Megabanks, online banks and neobanks. Compare fees, savings, rates and cards in Japan.
This comparison puts 10 banks in Japan side by side, among them MUFG Bank (三菱UFJ銀行), SMBC (三井住友銀行), Mizuho Bank (みずほ銀行), Japan Post Bank (ゆうちょ銀行). They belong to different families, branch banks, online banks, neobanks, and that distinction explains most of the pricing differences: a branch bank charges for the account and the branch network, an online bank rarely charges for the account but sends you to the phone, and a neobank costs almost nothing and almost never lends. The table compares account fees, the debit card, overdraft, savings, mortgages, foreign transaction costs and mobile payment, line by line and without an overall score, because an average hides exactly what matters to you. Dedicated offers are broken out for students, youth, premium and business, because the account that suits a student on no income is rarely the one that suits a business.
Select 2 to 4 banks.
Megabanks
Online Banks
Neobanks
| Criteria | MUFG Bank (三菱UFJ銀行) Megabank | Rakuten Bank (楽天銀行) Online | Sony Bank Online |
|---|---|---|---|
Monthly Fee | Ordinary account (fees depend on plan and passbook) | ¥0 (free) | ¥0 (free) |
Debit Card | Visa Debit / JCB Debit | Visa Debit / JCB Debit | Sony Bank WALLET (Visa Debit) |
Minimum Balance | None | None | None |
Overdraft | Automatic loan (card loan) | Not available | Not available |
Mobile App | Mobile app | Mobile app | Mobile app |
Branches | Branch network | 100% online | 100% online |
Instant Transfer | Free transfers depending on loyalty tier | Free transfers depending on loyalty tier | Free transfers depending on loyalty tier |
Savings | Ordinary deposit: rate per bank (BoJ policy rate around 1.25%) | Ordinary deposit: rate per bank (BoJ policy rate around 1.25%) | Ordinary deposit: rate per bank (BoJ policy rate around 1.25%) |
Mortgage (Housing Loan) | Mortgage (rate per the bank's schedule) | Mortgage (rate per the bank's schedule) | Mortgage (rate per the bank's schedule) |
Investing | NISA, iDeCo, funds via MUFG Morgan Stanley | Rakuten Securities integrated, NISA, iDeCo | Multi-currency (12 currencies), funds, NISA |
Credit Cards | Mitsubishi UFJ Card (Visa/MC/JCB) | Rakuten Card (Visa/MC/JCB/AMEX) | No own credit card |
Apple / Google Pay | Apple Pay + Google Pay | Apple Pay + Google Pay | Apple Pay + Google Pay |
Checks | On request (business) | Not available | Not available |
Foreign Fees | See the bank's price list | See the bank's price list | Direct payment from foreign currency deposits (Sony Bank WALLET) |
Welcome Bonus | Per current campaigns | Per current campaigns | Per current campaigns |
Students, youth, premium and business.
| Bank | Available | Offer | Price | Card | Details |
|---|---|---|---|---|---|
MUFG Bank (三菱UFJ銀行) | スーパー普通預金 (学生) | ¥0/mo | Visa Debit | Free, Visa Debit card, full mobile app | |
SMBC (三井住友銀行) | Olive (学生プラン) | ¥0/mo | Visa Debit | Free, V-Points, integrated Olive app | |
Mizuho Bank (みずほ銀行) | みずほ普通預金 (学生) | ¥0/mo | JCB Debit | Free, JCB Debit, reduced ATM fees | |
Japan Post Bank (ゆうちょ銀行) | 通常貯金 (学生) | ¥0/mo | Visa Debit | Very dense postal ATM network, simple savings | |
Rakuten Bank (楽天銀行) | 楽天銀行口座 (学生) | ¥0/mo | Visa/JCB Debit | Free, Rakuten Points, competitive savings rate | |
SBI Sumishin Net Bank | 住信SBIネット銀行 (学生) | ¥0/mo | Visa Debit | Free, competitive rates, free transfers | |
Sony Bank | Sony Bank (学生) | ¥0/mo | Sony Bank WALLET | Free, ideal for students abroad, multi-currency | |
au Jibun Bank | au じぶん銀行 (学生) | ¥0/mo | JCB Debit | Free, Ponta Points, au PAY integration | |
PayPay Bank (旧ジャパンネット銀行) | PayPay Bank (学生) | ¥0/mo | Visa Debit | Account linked to PayPay, online opening | |
Aozora Bank (あおぞら銀行) | あおぞら BANK支店 (学生) | ¥0/mo | Visa Debit | BANK account, ordinary deposit at 1.2% (1/10/2026) |
* Japanese online banks generally charge no maintenance fee; megabanks may charge for a paper passbook.
Our recommendations based on your situation.
Free account, loyalty points, great for starting out.
Rakuten Bank: no maintenance fee, Rakuten Points. PayPay Bank: 100% mobile, linked to PayPay.
Best value with comprehensive services.
SBI Sumishin: ordinary deposit at 0.500% (0.510% in the SBI Hybrid deposit), SBI Securities link. au Jibun Bank: au PAY integration, mortgages.
Need in-branch advice and mortgage.
MUFG: Japan's largest bank, nationwide branch network. SMBC: Olive, V-Points, nationwide network.
Multi-currency, reduced forex fees.
Sony Bank: multi-currency accounts and direct payment from foreign currency deposits with Sony Bank WALLET. Rakuten Bank: Rakuten Points, wide ATM network.
Affordable and flexible business account.
Rakuten Bank: free, low-cost transfers, online management. PayPay Bank: PayPay for merchants, integrated API.
Maximize interest and invest.
Aozora Bank (BANK): ordinary deposit at 1.2%, 1-year deposit at 1.4% (1/10/2026). SBI Sumishin: SBI Securities for NISA and iDeCo.
For savings: Aozora Bank (BANK), ordinary deposit at 1.2% as of 1 October 2026. For points: Rakuten Bank. For branches: MUFG, SMBC or Mizuho. For foreigners and currencies: Sony Bank. Deposit rates have risen sharply since the Bank of Japan raised its policy rate, around 1.25% in September 2026.
You generally need a Residence Card (在留カード), My Number, and a Japanese address. Sony Bank, SMBC and MUFG accept foreign residents. Some online banks require 6 months of residency.Note that banks often refuse an application before six months of residence; Japan Post Bank is then the most accessible option, and some institutions still ask for a personal seal.
NISA (少額投資非課税制度) is a tax-free investment account. Since 2024, the new NISA offers ¥1.2M (tsumitate) + ¥2.4M (growth) per year, i.e. ¥3.6M, with full capital gains exemption.The lifetime allowance reaches eighteen million yen, of which twelve million for the growth portion, and room is restored the year after a sale. Only one NISA account is allowed per person.
Yes, the Deposit Insurance Corporation of Japan (預金保険制度) protects up to ¥10,000,000 per depositor per bank for ordinary and time deposits.Foreign currency deposits, on the other hand, are not covered at all, so holding dollars or euros at a Japanese bank carries the institution's credit risk in full.
Aozora Bank (BANK) pays 1.2% on ordinary deposits and 1.4% on a one-year deposit from ¥500,000 (1 October 2026). SBI Sumishin Net Bank pays 0.500% on ordinary deposits and 0.510% on the hybrid deposit linked to SBI Securities (3 October 2026). Interest is subject to 20.315% withholding tax.
Megabanks (MUFG, SMBC, Mizuho) offer physical branches, in-person advice and full services (loans, real estate, business). Online banks (Rakuten, SBI, Sony Bank) offer better rates, no fees and 100% digital management. Online banks also tend to offer better foreign exchange rates and lower transfer fees, while megabanks remain easier for cash deposits, loans and formalities requiring a stamp.
Japanese banks offer points based on their ecosystem: Rakuten Points (Rakuten), V-Points (SMBC/Olive), Ponta Points (au Jibun Bank). These points can be used for purchases, NISA investments, or converted to cash. Points are usually credited monthly and expire after a set period, so it is worth checking the redemption rules before choosing a bank for its rewards alone.
The My Number card (マイナンバーカード) is Japan's tax identification. Since 2024, it's required for opening NISA accounts and increasingly needed for bank account opening and online identity verification (eKYC).The card also serves for online identity verification and allows a bank or securities account to be opened without posting documents. Allow about a month between application and delivery.
The Japanese banking market is dominated by three megabanks – MUFG (Mitsubishi UFJ), SMBC (Sumitomo Mitsui) and Mizuho – alongside Japan Post Bank, regional banks and online banks (Rakuten, SBI Sumishin, Sony, au Jibun, PayPay). The FSA supervises the sector and deposit insurance protects up to ¥10 million per depositor per bank. The Bank of Japan has raised its policy rate, keeping it around 1.25% at its September 2026 meeting.
Japan also has many regional banks (chihō ginkō) serving local businesses and households. Japan Post Bank relies on the post office network. With rates rising again, deposits now earn interest: 1.2% on Aozora Bank's (BANK) ordinary deposit and 0.500% at SBI Sumishin in October 2026.
Rakuten Bank is integrated with the Rakuten ecosystem (e-commerce, mobile, travel, card), SBI Sumishin with SBI Securities, au Jibun Bank with au PAY and PayPay Bank with the PayPay app. Sony Bank stands out for its multi-currency accounts. These online banks generally charge no maintenance fee and offer free transfers depending on the customer's tier.
Japanese mortgages (jūtaku rōn) long enjoyed some of the world's lowest rates; the Bank of Japan's higher policy rate, around 1.25% in September 2026, is feeding through to variable-rate loans. Compare the schedules of online banks (SBI Sumishin, au Jibun) and megabanks. NISA lets you invest up to ¥3.6 million a year tax-free, and iDeCo supplements retirement savings.
For a Japan resident, combine an online bank (Aozora BANK, SBI Sumishin or Rakuten) for savings and transfers with Japan Post Bank for its ATM network and admin tasks. Megabanks remain useful for loans and in-branch advice. Foreigners need a residence card and a Japanese address.
* Rates checked in October 2026 (Aozora Bank, SBI Sumishin Net Bank); policy rate: Bank of Japan, September 2026. This comparison is for informational purposes only. Supervised by the FSA. Deposits protected up to ¥10 million.