▲ At the beginning of the Year of the Dragon, most banks still offer 4% annual interest rate options for Hong Kong dollar time deposits. This article takes stock of the high-interest rate options of the 20 largest banks, as well as details of 6% for 3 months and 20% for 1 month.
There is almost no hope of interest rate reduction in the first quarter, and the high interest rate environment will remain at least until the second half of the year. Time deposits are still the safest savings products. Although there has been a wave of interest rate cuts since the beginning of the year, at the beginning of the Year of the Dragon, two banks bucked the trend and raised interest rates. The three-month deposit period suddenly saw a flash high interest rate of 4.88%, with an upper limit of 500,000 yuan. Earn $6,100 quickly.
Details of CCB Asia 4.88% (please click on the picture)
New news on fixed deposits in the Year of the Dragon:
- China Construction Bank Asia launches a New Year promotion for new branch customers, with a high interest rate of 4.88% for a three-month deposit period.
- With the addition of Dah Sing Bank, the three-month deposit period increased from 4.3% to 4.5%, and the six-month deposit period increased to 4.2%.
- CNCBI’s 12-month deposit period fell below 4% to a maximum of 3.95%, the highest in the city.
- DBS Bank has reduced deposit interest rates, and its 3- and 4-month Hong Kong dollar time deposits are currently at 4.05%.
- Standard Chartered Bank’s general customers fell below 4%, in line with other note-issuing banks
- Bank of East Asia’s three-month deposit period has been reduced to a maximum of 4.4%, and its 12-month deposit period has remained at 4%.
- Nanyang Commercial Bank’s 12-month deposit period dropped to 3.95%, and its three-month deposit period also fell to 4.5%, currently at 4.45%.
- Virtual Bank also cut interest rates, with Ping An OneConnect’s 3- and 4-month deposit terms reduced to 4%, and Mox Bank’s new fund discount dropped to 3.9%.
The U.S. economic data is strong, the U.S. bond interest rate has fluctuated between 4.2% and 4.3%, and the probability of a rate cut in May has dropped to less than 40%. As the high interest rate environment continues, time deposits are still the ones that can bring the most stable returns. At the beginning of the Year of the Dragon, most banks still offer a 4% annual interest rate option for Hong Kong dollar time deposits.
- Taking stock of the 4% choices of the 20 major banks
4% Hong Kong dollar time deposit from major banksBank annual interest rate deposit period minimum deposit amount notes HSBC 4.5% 1 month 10,000 yuan exchange funds BOC Hong Kong 4.0% 1 month 50,000 yuan exchange funds Standard Chartered Hong Kong 10% 7 days 10,000 yuan exchange funds Hang Seng Bank 10.9% 7 days 10,000 yuan exchange funds
Most of the quotations of the four major banks have fallen below 4%, and only the ultra-short deposit periods of 7 days, 14 days and 1 month are above 4%, and they require exchange funds.
4% Hong Kong dollar time deposit from major banksBank Annual Interest Rate Deposit Term Minimum Deposit Amount Remarks ICBC (Asia)6.0 centimetersUp to NT$100,000 in 3 months for new customer mobile opening 4.0% NT$50,000 in 6 months to open online/mobile banking Citibank NT$5.0% in 3 months NT$50,000 for new private client business account NT$4.04% in 1 month No minimum minimum Deposit general customers can open online CCB Asia 4.88%, upper limit of NT$500,000 for 3 months, new branch customers of Bank of East Asia 4.4%, NT$100,000 for 3 months, new SupremeGold customers 4.3%, NT$2 million for 6 months, new SupremePlus private banking customers4.0 centimetersDBS Bank 4.15% in 12 months, NT$50,000 in 6 months, new funds 4.05% in 4 months, CMB Wing Lung 4.25% in 3 months/NT$5 million in 6 months, mobile banking opening4.0 centimeters12-month CNCBI 4.25% 3-month/6-month 100,000 yuan new CITICdiamond customer mobile phone funds
ICBC (Asia)’s high interest rate of 6% will be detailed later in this article.
There are two banks in the above table that still have a 12-month deposit term of 4%, but they are all high minimum deposits/new customers/high-end financial customers, and the thresholds are not low.
4% Hong Kong dollar time deposit from major banksBank Annual Interest Rate Deposit Period Minimum Deposit Amount Remarks Fubon Bank 4.4% for 3 months NT$500,000 Mobile New Fund 4.0% for 6 months Overseas Chinese Bank4.6 centimeters6 months 1 million new financial customers new funds 4.5% 3 months 100,000 new financial customers Dah Sing Bank 4.5% 3 months 100,000 new VIP bank customers 4.2% 6 months Nanyang Commercial Bank 4.45% 3 Monthly new funds of 1 million yuan for selected financial management customers 4.3% in 6 months Bank of Communications Hong Kong 4.4% for 3 months New funds for 1 million yuan of financial customers 4.2% for 6 months New funds of 20,000 yuan opened through electronic channels Chong Hing Bank 4.4% for 3 months 500,000 yuan electronic channel to open Public Bank 4.1% 3 months / 6 months 500,000 yuan new mobile phone funds
Oversea-Chinese Banking Corporation has the highest interest rate currently for a 6-month deposit period, but it requires new financial management customers, and the minimum deposit is NT$1 million.
If you have a principal of NT$500,000, you can consider Fubon, Chong Hing or Dah Sing Bank. All three have a maximum of 4.4%.
4% Hong Kong dollar time deposit from major banksBank Annual Interest Rate Deposit Term Minimum Deposit Amount Remarks Zhongan Bank20 centimetersA certain demand deposit of up to NT$200,000 per month is required. Fulong Bank 4.1% for 3 months/6 months. No minimum deposit amount. Existing funds: NT$4.1% for 3 months/4 months. Existing funds: NT$1,000. Li Bank 4.1% for 7 months and NT$10 for existing funds. Ping An OneConnect 4.0% for 3 months and 4 months for NT$100 and existing funds.
Virtual banks are accustomed to using high-interest deposits as a means to attract customers. Currently, most virtual banks still have 4% options.
Zhongan Bank’s 1-month interest rate of 20% is the current “high interest rate king”. The required conditions will be detailed below.
Looking back at the current highest Hong Kong dollar time deposits in the city, excluding ultra-short-term deposits of 1 month or less, and 3 months or more, the highest annual interest rate is 6%.
6% Hong Kong dollar fixed deposit
If the United States does not cut interest rates, ICBC (Asia) will adopt two measures to attract new customers. The lower threshold is 3 months.6 centimetersHigh interest rates.
- ICBC (Asia) personal new customers
- Open via mobile banking “e-time deposit”
- The first NT$100,000 of 3-month time deposit has an annual interest rate of 6%
- Each time deposit must be NT$1,000 or above
- Deposit 100,000 yuan and earn 1,500 yuan quickly in 3 months
- The promotion period is until February 29th
Details of ICBC (Asia) 6% (please click on the picture)
800,000 yuan, 4.7% quick profit of $9,400
ICBC (Asia) also hasNew customer branch new fundsThe discount was 4.8% last month and slightly reduced to 4.7% in February, but you can still earn $9,400 quickly in 3 months.
- ICBC (Asia)’s new wealth management plan/e-era of financial management/comprehensive customers
- Branch new funds ranging from RMB 100,000 to RMB 800,000
- 3-month deposit period, annual interest rate 4.7%
- Deposit starting from NT$800,000 and earn $9,400 quickly
- The promotion period is until February 29th
Details of ICBC (Asia) 4.7% (please click on the picture)
20% is the highest in the city in one month
20% from Zhongan BankIt is currently the highest in the citytime depositDiscount, but the conditions are not easy:
- Need to register in APP first
- Need to maintain at least NT$1 million in eligible current new funds
- Eligible new funds refer to the increase in the total Hong Kong dollar current savings account balance at the end of each day compared to its end-of-day balance on December 27, 2023
- New fund balance needs to be maintained for 58 days
If the above conditions are met, the user can get a 1-month Hong Kong dollar fixed deposit interest rate coupon of 19.9%, which together with the basic interest rate is 20%.
- Please note that the interest rate coupon is only applicable to time deposits of up to NT$200,000.
- Based on the calculation of 200,000 yuan and 20%, you can quickly earn about $3,300 in interest in one month.
The last update date of this article: February 19, 2024
Editor in charge: Liao Yiran
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2024-02-19 16:10:37
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