Hey /r/JapanFinance, I’ve got myself into a bit of a pickle.
Last year I opened a SMBC Nikko account since I thought they linked with SMBC Bank smoothly, but I’ve since found out that SBI is probably better. I haven’t put any money or made any trades with SMBC Nikko, and I specifically told them when I opened the account not to open a NISA yet, since I wanted to wait for the 2024 system. However, it seems like they opened one anyways, and when I tried to open a NISA with SBI, the tax office declined it since I already have one with Nikko (This came as a surprise).
So I’m thinking I could cancel the entire account at SMBC Nikko, then reapply at SBI, since it seems smoother than doing the paperwork for the NISA transfer, does this work?
**On a related note:** I’m using SMBC Bank since I thought I could use the Olive credit card linkage to invest in SBI, but SMBC has denied my credit card application twice now for whatever reason. (I applied with 1 year in between applications even). Would it be more beneficial to opt in to the Rakuten Bank/Card + Rakuten Securities ecosystem instead, since I can’t get any benefits of SMBC + SBI anyway? I already have a Rakuten Bank and Card approved, and would just need to open a Rakuten Securities account.
by NipponPanda