The Rise of Internet Banks in Japan
When it comes to Japanese banks, the three megabanks—Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank—are renowned worldwide. While the advantages of using these megabanks for international transactions or company management are considerable, online banks have recently become more convenient, making them a better option for personal use.
The online bank I primarily use is a service called Matsui Bank. Although it is branded as Matsui Bank, it is actually operated by Sumishin SBI Net Bank and is treated as a Matsui branch.
The benefits of online banks are significant, and once you start using them, you won't want to use anything else. Most notably, their fees are generally lower. There are often no charges for a certain number of transfers, and ATM usage fees are also often waived for a certain number of transactions.
Additionally, they offer higher deposit interest rates. As far as I know, Matsui Bank currently offers the highest interest rate on regular deposits.
For an ordinary person managing their daily life, online banks are far more advantageous compared to traditional banks. Although conventional banks with physical branches do offer online services, they still can't compete with online banks. The trend of increasing online bank users is likely to continue.