Japanese megabanks and internet banks have launched summer campaigns raising term-deposit interest rates to attract seasonal bonus savings [1, 2].

This competition marks a shift in the Japanese banking landscape as lenders react to the Bank of Japan’s policy-rate hikes. By offering higher yields, banks aim to capture the significant influx of household cash that typically occurs during the summer bonus period [1, 6].

Several major institutions are adjusting their offerings. Mitsubishi UFJ has started a campaign raising its term-deposit interest rate to 1% [3]. Meanwhile, internet-based lenders are pushing rates further, with au Jibun Bank and SBI Net Bank offering 1.2% for one-year term deposits [4]. These specific offers are available through Aug. 31 [5].

Beyond pure interest, some banks are using loyalty points to entice customers. Starting July 1, one campaign began offering PayPay points equivalent to 0.1% in addition to interest [1]. When combined with standard savings rates, this can result in a maximum effective return of 0.6% [1].

Megabanks have also adjusted their baseline rates. Ordinary deposit rates for megabanks have been raised to 0.4% [6]. This broad increase reflects a growing trend of competitive pricing across the nationwide banking market as traditional and digital lenders vie for the same pool of liquidity [1, 2].

Digital banks continue to lead on the highest nominal rates, though megabanks are using their scale and point-system integrations to remain competitive. The current window of high-yield offers is designed to peak during the height of the summer bonus distribution [2, 4].

“au Jibun Bank and SBI Net Bank are offering 1.2% for one-year term deposits.”

The aggressive push for deposits indicates that Japanese banks are preparing for a sustained environment of higher interest rates. By competing for summer bonuses, banks are not only securing short-term liquidity but also attempting to shift consumer behavior away from long-term stagnation toward active yield-seeking, signaling a transition in Japan's monetary climate.