With the recent depreciation of the yen and rising prices, many of you may be thinking about investing your assets in foreign currencies for the future.
Even though the weak yen situation has not stopped, prices of goods are only improving more and more, and there is a move to extend the period of pension payment, and I think that you would like to increase your assets as much as possible for the future.
However, it is said that we live in an age of 100 years, so we want to invest our assets in a way that allows us to obtain a higher interest rate over the long term, with some planning.
Here, I would like to introduce you to a service that can get you higher interest rates than usual!
Aim for higher interest rates with Sony Bank's Foreign Currency Time Deposits!
Sony Bank 's Foreign Currency Time Deposit Service allows you to earn even higher interest rates.
The Foreign Currency Time Deposit service offers a choice of 12 different currencies, and you can apply for a foreign currency time deposit with a minimum amount of 100,000 yen.
There are two ways to apply for a foreign currency time deposit: by depositing in yen or by depositing in a foreign currency.
When applying for a yen time deposit, Sony Bank offers a limited interest rate starting with yen and a set time deposit program that offers even higher interest rates than usual.
If you already have a foreign currency savings account, you can convert it to a time deposit.
After maturity, you can choose to receive your principal and interest in your Foreign Currency Savings Account or in your Yen Savings Account at the rate at which you sell it when it matures.
Choice of Post-Maturity Handling Methods
Do you sometimes forget to renew your time deposit and leave your maturing time deposit unattended?
Sony Bank offers three types of handling methods. Depending on the handling method, you can automatically renew your fixed term deposit and avoid forgetting to renew it.
The following three methods are available after maturity...
- Automatic renewal of principal and interest
- Receive money in a Foreign Currency Savings Account
- Receipt at Yen Savings Account
Automatic Renewal of Principal and Interest
The principal plus interest (after tax) is continued as a foreign currency time deposit for the same term.
The principal plus interest becomes the new principal, which can be reinvested.
The interest rate after automatic continuation is the foreign currency time deposit interest rate for the same term displayed at the time of maturity.
Receive in Foreign Currency Savings Account
You can receive the principal plus interest (after tax) in a Foreign Currency Savings Account in the same currency, and you can decide when to convert the principal into Yen.
Receive in Yen Savings Account
You can automatically convert your savings into Yen at the selling rate (TTB) at maturity and receive it in your Yen Savings Account.
You can flexibly choose the handling after maturity according to your circumstances.
Increase Interest Rates by Converting Yen Time Deposits and Foreign Currency Time Deposits at the Same Time!
Sony Bank offers a " Set-Time Deposit Program " that allows you to apply for a Yen time deposit and a foreign currency time deposit at the same time to receive a higher interest rate.
The interest rate on the Yen time deposit can be increased by applying for both a Yen time deposit and a foreign currency time deposit at the same time when making a Yen Savings Deposit.
When you start the Set Time Deposit Program, you can choose from the following three ratios.
- Set 25
- Set 50
- Set 75
In each of the above three types of sets, you can choose the percentage of foreign currency fixed term deposits, and the higher the percentage of foreign currency deposit, the higher the interest rate you will receive.
If you choose Set 25, you can choose 75% yen fixed term and 25% foreign currency fixed term. With Set 50, both yen fixed term deposit and foreign currency fixed term deposit are 50%. With Set 75, the yen fixed term deposit is 25% and the foreign currency fixed term deposit is 75%.
Diversifying your savings by depositing in foreign currencies, rather than only yen, has the advantage of diversifying your risk and increasing your interest rate.
The interest rate varies depending on the deposit term, so be sure to select the term and ratio that suits you best when making a deposit.
High interest rates with exchange-linked deposits!
For users who want to earn high interest rates in a short period of time, there is the " Currency Linked Deposit " plan.
Although the principal and interest payments on a Currency Linked Deposit are made in yen or foreign currency at maturity, you can expect a higher interest rate than with a regular time deposit.
If you start with yen, you can receive the principal and interest in Japanese yen if the yen depreciates more than a predetermined rate on the date of the decision, and if the yen appreciates more than the predetermined rate, you can convert the principal into a foreign currency at a predetermined special rate.
This plan allows you to earn a high interest rate, but there is a risk that the type of currency you receive may not be the one you want.
However, in the unlikely event that you do not receive your money in yen, you can invest it in a foreign currency time deposit offered by Sony Bank and receive it in the currency of your choice when the maturity date is over.
You can also use a foreign currency time deposit to earn interest even if you receive your money back in a currency you don't want, and you can even convert it!
If you start with a foreign currency, you can convert it to Japanese yen at a predetermined special rate if the yen is weaker than the predetermined rate, and if the yen is stronger than the predetermined rate on the date of the decision, you will receive the principal and interest in a foreign currency.
If the yen is weaker than the rate at which you started the Exchange-linked Deposit, you will receive it back in Japanese yen, so there is a possibility that you can expect exchange gains.
You can apply for Exchange Link only when it is offered, not at any time, so be sure to keep an eye on Sony Bank's announcements.
With Sony Bank, you get higher interest rates!
Sony Bank offers a wide range of services that allow you to earn higher interest rates than regular deposits by taking advantage of Sony Bank programs.
In addition to the programs introduced here, Sony Bank also offers a limited-time free foreign exchange cost campaign and ClubS, a preferential program that lowers foreign exchange costs depending on the applicable stage of your account.
There are three ways to open an account with Sony Bank: "paperless account opening," " smartphone account opening," and " account opening by mail.
With paperless account opening, it takes about 2 days to open an account, with smartphone account opening it takes about 3 days, and with mail account opening it takes about 3 or 4 days, depending on the timing of the mail.
The time it takes to open an account varies depending on the method, so choose the method that best suits your situation.
For more information about Sony Bank's foreign currency deposit, please check the official Sony Bank website!