

I apologize if this has been covered elsewhere or is common knowledge.

My wife and I want to set up iDeCo (and T-NISA) accounts with SBI, and we were wondering if in the process of doing so we need regular SBI investment (non-tax advantaged) accounts as well? Or is that automatically part of the process? If not, is it better to set up such accounts first?

[zeroshiki]

I apologize if this has been covered elsewhere or is common knowledge.

My wife and I want to set up iDeCo (and T-NISA) accounts with SBI, and we were wondering if in the process of doing so we need regular SBI investment (non-tax advantaged) accounts as well? Or is that automatically part of the process? If not, is it better to set up such accounts first?

I think you need to open an account with them first before you can apply for IDECO. Thats definitely true for NISA. NISA is an account type within your overall SBI account.

[Tkydon]

Yes, the simple answer is Yes.

[Haystack]

It is possible to setup and ideco without a taxable account.

It is not possible to setup a Nisa without a taxable account. The process automatically creates a taxable account.

My suggesting, iDeco, Nisa all at once, and the taxable account will be created as well.

Reasoning: There needs to be somewhere for the NISA to go after the tax-free period expires. Thus, there must be a taxable account as well.

[Newseishain]

It is possible to setup and ideco without a taxable account.

It is not possible to setup a Nisa without a taxable account. The process automatically creates a taxable account.

My suggesting, iDeco, Nisa all at once, and the taxable account will be created as well.

Reasoning: There needs to be somewhere for the NISA to go after the tax-free period expires. Thus, there must be a taxable account as well.

Great, thank you very much. That's what we will do.