I’ve saved 8 million yen by age 24 through papa-katsu (compensated dating in Japan), side jobs, and my main job. Recently, a papa (a male supporter) I regularly see happened to see the receipt showing my account balance. I’m not sure if that had anything to do with it, but he told me he wants to stop giving me an allowance.
This is a bit unrelated, but I’ve also heard that it’s better to have multiple accounts once you get married in the future.
Right now, I only have one account with MUFG Bank. How do you all divide up and use multiple bank accounts?
I’m Tetsu, a male member.
Trying to lower someone’s allowance after seeing their savings is simply tacky. The lesson here is that you should never show your savings—even to someone who might become your future husband. That’s why it’s better to have multiple bank accounts.
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I’m Aya, a female member.
A papa (a male supporter) who refuses to pay an allowance just because he saw a balance of 8 million yen has a ridiculously small-minded attitude. I’m sorry you had to go through that.
I mainly use six banks: Mitsubishi UFJ Bank, SBI Sumishin Net Bank, Japan Post Bank, a certain regional bank, and one bank each in Hong Kong and the U.S.
The one I’d recommend avoiding is Mizuho Bank. They have way too many system failures. On the other hand, SBI Sumishin Net Bank is pretty convenient—the fees are free up to five times a month, depending on your deposit balance, and the app interface is fairly easy to use, so I recommend it.
I used to use a bank in Hong Kong too, but I moved my money to the U.S. because of the political situation. Things in Hong Kong have become especially questionable lately, so it might be better not to open an account there.
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Maezawa from the President’s Office here—I’ll answer as well.
> Just recently, the papa I usually see happened to see the receipt showing my account balance.
I thought most people no longer get receipts these days, but from now on, I think you should avoid getting one. You only got caught because you had it with you.
> He told me he wants to stop paying me an allowance.
Normally, you can’t continue seeing each other without an allowance, so does that mean he wants to end things?
> Right now, I only have one account with Mitsubishi Tokyo UFJ Bank.
Unless the bank goes under, I don’t think you need to split your money between multiple accounts. But as Kazu says, keeping no more than 10 million yen in each account could help spread out the risk.
Also, it might be a good time to start learning about investing, though of course, you could lose money.
> I’ve heard it’s better to have multiple accounts once you get married in the future, too.
That’s called a secret stash.
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I’m Dai, a male member.
I’m not sure why men would be looking at your bank balance, but if he doesn’t want to give you an allowance, you’re probably better off finding another man.
From the standpoint of deposit protection, there’s no need to force yourself to spread your funds across multiple accounts at this stage.
If you’re opening an account for investment purposes, an online bank isn’t a bad option either.
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I’m だて◎ゆめ, a male member.
If you’re saving money, I think it’s better to put it in a bank that won’t fail rather than worry about how many accounts you have.
Also, this isn’t exactly about using accounts for different purposes, but instead of only saving, it might be a good idea to invest a little as well...
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I’m Nana Ayase ♡
Right now, I have one account exclusively for FX, one exclusively for stocks since I’m planning to start investing, one savings account in my child’s name, a Japan Post Bank account for school-related expenses, and one local regional bank account nearby.
There’s hardly any money in them, but they do exist·····
The savings account is because if I suddenly die, my husband will spend it all unless I leave some money behind for my child.
I just want to get divorced already.
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I’m Kazu, a male member.
Before the privatization of Japan Post, people used to say—as though it were common knowledge—that postal savings accounts were less likely to be subject to tax audits because they were overseen by a different government agency. But now that Japan Post has been privatized and we’re in the era of Japan Post Bank, that’s no longer relevant.
The only related point these days is that, if a financial institution fails, the Deposit Insurance System protects deposits only up to ¥10 million. So if you have more than ¥10 million in deposits, it may be wise to spread them across multiple financial institutions.
On the other hand, when taking out a bank loan, such as a mortgage, having a large account balance makes things move more smoothly. So unless your money is deposited with a financial institution you’re worried might fail, I don’t think there’s any particular benefit to spreading your accounts among domestic banks.
The only advantage I can think of is that if you have accounts with all the major banks, you can save on transfer fees by sending money from an account at the same bank as the recipient’s bank, since intra-bank transfers are cheaper.
And one more thing: try not to have your balance printed on your receipts（笑）.
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I’m in Seattle.
Just ditch someone that stingy immediately. Aim for ¥10 million.
Japan Post Bank is convenient, with lots of free services. You should also sign up for Japan Post Direct online banking.
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