RetireJapan

Stupid question, but I can't figure out how to deposit money into Junior (NISA) account. It seems it is impossible to transfer money directly from the parent's bank account.
Is there any faster and easier way than opening a bank account for the kid?
The broker is SBI, if it matters.

Afraid not. The money must come from the child's account.

Thanks. That sucks. SBI doesn't allow to open to open bank account for minors online. Should have went with Rakuten instead!

I run into the same issue on SBI, and ended up creating JP Post Yucho bank accounts for my children. From there we wire money now into their junior NISA accounts on SBI.

Yokohama wrote: ↑Tue Oct 15, 2019 9:57 am I run into the same issue on SBI, and ended up creating JP Post Yucho bank accounts for my children. From there we wire money now into their junior NISA accounts on SBI.

Thnaks for the reply.
Are there any advantages in creating an account with JP Post Yucho than with other banks? I was going to open one at Rakuten. My main account is at UFJ, so I expect there will be some transfer fees

I'm not sure about any advantages with Yucho, but opening an account with them was rather quick and easy. Transferring from Yucho into SBI does not result into transfer fees, but if you first need to transfer into Yucho from another bank then it may result in fees. I have a few free transfers a month with my bank and that usually covers my needs, so that I don't pay for the few transfer I do each month.

Our Junior NISA accounts are with Nomura and we can deposit money into them without any fees using the Seven bank atm's. We did have to link those accounts to a bank when we opened them and just connected them to our boys' Postal Bank accounts but we have never used the connect for depositing funds. No experience with withdrawing funds from the accounts but I've been told that can also be by using Seven bank atm's.

TokyoWart wrote: ↑Wed Oct 16, 2019 4:30 am Our Junior NISA accounts are with Nomura and we can deposit money into them without any fees using the Seven bank atm's. We did have to link those accounts to a bank when we opened them and just connected them to our boys' Postal Bank accounts but we have never used the connect for depositing funds. No experience with withdrawing funds from the accounts but I've been told that can also be by using Seven bank atm's.

Sorry, I didn't quite understood the setup. You linked Nomura's account to Yucho account, but you deposit money directly to Nomura via Seven's atm?

Sorry, I didn't quite understood the setup. You linked Nomura's account to Yucho account, but you deposit money directly to Nomura via Seven's atm?

If I recall correctly we were required to have a bank account, in their name, linked to their Nomura accounts when we first set them up before Junior NISA even started. Eventually we will likely use that when they need to transfer their money out of the brokerage account for college expenses. They do use that bank account for their savings but the Nomura account is being used for long term investing. There is no fee for atm transactions between Seven bank atm's and Nomura so that's the cheapest way to deposit money. We use the Nomura atm card which was issued when the accounts were established and Nomura no longer even has its own deposit terminals (in Nomura brokerage firms they will have a few Seven bank atm's).

I posted that we deposit the money directly into the Junior NISA but I think what is actually happening is it goes into their regular Nomura account and when we call to do the Junior NISA transaction the first step is the transfer within Nomura between the regular and Junior NISA accounts.

TokyoWart wrote: ↑Wed Oct 16, 2019 11:40 am If I recall correctly we were required to have a bank account, in their name, linked to their Nomura accounts when we first set them up before Junior NISA even started. Eventually we will likely use that when they need to transfer their money out of the brokerage account for college expenses. They do use that bank account for their savings but the Nomura account is being used for long term investing. There is no fee for atm transactions between Seven bank atm's and Nomura so that's the cheapest way to deposit money. We use the Nomura atm card which was issued when the accounts were established and Nomura no longer even has its own deposit terminals (in Nomura brokerage firms they will have a few Seven bank atm's).

I posted that we deposit the money directly into the Junior NISA but I think what is actually happening is it goes into their regular Nomura account and when we call to do the Junior NISA transaction the first step is the transfer within Nomura between the regular and Junior NISA accounts.

That's convenient. Unfortunately, it doesn't seem possible with SBI.

Thanks everyone for the replies. Eventually, I decided to open account in MUFJ (for logistic reasons) and use it for depositing.