Fivot Co., Ltd. releases a survey on interest rates on bank deposits
*View in browser* *Fivot Co., Ltd.*
Press release: May 13, 2024
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Fivot Co., Ltd. releases a survey on interest rates on bank deposits * ・65% of people are aware of the increase in interest rates on bank deposits* * ・Considering switching from your usual bank with a deposit interest rate of 1%*
* ・Index investing is the second most popular after stocks other than bank deposits*
Fivot Co., Ltd., a fintech company aiming to become a challenger bank (Headquarters: Minato-ku, Tokyo, Representative Director)
Takugo Abe (Takugo Abe) conducted a survey on interest rates on bank deposits among working people in their 20s to 60s.
* Summary of survey results *
* ・Approximately 65% of respondents are aware that interest rates on bank deposits have increased*
* ・Approximately half of respondents find the increase in interest rates on bank deposits attractive*
* ・Approximately half of respondents would consider switching from their usual bank if the interest rate on bank deposits was higher* * ・The deposit interest rate for those considering switching from the bank they usually use is “1%” *
* ・On the other hand, the number one thing to consider when
considering switching banks is “fees” *
* ・Top 3 asset management other than bank deposits are stock investment, index investment, and bond investment*
* Research background *
On March 19, 2024, the Bank of Japan lifted negative interest rates (-0.1%) and decided to raise interest rates for the first time in 17 years, and after that, banks began to raise deposit interest rates from 0.001% to 0.020%. . Some banks have raised interest rates on fixed deposits to 0.40%. With asset management such as the new NISA attracting attention in 2024, we investigated how bank deposits and time deposits are viewed by consumers in response to new developments regarding interest rates.
* Research overview *
・Survey period: April 26, 2024
・Survey target: Employed people aged 20 and over across Japan ・Research method: Internet research
・Number of respondents: 500 people
・Implementing entity: Fivot Co., Ltd.
* Survey results details *
* Approximately 65% of respondents are aware that interest rates on bank deposits have increased*
*About half of respondents find higher interest rates on bank deposits attractive*
Of the 500 respondents, regarding the increase in interest rates on bank deposits,
323 people know about it, which shows that it has a certain level of recognition.
For bank deposits where interest rates have increased, half of I find the above attractive, especially the high interest rates. Interest in fixed deposits was shown to be high.
* Approximately half of respondents would consider switching from their regular bank if the interest rate on bank deposits was higher* *The deposit interest rate for those considering switching from their usual bank is 1%*
*On the other hand, the number one thing to consider when considering switching banks is “fees”*
We asked people to what extent high interest rates encourage them to take the effort-intensive action of switching banks. More than half of the respondents would consider switching banks if the interest rates were high, and in fact they needed an interest rate of 1% (median value) to switch, with 86.6% of them saying less than 1%. On the other hand, when considering switching banks, “fees” were ranked number one by a large margin.
*The top three asset investments other than bank deposits are stock investment, index investment, and bond investment*
Regarding asset management other than bank deposits, stock investment, index investment, and bond investment were the top three.
* About the target savings app “IDARE” where you can get a 2% annual bonus* IDARE ( https://idare.jp/
) is a goal savings app that automatically saves money based on your goals and objectives, and you can earn a 2% annual bonus based on your saved balance.
IDARE celebrated its third anniversary on April 27, 2024. It is supported by many users, and the total target amount set by users has reached 15,785,470,000 yen (as of March 2024).
*About Fivot Co., Ltd.*
Fivot Co., Ltd. is a fintech company that was founded in 2019 with the mission of creating a new money flow in a new industrial structure and aims to become a challenger bank. Corporate loan business “Flex” Through an ecosystem consisting of two businesses: “Capital” and “IDARE,” a goal savings app for individuals, we provide society with the liquidity needed and contribute to the creation of new value. Official website: https://fivot.co.jp/
Flex Capital: https://flex-capital.jp/
IDARE: https://idare.jp/
Reference information: “FIN/SUM2024” Impact Pitch Judges Special Award (March 2024)
“100 new stars from 2024 to be responsible for the next generation” Forbes JAPAN (December 2023)
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