A realistic story about canceling two fixed-amount savings accounts with a 0.01% interest rate, 45 days and 1 year and 4 months before maturity

On a certain day in October 2026, I went to the post office to buy government bonds for individuals.

While I was there, I had my passbook, which I hadn’t been using much, replaced with a new one.

Then, I discovered two fixed-amount savings accounts!
Well, of course I remembered they existed, but I had completely forgotten both the maturity dates and the interest rates.

The interest rate was 0.01%

“That’s way too low!!” For some reason, I spoke in Kansai dialect. (I live in the Kanto region)

Regarding these fixed-amount savings accounts,

I will also write at the end how much of a difference there was between the two accounts combined in the cases above.

The hesitation of “it’s only a little longer”

The maturity date for the first account is December 7th.
Only about a month and a half left.

Even though it’s just before maturity, is it really more profitable to wait until maturity?
I suddenly thought, and decided to try calculating it.

The result of the calculation was this.

• The interest rate for Japan Post Bank’s ordinary savings at that time was 0.4%. 40 times 0.01%

• It is scheduled to become 0.5% from November 9th, which is, believe it or not, 50 times the fixed-amount savings rate

• The interest changes from the day you cancel and move it to ordinary savings

In my case, it is about 4.76 million yen for the two accounts, so it makes a difference of about 50 yen per day (before tax).

The maturity date for the second account is February 15, 2028. It is still 1 year and 4 months away.

I couldn’t find a reason to hesitate.

Is there any loss in canceling?

Fixed-amount savings can be canceled at any time after 6 months have passed since the deposit.
There is no loss of principal.

For my accounts, which had been deposited for over 3 years, there was no decrease in the interest rate and no fees were charged.

The difference between fixed-term savings and fixed-amount savings (in brief)

• Fixed-amount savings: The interest rate at the time of deposit continues. Can be canceled at any time after 6 months.

• Fixed-term savings: If canceled before maturity, the interest rate decreases.

I will write a more detailed explanation on another occasion.

The money from the cancellation is currently sitting in my Japan Post Bank ordinary savings account.

From discovery to cancellation, it was over in a flash.

I originally went to the counter to purchase Japanese government bonds for individuals, so when I asked, “Can I see the amount of the government bonds in my passbook?”

I was told, “You cannot see it in the passbook, but you can see it on the Japan Post Bank app,” and it was recommended to me.

I wanted to check the government bonds for individuals, so I registered for the [Japan Post Bank Passbook] app a few days later.

While I was at it, I was able to see my fixed-amount savings when I opened the app.

Oh, I can even cancel fixed-amount savings on the app!

On the confirmation screen before pressing the cancel button, I could see the principal, interest, tax amount, and the amount to be received all at once.

I was able to press it after being satisfied with the numbers, so it was reassuring.

The time it took for each was, believe it or not…

No, seriously, getting 2,006 yen after depositing 2.56 million yen for about 10 years is just wrong!
(after tax)

I will show you the actual numbers exactly as they are.

Account 1 (deposited in December 2016)

Account 2 (deposited in February 2018)

After depositing for about 10 years and about 8 years and 8 months respectively, the total interest for both accounts was 3,526 yen (after tax).

Even though I had a significant amount deposited, it didn’t even cover the cost of a single cup of coffee per month.

My honest feelings

I do think I should have realized this sooner.

But I am glad that I was able to cancel it right there on the day I registered for the app.

I am sharing this because there are likely still many people who haven’t opened their old passbooks in a while.

It might be meddlesome, but

if your passbook shows a low interest rate like “0.01%,” please just take a look at the product name tonight.

After that, compare your interest rate with current rates, do some research, and choose the option you are satisfied with.

This is not necessarily profitable for everyone. It is just a story about what happened in my case.

I plan to write about the purchase procedure for the individual government bonds that triggered this on note eventually.

So, how much of a difference did it make?

The calculations were difficult, so the following are rough estimates before tax.

• Until November 8 (0.4%)

• From November 9 (0.5%)

are used for the calculations.

Account 1 (Maturity date: December 7, 2026)

I compared the 45 days from October 23 to December 7.

• If left until maturity: 44 yen

• If canceled and moved to a regular savings account: approximately 1,460 yen

• Difference: approximately 1,416 yen

Account 2 (Maturity date: February 15, 2028)

I compared the 480 days until maturity.

• If left until maturity: 294 yen

• If canceled and moved to a regular savings account: approximately 14,370 yen

• Difference: approximately 14,080 yen

Note

• These are rough estimates before tax

• This calculation assumes that the interest rate for ordinary savings continues at 0.5% (interest rates are subject to change).

• Since this is a simple daily pro-rata calculation, it may differ from the actual interest.

• Interest rates and conditions at the time of cancellation vary depending on the type of product and the time of deposit.

Please check the official website for the latest interest rates.

Please feel free to check out my other articles as well.

[Postscript] After I canceled, a maturity notice arrived.

Everything from here on is a bonus. You don’t have to read it.

Just as I finished writing this article, a letter arrived from the post office.

[Notice regarding maturity, etc. for fixed-amount/time deposits]

……I had already canceled the first account.

Was it just a time lag?

Since it arrived, I decided to look at the numbers in the letter.

• Interest if held until maturity: 2,040 yen (after tax)

• Interest I received upon cancellation: 2,006 yen (after tax)

The difference is 34 yen.

The 44 yen I calculated in the article was the pre-tax amount, so the calculation was almost correct.

Finally, I will also show you the letter that actually arrived.