Tokyo, June 19, 2023 - Rakuten Bank, Ltd. today announced that it has surpassed 14 million customer accounts as of June 17, 2023*1.
- Rakuten Bank, Ltd.
Rakuten Bank Surpasses 14 Million Customer Accounts
Since it started as a digital bank in 2001, Rakuten Bank has been committed to providing convenient services to individual, corporate and sole proprietor business customers. The number of Rakuten Bank accounts has now surpassed 14 million, and the bank recently achieved the milestone of 9 trillion yen in total balance of non-consolidated deposits, at the end of March 2023. Rakuten Bank customers have been using multiple services after opening their accounts, such as bank transfers and using their accounts to receive salaries and bonuses. The use of Rakuten Bank as a main account is steadily expanding*2.
In addition to offering the convenience of easy accessibility 24 hours a day, 365 days a year, Rakuten Bank offers a wide range of services to provide customers with greater convenience and value. These include the Happy Program, which rewards customers with Rakuten Points – Japan’s highest-rated point program*3 – for specific transactions and waives ATM fees up to seven times per month and bank transfer fees up to three times per month; the Money Bridge service, which offers preferential interest rates on ordinary deposit accounts up to 100 times higher than other major banks*4, when users link their Rakuten Bank account with their Rakuten Securities account; and the Rakuten Bank App that allows customers to access almost all available services through their smartphone anywhere and anytime.
Furthermore, Rakuten Bank has continued to strengthen its service offering since surpassing the 13 million customer accounts mark. For example, the company has expanded the Rakuten Bank Convenience Store Payment Service, which allows users to complete convenience store payments at anytime, anywhere with the Rakuten Bank App; increased the number of bank transfer receiving organizations and provided customers with a new customer experience by partnering with Dai-ichi Life Insurance Company to launch Banking-as-a-Service (BaaS) digital bank services.
These initiatives have been well-received by individual, corporate and sole proprietor business customers, leading to the latest milestone of 14 million Rakuten Bank accounts. Rakuten Bank will continue working to offer innovative and convenient products and services to customers.
*1 Excludes closed accounts.
*2 Accounts used for account transfers or for receiving salary/bonus.
*3 Online survey on points, 1000 valid responses, conducted by MyVoice.co.jp in November 2022.
*4 As of June 19, 2023. Research by Rakuten Bank.
About the Happy Program (Customer Loyalty Program)
The Happy Program is a customer loyalty program under Rakuten Bank. Entry is free and users are awarded Rakuten Points for signing up with the program and for each transaction. Accumulated points can be used to pay for bank transfer fees and debit card usage charges. Users enjoy benefits every time they move to a higher membership tier and are eligible for ATM fee waivers up to seven times per month and bank transfer fee waivers up to three times per month.
About Money Bridge
A preferential interest rate of 0.10% per annum (0.079% after tax)* is applied on ordinary deposit accounts for users who apply for Money Bridge. When there are insufficient funds for transactions on Rakuten Securities, funds are automatically deposited from the user’s Rakuten Bank account balance. In addition, funds in the securities account can be automatically deposited into the Rakuten Bank account during the evening after each business day. This “sweep” function saves users the trouble of transferring funds manually and allows them to enjoy preferential interest rates.
*There is a cap to the balance for which the preferential interest rate of 0.10% per annum (pretax) can be applied when users apply for Money Bridge. For balances of 3 million yen and below in ordinary deposit accounts: 0.10% per annum (0.079% per annum after tax). For balances exceeding 3 million yen in ordinary deposit accounts: 0.040 per annum (0.031% per annum after tax)
About the Rakuten Bank App
The Rakuten Bank App allows users to conduct almost all banking transactions, including opening an account, checking balances and transactions, as well as making bank transfers and depositing money in term deposits and foreign currency deposits, on their mobile phones.