Japan net bank deposit & feature matrix 2026

TL;DR

Japan’s net-bank cohort entered 2026 as a clearly segmented competitive surface rather than one undifferentiated category. The ten-plus operators range from trillion-yen deposit franchises (Rakuten Bank, Sumishin SBI Net Bank, Sony Bank) to specialist BaaS / partner-led brands (Minna Bank, Sumishin SBI’s NEOBANK partners), to ecosystem-stacked retail banks (PayPay Bank, au Jibun Bank), to emerging fintech-issued banks (Mercari Bank, UI Bank). This matrix compares them on parent group, deposit base, FX product depth, mortgage origination, debit / credit overlay, public bank API posture, 2025-2026 growth trajectory, fee schedule, deposit-rate tiering, and embedded-finance partnerships. Use it alongside Japan net bank competition map for segment framing, and the per-bank entries for granular detail.

Wiki route

This page sits under banking index as a 2026-vintage deposit-and-feature comparison surface. The segment-level framing lives in Japan net bank competition map and Japan banking license tier comparison matrix. Specific per-bank pages: Sony Bank, UI Bank, GMO Aozora Net Bank, Daiwa Next Bank, Rakuten Bank, PayPay Bank, au Jibun Bank, Minna Bank BaaS model, Mercari Bank, Mercari Bank license stack. Operating models live in Japan BaaS operating models and regional bank API digital partnership route. Post-megabank context: post-megabank positioning.

Why deposit feature comparison matters in 2026

Three structural shifts make a deposit-and-feature comparison especially useful in 2026.

Rate normalisation has restarted deposit competition. BOJ’s exit from negative-rate policy across 2024-2025 returned positive short-rate territory, which broke the multi-year “all deposit rates are zero” simplification. Net banks are again differentiating on tiered rates, FX deposits, and structured deposit products — see Japan net bank competition map for the segment-level framing.
Embedded finance via bank API is the new BaaS surface. The bank API regime under fintech has matured into mainstream distribution. Japan BaaS operating models documents partner-branch and white-label account architectures. Net banks differ materially in whether they publish bank APIs, white-label account containers, or both.
Mortgage origination has become a primary scale axis for net banks. Sony Bank, au Jibun Bank, and Rakuten Bank each run sizeable variable-rate mortgage flows. Japan acquisition finance context and post-megabank positioning explain why net-bank mortgages now compete head-on with megabank originators in the variable-rate book.

Bank universe in scope

Eleven banks anchor the comparison:

Ecosystem-anchored retail — Rakuten Bank, PayPay Bank, au Jibun Bank.
Securities-adjacent / asset-formation — Sony Bank, Daiwa Next Bank, SBI Shinsei context entries via Sumishin SBI Net Bank (the NEOBANK / mortgage-anchor net bank).
Corporate API / SME — GMO Aozora Net Bank.
BaaS / partner-led — Minna Bank (Fukuoka FG digital-bank brand), Sumishin SBI Net Bank NEOBANK partner stack.
Regional digital — UI Bank (Tokyo Kiraboshi FG).
Fintech-issued — Mercari Bank (2025-2026 launch).
Postal / government-anchored — Japan Post Bank digital channel (Yucho Direct + Yucho Pay) is included as a digital-channel comparison even though it is not a pure net bank.

The cohort excludes corporate-only digital lenders (e.g. Funds), wallet-only operators (PayPay Card without the bank entity), and pre-launch projects.

Core matrix — deposit base and parent ecosystem

Bank	Parent group	Deposit base (¥tn, ~2026)	Account base (m)	Primary deposit driver
[[banking/rakuten-bank	Rakuten Bank]]	Rakuten Group ([[business/rakuten-group-mobile-finance-bundling-case	mobile-finance bundling]])	~10-12
[[banking/sumishin-sbi-net-bank	Sumishin SBI Net Bank]]	Sumitomo Mitsui Trust × [[megabanks/sbi-hd	SBI HD]]	~10-11
[[banking/paypay-bank	PayPay Bank]]	SoftBank / PayPay / Yahoo Japan stack	~2-3	~7-8
[[banking/au-jibun-bank	au Jibun Bank]]	KDDI × MUFG ([[megabanks/au-fh	au FH]] × [[megabanks/mufg	MUFG]])
[[banking/sony-bank	Sony Bank]]	Sony Financial Group ([[business/sony-fg-partial-spinoff-case	SFG spinoff]])	~3-4
[[banking/daiwa-next-bank	Daiwa Next Bank]]	[[securities-firms/daiwa-sg	Daiwa Securities Group]]	~5-6
[[banking/gmo-aozora-net-bank	GMO Aozora Net Bank]]	[[regional-banks/aozora-bank	Aozora Bank]] × [[business/gmo-internet-group	GMO Internet Group]]
[[banking/ui-bank	UI Bank]]	Tokyo Kiraboshi FG	~0.3-0.5	~0.3-0.4
[[banking/minna-bank-baas-model	Minna Bank]]	Fukuoka FG	~0.2-0.4	~0.9-1.1
[[banking/mercari-bank	Mercari Bank]]	Mercari Group	<0.2 (early)	early-stage
[[regional-banks/japan-post-bank	Japan Post Bank]] (digital channel)	Japan Post Holdings	~190 (entire bank)	~120 (entire bank)

Deposit-base values are public-source approximations from bank IR pages, group annual reports, and FSA aggregate. Use the bank IR page for exact balance-sheet figures.

Core matrix — FX, mortgage, card, and API depth

Bank	FX product depth	Mortgage origination	Debit / credit overlay	Bank API publishing
[[banking/rakuten-bank	Rakuten Bank]]	Yen + USD + EUR retail FX, FX debit card	Variable-rate mortgages via group origination	Rakuten Card linkage (no own card brand)
[[banking/sumishin-sbi-net-bank	Sumishin SBI Net Bank]]	Limited FX retail; FX via [[securities-firms/sbi-fx-trade	SBI FX Trade]]	Major variable-rate mortgage anchor
[[banking/paypay-bank	PayPay Bank]]	Yen + USD retail FX, FX deposit	Limited — partner referral	PayPay debit (J-Debit + Visa debit), PayPay Card linkage
[[banking/au-jibun-bank	au Jibun Bank]]	Multi-currency FX deposit, FX margin, FX debit	Mortgage book growing	au PAY card / au PAY debit linkage
[[banking/sony-bank	Sony Bank]]	Strongest retail FX — 11+ currencies, MoneyKit FX deposit, FX debit	Mortgage core product since launch	Sony Bank WALLET (Visa debit)
[[banking/daiwa-next-bank	Daiwa Next Bank]]	Limited FX retail	None	None (deposit-only)
[[banking/gmo-aozora-net-bank	GMO Aozora Net Bank]]	Corporate FX via parent [[regional-banks/aozora-bank	Aozora]]	Limited retail mortgage
[[banking/ui-bank	UI Bank]]	Limited	Limited	Visa debit
[[banking/minna-bank-baas-model	Minna Bank]]	None / limited	None	Visa debit
[[banking/mercari-bank	Mercari Bank]]	None initially	None	Bridge to Mercari Card
[[regional-banks/japan-post-bank	Japan Post Bank]]	Limited retail FX via Yucho	None	JP Bank Visa debit, JP Bank Card

Sony Bank historically anchored its differentiation in multi-currency retail FX, and 2026 still shows it as the broadest currency menu among net banks. GMO Aozora Net Bank anchors the corporate API lane explicitly. Sumishin SBI Net Bank anchors mortgage origination and NEOBANK BaaS simultaneously.

Core matrix — 2025-2026 growth, fees, interest, embedded-finance partnerships

Bank	2025-2026 deposit growth trajectory	ATM fee structure	Domestic transfer fee	FX spread tier	Interest-rate tier (2026)	Embedded-finance partner ecosystem
[[banking/rakuten-bank	Rakuten Bank]]	High single-digit YoY; salary-account drive	Free 1-7x/month by Happy Program tier	¥52-145 by tier	Mid (e.g. 25 sen USD)	Tiered (0.02-0.10% baseline; promotional higher)
[[banking/sumishin-sbi-net-bank	Sumishin SBI Net Bank]]	High — mortgage book + NEOBANK accounts	Free 2-15x/month by Smart Program rank	Free 1-20x/month by rank	Mid-tight	Tiered with deposit rate boost for high-rank
[[banking/paypay-bank	PayPay Bank]]	Strong — PayPay wallet top-ups	Free at 7-Eleven ATMs (limited), fee at others	Free with conditions	Wider	Promotional rate offers; baseline 0.02%
[[banking/au-jibun-bank	au Jibun Bank]]	Steady; KDDI ecosystem	Free in tiers	Free with conditions	Mid	Tiered with au PAY card linkage boost
[[banking/sony-bank	Sony Bank]]	Steady; FX + mortgage	Free 4x/month + paid above	¥110-330 by channel	Tight (FX-anchor positioning)	Tiered including FX deposits
[[banking/daiwa-next-bank	Daiwa Next Bank]]	Securities-sweep driven	Limited (deposit-only model)	Limited (transfers via Daiwa)	n/a	Structured deposit promotional tiers
[[banking/gmo-aozora-net-bank	GMO Aozora Net Bank]]	Steady SME / corporate	Corporate-focused fee schedule	Highly competitive for corporates	Tight on corporate FX	Corporate deposit rate tiers
[[banking/ui-bank	UI Bank]]	Slow growth — niche	Limited (app-only)	Standard tier	n/a	Promotional high-yield deposit launches
[[banking/minna-bank-baas-model	Minna Bank]]	Mobile / BaaS growth	App-only — no own ATM	App-anchored	n/a	Standard
[[banking/mercari-bank	Mercari Bank]]	Early ramp via Mercari user base	Current public materials do not yet support a ranked ATM-footprint comparison	Current public materials do not yet support a fee-tier comparison	n/a	Public product conditions still require confirmation at launch scale
[[regional-banks/japan-post-bank	Japan Post Bank]]	Slight outflow as customers diversify	Free at Japan Post ATMs nationwide	¥146-330	Limited retail FX	Standard low

The growth trajectory line is qualitative because deposit growth is highly seasonal and promotional. Use the bank’s IR site for quarterly disclosure of deposit balance.

Differentiation axes

Deposit-base scale tier

The cohort splits visibly into deposit tiers:

Trillion-yen tier (¥5tn+) — Rakuten Bank, Sumishin SBI Net Bank, au Jibun Bank, Daiwa Next Bank. These compete with regional banks on raw deposit franchise.
Mid tier (¥1-5tn) — Sony Bank, PayPay Bank, GMO Aozora Net Bank. Specialised by product (FX, wallet, corporate API respectively).
Sub-trillion tier (<¥1tn) — UI Bank, Minna Bank, Mercari Bank. Early-stage or niche.
Postal anchor (¥190tn) — Japan Post Bank sits in its own category. Yucho Direct as digital channel is comparable in feature terms but the bank’s deposit base is from the branch and ATM franchise.

FX-product depth as differentiation

Sony Bank occupies the FX-depth corner explicitly. au Jibun Bank is the closest peer with multi-currency FX deposits and FX margin trading. Rakuten Bank and PayPay Bank offer narrower FX product menus. The non-FX banks (Daiwa Next Bank, Minna Bank, Mercari Bank) cede the FX-customer segment.

Mortgage origination as scale lever

Variable-rate mortgages remain the largest single asset class for net banks that have entered the mortgage market. Sumishin SBI Net Bank is the largest net-bank originator. Sony Bank and au Jibun Bank follow. Rakuten Bank originates via group structures. PayPay Bank and Daiwa Next Bank do not anchor mortgages.

Bank-API publishing posture

Three publishing tiers are observable:

Extensive corporate API — GMO Aozora Net Bank is the anchor; explicit corporate-treasury and SaaS-connector API focus.
Extensive BaaS / white-label — Sumishin SBI Net Bank (NEOBANK) and Minna Bank BaaS. These let partner brands publish their own bank-like UX while the bank holds the licence.
Standard retail bank API — most others. Bank API is published for the electronic payment agency / FA regime but the bank does not pursue white-label distribution.

Embedded-finance partner ecosystem

The embedded-finance partner column reveals which net banks are competing on distribution surface versus direct customer-acquisition. Sumishin SBI Net Bank partners with JAL, Yamada, T (CCC), and others through NEOBANK; Minna Bank partners with Recruit and others; GMO Aozora Net Bank integrates with freee, MoneyForward, payroll SaaS. The ecosystem retail banks (Rakuten Bank, PayPay Bank, au Jibun Bank) lean on their own group ecosystem rather than third-party partner brands.

Cluster summary — competitive map by lever

A useful cluster reading:

FX + asset-formation cluster — Sony Bank, Daiwa Next Bank, au Jibun Bank.
Mortgage origination cluster — Sumishin SBI Net Bank, Sony Bank, au Jibun Bank, Rakuten Bank.
Ecosystem-wallet cluster — Rakuten Bank, PayPay Bank, au Jibun Bank.
BaaS / partner cluster — Sumishin SBI Net Bank NEOBANK, Minna Bank.
Corporate / SME API cluster — GMO Aozora Net Bank.
Regional digital cluster — UI Bank, 01 Bank (peer reference).
Fintech-issued cluster — Mercari Bank.
Postal anchor — Japan Post Bank.

Source caveats

Deposit-base figures are public-source approximations from bank IR pages, group annual reports, and FSA aggregate. Quarterly disclosure should be used for exact comparisons.
Account-base figures mix bank-only retail customers with BaaS-partner accounts. The competition map discusses why BaaS accounts may overstate primary-bank conversion.
Fee schedules change frequently with promotional schemes. Use each bank’s fee schedule page for current values.
FX spreads vary by currency, channel, and time of day. Use each bank’s FX page for live rates.
Interest-rate tiers depend on BOJ policy. The 2026 baseline assumes positive short-rate territory; promotional rates above baseline are common.
Mortgage origination volume is disclosed annually by some banks; quarterly by others. Use each bank’s IR page for verified flow data.

Research checklist

When extending this matrix:

Pull the bank IR page or quarterly disclosure for deposit balance and account count.
Cross-check via FSA Bank Information Disclosure aggregate.
Read the bank’s API developer portal for bank-API depth and partner list.
Use the BaaS operating models page to classify the bank’s BaaS posture.
Use quick deposit four methods for payment-channel context.
Use banking license tier comparison to confirm licence category.

Sources

FSA licensed bank list and bank disclosure aggregate.
Sony Bank corporate profile and product disclosure.
UI Bank corporate site and product page.
GMO Aozora Net Bank company outline and corporate API documentation.
Daiwa Next Bank corporate disclosure and securities-sweep documentation.
Rakuten Bank press releases and group disclosure.
PayPay Bank company information and product pages.
Sumishin SBI Net Bank corporate profile and NEOBANK partner disclosure.
au Jibun Bank performance disclosure.
Minna Bank corporate site and BaaS partner page.
Mercari Bank launch disclosure.
Japan Post Bank IR.