After the long Easter holiday, U.S. bond interest rates have risen again, and the market estimates that the Fed will continue to raise interest rates in May. Compared with before the long holiday, the time deposit discounts offered by banks in Hong Kong have not changed much for the time being. At present, in terms of US dollars, regardless of old and new funds, there is a discount of up to 5%; while new funds in Hong Kong dollars are up to 3.8%, and existing funds are also 3.6%. See the chart below to see what conditions are required for these offers:
Consolidation of old and new funds (HKD)
Consolidation of old and new funds (USD)
Which two banks have 5%?
If it is new funds, Bank of Communications Hong Kong offers a discount of 5% on U.S. dollar fixed deposits for three months, but the condition is that designated wealth management customers need new funds of US$130,000, which is equivalent to one million Hong Kong dollars, and the threshold is not low.
However, Chong Hing Bank’s 3-month 5% fixed deposit is not limited to new and old funds, and there is no requirement for designated wealth management customers. The minimum deposit threshold is 10,000 US dollars, but it must be opened through electronic channels.
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In terms of U.S. dollar fixed deposits, regardless of new or old funds, there are plenty of options higher than 4%. Fubon’s new fund discount is also approaching 5%, which increased to 4.9% this week.
In terms of Hong Kong dollars, NCB’s 12-month 3.8% of new funds is the highest, requiring 1 million yuan of new funds from NCB’s wealth management customers. If it is an existing fund, Fubon has 3.6%, and there are 3, 6 and 12-month deposit periods, but it also requires a principal of 1 million yuan to open.
Banks are scrambling for short-term funds this week, and some of the discounts for shorter deposit periods can be longer and higher at any time. The following figure shows the options for the highest interest rate for different deposit periods:
Choice of the highest interest rate for different deposit periods
Date this article was last updated: April 11, 2023
Written by: Liao Yiran
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