Sony Bank Increases Interest Rates on Yen Savings Accounts; Recommends Mileage-Earning Foreign Currency Time Deposits (PR)

Sony Bank has increased the interest rates for yen savings accounts effective August 5.

The interest rate for yen savings accounts has been increased from the previous annual interest rate of 0.02% to 0.15%, a 7.5-fold increase. By depositing 1 million yen in a savings account for a year, you can earn 1,500 yen in interest (1,195 yen after tax).

The interest rate for a one-month yen time deposit is 0.15%, the same as the yen savings account. Considering the six-month yen time deposit offers an annual interest rate of 0.25%, the increased interest rate for the more flexible savings account is a welcome feature (both rates are before tax).

Sony Bank issues the “ANA Mileage Club / Sony Bank WALLET,” in collaboration with ANA X, free of annual membership fee. By depositing 2.5 million yen in an ANA Mileage-earning foreign currency time deposit for one year, you can accumulate 56,248 miles over the year (as of June 2024), enough for a round-trip economy class air ticket to Hawaii.

Moreover, the yen and foreign currencies deposited can be used directly overseas with a Visa debit card, and domestic spending earns you 5 miles per 1,000 yen (up to 40,000 miles annually). Monthly miles can also be accumulated based on foreign currency deposits and investment trust balances. Why not consider applying on this occasion?

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