I once had accounts spread across Japan Post Bank, SMBC, MUFG, and Resona — plus five Japan Post Bank accounts for our family in total. After working through LibreCity's financial checklist, I consolidated most of them into net banks. The monthly "bank run" to visit branches and ATMs around town became a thing of the past, and the number of passbooks I had to manage dropped dramatically.

I use Rakuten Bank and set up SBI Net Bank for my husband. These are part of what's known in Japanese personal finance communities as the "Rakuten Combo" (Rakuten Bank + Rakuten Securities + Rakuten Card) and the "SBI Combo" (SBI Net Bank + SBI Securities + Sumitomo Mitsui Card) — bundled strategies for maximizing points and interest rates.

Before: too many accounts to manage

※ Resona remains active (see below)

Fees and rates: how net banks compare

The biggest benefit I feel in daily use is transfer fees. Traditional banks charge ¥330–660 per transfer at the teller window. Net banks give you multiple free transfers per month once you meet basic conditions.

Transfer fee comparison

* Fees and free quotas are subject to change. See official sites for rank conditions.
🔴 Rakuten Bank Happy Program → 🔵 SBI Net Bank Smart Program →

Savings interest rate comparison

Interest rates in Japan remain low overall, but with just a one-time setup, you can earn significantly more than a traditional bank. Here's how they compare:

* As of June 2026. Rates are subject to change.

My choice: Rakuten Bank (Rakuten Combo)

I chose Rakuten Bank because I was already using Rakuten Mobile, Rakuten Card, and Rakuten Ichiba. By linking Rakuten Bank to Rakuten Securities ("Money Bridge"), my savings account earns 0.1% — 100× the rate of a standard Japanese bank. The setup takes about five minutes.

My husband's account: SBI Net Bank (SBI Combo)

SBI Net Bank's standout feature is purpose accounts — virtual savings pots inside a single account, each with a custom label. What used to require separate bank accounts ("renewal fund," "appliance fund," etc.) now lives in one app.

Opening the account was the trickiest part — particularly the face verification for identity confirmation, which required several attempts. Camera access permissions on the phone need to be enabled in advance, which wasn't obvious at first. But once set up, everything runs smoothly. For more on choosing a securities account, see this article.

Why I kept Resona Bank

On the fear of going "passbook-free"

I was nervous about switching to accounts with no physical passbook. That feeling disappeared within weeks. App notifications and digital transaction histories work just fine — and I haven't missed standing in a bank queue once.

In summary

Consolidating from many accounts into net banks eliminated monthly branch visits and dramatically reduced the number of passbooks to manage. The interest rates and fee savings are significant too.

For how these net banks pair with long-term investment accounts like NISA, check out this article too 🍎