TL;DR
Japan’s ordinary savings accounts are no longer stuck in the “interest is basically decorative” era. As of August 27, 2026, Aozora BANK pays 1.00% on the first ¥1 million with no extra condition, Tokyo Star offers 0.90% when salary or pension is received there, and Shimane Bank’s “Shimaho!” offers 0.80%.[1][2][3]
But moving ¥1 million from 0.40% to 1.00% adds only about ¥4,800 a year after tax—roughly ¥400 a month. Add five other-bank transfers and one convenience-store ATM withdrawal per month, and fees can eat the advantage.
Bottom line: deposit rates matter again, but for investors they are usually a secondary optimization.
1. Savings accounts became worth comparing
Aozora: 1.00% up to ¥1 million. Tokyo Star: 0.90% with salary/pension. Shimaho!: 0.80%. au Jibun: 0.41% base and up to 0.61%. SBI Hyper Deposit: 0.55%. Rakuten Money Bridge: 0.48% up to ¥10 million. PayPay Bank: up to 0.60% depending on age and balance.[1]-[4]
The trap is the word “maximum.” Check the rate that actually applies to your balance, plus transfer and ATM conditions.
2. 0.2% vs 0.4% vs 0.6% on ¥1 million
Assuming Japan’s 20.315% tax on deposit interest and simplified annual compounding:
| Years | 0.2% | 0.4% | 0.6% | Difference |
|---|---|---|---|---|
| 1 | ¥1,001,594 | ¥1,003,187 | ¥1,004,781 | ¥3,187 |
| 5 | ¥1,007,994 | ¥1,016,039 | ¥1,024,135 | ¥16,141 |
| 10 | ¥1,016,052 | ¥1,032,335 | ¥1,048,853 | ¥32,801 |
| 20 | ¥1,032,361 | ¥1,065,716 | ¥1,100,092 | ¥67,731 |
| 30 | ¥1,048,932 | ¥1,100,176 | ¥1,153,835 | ¥104,903 |
The 30-year gap looks real, but it also assumes the same ¥1 million stays in cash for three decades. For a long-term investor, opportunity cost may matter more.
3. Practical comparison
Tokyo Star: 0.90% with salary/pension; five internet transfers and eight partner-ATM uses per month effectively free.[2]
Aozora: 1.00% up to ¥1 million; nine other-bank transfers free monthly. Japan Post ATM is free; Seven Bank withdrawals cost ¥110–¥220.[1][5]
au Jibun: 0.41% base, up to 0.61%; ¥1 million total assets can help qualify for Gold, with ten withdrawals and ten transfers free.[6][7]
SBI Shinsei: Hyper Deposit 0.55%; Diamond via SBI Securities linkage gives unlimited eligible convenience-ATM withdrawals and ten other-bank internet transfers.[8]
Rakuten: Money Bridge 0.48%; ¥1 million qualifies for VIP, with five ATM uses and three other-bank transfers free; extras cost ¥145.[9][10][11]
Shimaho!: 0.80%, but at ¥1 million there is no free other-bank transfer allowance; each costs ¥165.[3][12]
PayPay: age/balance dependent. Age 30+ gets 0.50% at ¥1 million and 0.60% from ¥2 million; age 29 or younger can reach 0.60% from ¥1 million.[4]
4. Hidden boss: five transfers + one ATM per month
After-tax annual interest on ¥1 million is about ¥7,968 at 1.00%, ¥7,172 at 0.90%, ¥6,375 at 0.80%, ¥4,861 at 0.61%, ¥4,383 at 0.55%, and ¥3,825 at 0.48%.
Tokyo Star can absorb this usage inside its free allowances, leaving roughly ¥7,172.
Aozora leaves about ¥6,648 if you pay ¥110 for one Seven Bank weekday daytime withdrawal every month; use Japan Post ATM instead and the annual interest can stay near ¥7,968.
Rakuten leaves two paid transfers monthly: ¥145×2×12=¥3,480. Roughly ¥3,825 of interest becomes about ¥345.
Shimaho! at a ¥1 million balance charges ¥165 for each other-bank transfer. Five per month cost ¥9,900 annually, exceeding its roughly ¥6,375 after-tax interest.
Before chasing another 0.2 percentage points, stop paying avoidable transfer fees.
5. Is switching worth it?
Moving ¥1 million from 0.40% to 1.00% adds about ¥4,781 after tax per year, or ¥398 per month. Moving from 0.20% to 1.00% adds about ¥6,375, or ¥531 per month.
If that requires another app, password, payroll change and another account to maintain, the return on attention becomes questionable.
6. For investors, cash has a job
Cash is for emergencies, near-term spending, bills and money waiting to be invested. Liquidity, enough free transfers, convenient ATMs and brokerage integration can matter more than the last 0.1–0.2% of yield.
SBI Hyper Deposit is a good example: not the highest rate, but a very clear waiting room for SBI Securities users.
7. Who fits what?
Aozora: simple high-yield cash parking. Tokyo Star: salary account plus frequent transfers/ATM. SBI Shinsei: SBI Securities investors. au Jibun: au ecosystem. Rakuten: Rakuten Securities integration with fewer outside transfers. Shimaho!: cash that mostly stays put. PayPay Bank: PayPay-centered users who meet the conditions.
8. Final take
Yes, savings-account rates are worth comparing again. No, you do not need seven bank accounts to optimize ¥1 million.
Optimize fees first, convenience second, deposit yield third. For long-term surplus, decide separately whether it belongs in investments.
Sources
- Aozora Bank — 1.00% up to ¥1 million, 0.65% above aozorabank.co.jp
- Tokyo Star Bank — 0.90% salary/pension; ATM 8/month and internet other-bank transfer 5/month effectively free tokyostarbank.co.jp
- Shimane Bank Shimaho! — ordinary deposit 0.80% shimagin.co.jp
- PayPay Bank — up to 0.60%, age/balance thresholds and points paypay-bank.co.jp
- Aozora fees — 9 transfers/month free, Japan Post ATM free, Seven Bank withdrawal ¥110–¥220 aozorabank.co.jp
- au Jibun Bank — base 0.41%, linked programs up to 0.61% jibunbank.co.jp
- au Jibun Plus — Gold ATM/transfer allowances jibunbank.co.jp
- SBI Shinsei Bank — SBI Hyper Deposit 0.55% and Diamond benefits sbishinseibank.co.jp
- Rakuten Bank — Money Bridge 0.48% up to ¥10 million rakuten-bank.co.jp
- Rakuten Happy Program — VIP at ¥1 million, ATM 5/month, transfers 3/month rakuten-bank.co.jp
- Rakuten transfer fee — ¥145 after free allowance rakuten-bank.co.jp
- Shimaho! fees — other-bank transfer ¥165 and balance-based free counts shimagin.co.jp
