Tsumitate NISA launch
We talked briefly on the blog about the new tsumitate NISA accounts that will become available next year.
I got an email from Rakuten Securities last week telling me my new (2018-2023) NISA account application had successfully completed. The way the NISA system was set up was two five-year periods, so we are about to start the second one. At present the NISA system will end in 2023. I hope it will be extended or replaced with something similar or better.
The email also said that the Tsumitate NISA account option will start next year, and explained how to change to it.
Basically you log in, go to the NISA section, click on 'NISA・ジュニアーNISA申し込み/受付状態', then choose '口座の種類を変更申し込み'.
The process at Rakuten seems to involve a postal application, so might be worth doing sooner rather than later if you want to change to a tsumitate NISA.
Apparently once you change to a tsumitate NISA you have to use it for a year and won't be able to change back until the following year.
Rakuten Securities does not have a list of the products that will be available in the tsumitate NISA yet, but apparently these are the rules set by the government as to the kinds of funds that would be appropriate.
The idea is that only low-cost products will be offered in the tsumitate NISA, although the fee of up to 1.25% on ETFs doesn't seem particularly low cost to me!
It is nice to see that both foreign and domestic ETFs may be available in the new accounts alongside mutual funds.
So what do you think? Is anyone considering the new tsumitate NISA? I think I will stick to the regular one and continue aiming to max out my account, my wife's, and my granddaughter's junior NISA.