Yomiuri: SBI Shinsei Bank Launches Bonus Interest Rate for Children's Savings

Dow Jones08-24 14:37

Yomiuri Shimbun Staff Writer

Japanese financial firm SBI Shinsei Bank Ltd. launched Monday a campaign offering a bonus interest rate of 21.3% per year (before taxes), up to a maximum of 600,000 yen, on new one-month term deposits opened in the name of children aged 17 or younger, the company said.

Together with its group company SBI Securities Co., the bank aims to attract customers for the "child's NISA (Nippon Individual Savings Account)," which will begin in January 2027, enabling minors to build assets tax-free by investing even small amounts.

To be eligible, children must be 17 years old or younger as of Jan. 1, 2027. They must hold an SBI Securities account and link it to the bank's account. If 600,000 yen is deposited, the customer will receive interest of approximately 8,370 yen (after tax) -- equivalent to 21.3% annually -- in addition to the standard 0.5% interest rate.

The bank aims to have customers open a child's NISA account, which is set to have an annual investment limit of 600,000 yen, with SBI Securities after a fixed-term deposit matures. The bank will also offer incentives, such as a 1,000-yen gift, when a linked account with SBI Securities is opened in the child's name.

Financial institutions are expected to begin accepting account opening applications for the program in October, and competition to attract customers is likely to intensify.

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This article is from The Yomiuri Shimbun. Neither Dow Jones Newswires, MarketWatch, Barron's nor The Wall Street Journal were involved in the creation of this content.

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