The stock market has experienced fluctuations recently, leading investors to seek low-risk investment options. In response to this, more than 10 banks have increased the interest rates on their time deposits, making them an attractive choice for investors. With the return of time deposits to the 4% level, it is now considered safe to transfer funds to these accounts.
In a recent article, it was highlighted that the deposit threshold for major banks is 500,000 yuan, with a minimum deposit period of 3 months. The maximum interest rate offered by these banks is 4.4%. The article also included two charts, one for new funds and another for existing funds, both of which showed a high interest rate of 4%.
Existing funds have seen a significant increase in interest rates, with China Merchants Wing Lung offering a rate of 4.2% for 3 and 6 months, and 4% for a 12-month deposit period. Public Bank has also raised its interest rates, offering 4.1% for 3, 6, and 12 months. Chong Hing Bank, which previously only offered a 4% discount for new customers, has also increased its interest rates for existing customers. They now offer a 4.2% interest rate for a 3-month deposit period.
For new funds, OCBC Wing Hang offers the highest long-term interest rate of 4.38%. However, this rate is only applicable for a deposit period of 388 days. ICBC (Asia) offers a 4.2% interest rate for a 3-month deposit period, while Standard Chartered provides a 4.4% interest rate for 3 and 6 months. HSBC and BOCHK also offer high-interest discounts for selected customers, with rates up to 5%.
It is important to note that these interest rates are subject to change and may vary depending on the bank and the type of customer. Therefore, it is advisable to check with the respective banks for the most up-to-date information.
Overall, with the current interest rates on time deposits, investors have the opportunity to earn significant returns on their funds. However, it is crucial to carefully consider the terms and conditions of each bank before making any investment decisions.
Date this article was last updated: June 23, 2023
Written by: Liao Yiran
Which banks are offering the highest interest rates for new funds and existing funds
Investors rejoice! As the stock market experiences ups and downs, it’s no wonder that many are seeking safer investment options. And guess what? Over 10 banks have heard the call and increased the interest rates on their time deposits, making them the hot new choice for cautious investors. With interest rates hitting the 4% mark, it’s time to move your funds and watch them grow in these secure accounts.
According to a recent report, major banks have set a deposit threshold of 500,000 yuan, with a minimum deposit period of 3 months. And the best part? The maximum interest rate offered by these banks is a competitive 4.4%. Talk about putting your money to work!
The article also shared two eye-catching charts—one for new funds and one for existing funds. Both charts proudly displayed the enticing interest rate of 4% that investors can enjoy.
Existing funds are in for a treat too! China Merchants Wing Lung is now offering a juicy rate of 4.2% for deposits of 3 to 6 months and an equally satisfying 4% for a 12-month period. Public Bank has joined the party too, increasing their interest rates to an enticing 4.1% for 3, 6, and 12 months. And let’s not forget about Chong Hing Bank, which is now spoiling existing customers with a 4.2% interest rate for a 3-month deposit.
If you’re bringing in new funds, you’re in for a treat! OCBC Wing Hang is leading the pack with an impressive long-term interest rate of 4.38%. Although, do note that this rate is only applicable for a deposit period of 388 days. ICBC (Asia) is offering a competitive 4.2% for a 3-month deposit, while Standard Chartered is providing a tempting 4.4% rate for 3 and 6 months. And lo and behold, HSBC and BOCHK are going above and beyond by offering exclusive high-interest discounts for selected customers, with rates reaching an astonishing 5%.
But remember, dear investors, it’s wise to keep in mind that these interest rates are subject to change. So make sure to double-check with your chosen bank for the most up-to-date information before diving in headfirst.
In conclusion, the current interest rates on time deposits are making waves in the investment world, giving investors the chance to earn substantial returns. Yet, as always, it’s crucial to carefully review the terms and conditions of each bank before making any investment decisions.
Now you’re armed with the latest updates, go forth and make your money work for you!
Date this article was last updated: June 23, 2023
Written by: Liao Yiran
“These high-interest deposit options in Hong Kong offer a lucrative opportunity for individuals with 500,000 yuan or more. It’s essential to consider these options to maximize returns and make the most of your savings in today’s competitive financial landscape.”