Sony Bank Launches Preferential System on Foreign Currency Deposits
June 14, 2007
Sony Bank Inc., an 88.0%-owned subsidiary of Sony Financial Holdings, today announced the start of a preferential system on foreign currency deposits from August 1, 2007, to respond to customers' foreign currency investment needs proactively. Under this system, Sony Bank will provide preferred interest rates on foreign currency time deposits, exchange fees and limit order commissions for foreign currency transactions. Preferential rates are applied in three levels, according to the closing foreign currency deposit balance (translated into yen) every month-end and are applied on the second following month. Definition of the three levels and preferential rates for each level are described below. Preferential interest rates and commissions are one way in which Sony Bank works to make foreign currency deposits attractive to its customers.
By taking advantage of characteristics of the Internet, Sony Bank's foreign currency deposits allow transactions essentially 24 hours a day, 365 days a year, and use interest rates and foreign exchange rates that are closely linked with market rates. For example, accountholders can trade funds using U.S. dollars instead of yen to trade directly into other currencies and place limit orders on foreign currency deposit transactions. Sony Bank will continue providing services to meet each customer's asset management needs.
Summary of the Preferential System on Foreign Currency Deposits
| Levels | Preferential Rates |
|---|---|
| Conditions (Balance of foreign currency deposits) |
Interest rates on foreign currency time deposits |
| Annual interest rate | |
| [Level 1] ¥1 million or more and less than ¥3 million |
0.05% |
| [Level 2] ¥3 million or more and less than ¥5 million |
0.10% |
| [Level 3] ¥5 million or more |
0.15% |
*Interest rates shown here are in addition to the bank's standard interest rates.
**Interest rates on foreign currencies indicated in the chart apply to all foreign currency deposits and for all periods.
| Levels | Preferential Rates | |
|---|---|---|
| Conditions (Balance of foreign currency deposits) |
Exchange fees | |
| U.S. dollar, euro, pound sterling, Australian dollar, New Zealand dollar, Canadian dollar, Swiss franc |
Hong Kong dollar | |
| [Level 1] ¥1 million or more and less than ¥3 million |
0.05 yen | 0.01 yen |
| [Level 2] ¥3 million or more and less than ¥5 million |
0.10 yen | 0.02 yen |
| [Level 3] ¥5 million or more |
0.15 yen | 0.03 yen |
*Exchange fees amounts indicate reductions to the bank's standard fees.
**Exchange fees indicated in the chart are for yen transactions.
| Levels | Preferential Rates | |
|---|---|---|
| Conditions (Balance of foreign currency deposits) |
Limit order commissions | |
| U.S. dollar, euro, pound sterling, Australian dollar, New Zealand dollar, Canadian dollar, Swiss franc |
Hong Kong dollar | |
| [Level 1] ¥1 million or more and less than ¥3 million |
0.02 yen | — |
| [Level 2] ¥3 million or more and less than ¥5 million |
0.04 yen | — |
| [Level 3] ¥5 million or more |
0.05 yen | 0.01 yen |
*Limit order commission amounts indicate reductions to the bank's standard commissions.
Note: This is an English-language summary of a Japanese announcement made by Sony Bank on June 14, 2007. The summary was prepared by Sony Financial Holdings Inc. solely for the convenience of non-Japanese readers.
