Monex iDeCo started

[sutebayashi]

Monex started iDeCo service in September.

They were late to the show, which was disappointing for me as I have my NISA with them, so opened iDeCo with Rakuten.

Now that Monex has rolled out their iDeCO service I see that they have three eMAXIS Slim funds. I have been buying eMAXIS (plain) funds for NISA (for foreign stocks and bonds), so I wondered what the difference was. It appears that the eMAXIS Slim funds have the same underlying mother funds, but the fund costs are different - that is lower. Lower than the equivalent funds I am buying through my Rakuten iDeCo, too. Cheaper than equivalent ETFs even, 1680, 1681. (Unless I overlook something).
I gather that the eMAXIS Slim funds will aim to maintain such cost competitiveness over time.

So At the beginning of next year (after nenmatsu chosei, etc) I am aiming to switch my iDeCo to Monex, and start buying into the eMAXIS Slim funds.

Any one have thoughts on Monex for iDeCo or even experience switching iDeCo providers? I gather there will be a two month cessation in iDeCo contributions while the bureaucracy does its thing, which could be a risk if the markets go up in the interim.

[RetireJapan]

Looks promising! They do seem to be slightly cheaper than Rakuten (where I have my iDeCo, mainly out of laziness). Not sure if it is worth changing to save on a few basis points (0.03% on developed market equities, for example), particularly as I only have a 12,000 a month allocation.

Definitely post and tell us what the provider switch process is like if you decide to go through with it

[sutebayashi]

It’s the emerging markets stocks fund that is most significantly cheaper, under 0.37% they have it, versus almost doesn’t bake that I pay now.
I haven’t calculated how much this would save me for the next 20+ years but indeed it likely won’t be all that much though for just iDeCo. Over time no doubt the competition and services will change as well. (But hopefully switching brokers will become more efficient in future also)

I guess the main draw for me will be having access to iDeCo in my Monex accounts view.

[RetireJapan]

Yeah, the emerging markets is about a quarter of a %, which is actually worth considering. Hopefully Rakuten will feel some pressure to reduce costs and we'll see them match the Monex fees.