What are the two main types of bank accounts in Japan?
In Japan, everyday retail banking is structured around two primary types of bank accounts tailored for personal finance management. The first is the ordinary deposit account, known locally as Futsu Yokin, which serves as the fundamental transactional account for receiving salaries, paying utility bills through automatic debits, and withdrawing cash from ATMs at minimal interest rates. The second is the time deposit account, known as Teiki Yokin, which functions as a secure savings vehicle where funds are locked in for a fixed duration—ranging from a few months to several years—in exchange for a guaranteed, albeit modest, higher interest rate. These accounts form the backbone of personal savings and household budgeting across Japanese financial institutions.
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