High-interest current products have higher interest rates and are even more affordable than time deposits. The latest discounts for October have been released one after another. Hang Seng’s current discount has been increased to a maximum of 8%. The Hong Kong dollar portion has an interest rate increase in the first phase and maintains a high interest rate of 6.2% in the second phase. The annual interest rate of “Standard Chartered Marathon Deposit” continues to increase. In the third stage, it was as high as 6%, and the average was as high as 4.4% in about 4 months. CNCBI’s “Monopoly Deposit” raised interest rates again in October, with the average rate rising to more than 4% in about four months, and the highest in a single month was 7.28%. Rarely, existing customers also have the same annual interest rate.
Dah Sing Bank has recently launched the “Rising Interest Rate” deposit plan after “360 Easy to Pay”. The interest rate is gradually increased in 3 stages, up to 6.5%, with an average of more than 4.6% in 3 months, which is higher than the Standard Chartered Marathon Deposit. .
Bank current savings account promotion
In 2023, of course I want to use current savings deposits, because the interest rate is always higher than that of time deposits, the minimum deposit threshold is lower, and the current deposit is more flexible. If you have an emergency fund need, you can take the money at any time, although you will lose the extra interest. But it’s not the same as on a regular basis. If you withdraw money early, you may be fined for handling fees.
The Hang Seng Hong Kong dollar in a single month was 6.2%, and the two-month average was 4.35%.
Hang Seng’s high-interest current deposit offer is only available to selected customers. It will be extended again in October and has been launched for 7 consecutive months. The latest registration period is until the end of October. Deposit new funds of HK$50,000 or US$10,000, with a maximum of 8 in a single month. cents (USD), higher than last month’s 7.8%. The Hong Kong dollar portion increased from 2% to 2.5% in the first stage, and remained at 6.2% in the second stage, with an average of 4.35% in just two months.
If a customer who successfully registered last month has entered the “harvest period” this month, the interest will increase incrementally. The customer will first receive the basic annual interest rate, and will receive additional interest before the specified date.
Dah Sing Bank’s 3-month average of 6.5% exceeded 4.6%
Dah Sing Bank has two high-interest current plans. One is the newly launched “interest-increasing” plan for savings accounts. It has a 3-month preferential period and the interest rate increases month by month. In January next year, it will be as high as 6.5%, with an average of 3 months. More than 4.6%.
Another high-interest plan is the “360 Easy Payout” for checking accounts. The additional annual interest rate is valid until February 29 next year, and the additional annual interest rate can reach a maximum of more than 5%! Taking into account the basic savings annual interest rate of 0.875%, it is possible to lock in a high-interest current account of 6% by February next year.
However, it should be noted that these 6% are not easy to come by, because you need to have a designated financial account, choose a payout service, and carry out designated banking services, especially stock trading, in order to reach 6%, and there is a limit on the additional monthly interest that can be earned, which is 6,000 Yuan.
Standard Chartered’s single-month average is 6%, and the four-month average is 4.4%
“Standard Chartered Marathon” current deposit discount, the discount in October continues to have surprises, the Hong Kong dollar part continues to have a maximum of 6%, the first phase is increased from 2.5% to 3%, the second phase is increased from 5% to 5.5%, the third phase It remains at 6%, so overall, if you start in early October, the deposit period will be about 120 days, and the average annual interest rate will be 4.4%.
It should be noted that this is a method of increasing interest rates every month, but the last stage is 6%, and the average for the entire period is less than 6%.
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CCB’s single-month average is 6.5%, and the four-month average is 4%.
CCB Asia’s “Monthly Interest Increase” account currently has a registration period until October 12. The annual interest rates from the first to the fourth month are 2%, 3.5%, 4% and 6.5% respectively. The average of the four months is Interest rates were raised in September, returning to 4%.
DBS e$aver 4-month average 4.7%
The annual interest rate of DBS e$aver has been raised again recently. If there is NT$200,000 in new funds, the Hong Kong dollar portion will be 4.5%, and the interest rate for the cash account will be an additional 0.2%, which is a maximum of 4.7%; the U.S. dollar portion will be a maximum of 5%. The high interest rate period has been extended from last month. This time from early October to January 31 next year, that is, the average in four months has been as high as 4.7%.
This offer is limited to Fortune Financial Management customers with a higher threshold and must be newly opened or upgraded customers.
If you are an existing Fengsheng Financial Management or DBS Account selected customer, the new funds also start from 200,000 yuan, and the annual interest rate is as high as 4.5%, and the US dollar is as high as 5.2%.
CNCBI International’s monthly average is 7.28%, with a four-month average of 4.4%.
CNCBI’s “Monopoly Deposit” adopts a monthly interest rate increase method. After shrinking in September, the interest rate will be raised again in October, which is a surprise. Existing customers and new customers enjoy the same annual interest rate. The registration date is until the end of November. 2.7%, 5.25% in December, and 7.28% in January next year.
After adding the discount, start now and do it early, and the average annual interest rate will rise back to more than 4% in about 4 months.
[Hong Kong dollar interest rate hike]”Red Book” all charge an interest rate of 1.125%, and the discount is higher than the 5% bank bond
Additional 3.8% for new Chuangxing customers
Chong Hing’s Yuexiu Financial Management welcome bonus offers new customers an additional 3.8% annual interest rate on their first NT$200,000 in savings deposits. Since the basic annual interest rate has recently been increased to 0.875%, the total annual interest rate can reach 4.675%. Deposit 200,000 yuan and receive interest of 2,275 yuan in 3 months, and there is no need to lock in funds like a regular deposit.
However, it should be noted that if you open an account this month, the account must maintain a certain amount before the end of January next year, and the additional interest will be paid in the form of cash rewards on or before the end of May next year.
Higher interest rate and more flexible than time deposits
Although the above-mentioned current deposit offers have devilish details, the interest rate is higher than that of fixed-term deposits. On the other hand, fixed-term deposits lock up funds. If you open these current deposits and need to withdraw money for urgent matters in the future, you will not be able to take out the high interest rate at most. No handling fees will be charged.
The interest rate increases and the average interest rate must be lower than the promotional headline
Looking at the picture above, several banks that launch current savings account discounts partially adopt the method of increasing interest rates. For example, the title is 8%. In fact, it is only 8% in a certain period, not 8% in the entire period.
Deposited funds have a limited period and the account cannot be used for other purposes.
Although this type of account is more flexible than time deposits, it is less flexible than ordinary savings accounts because 1) the deposited funds have a limited period and cannot be deposited after a certain period; 2) the account may not be used for other purposes, such as monthly deposits from China Construction Bank If the interest rate increases monthly, it cannot be used for comprehensive financial management purposes.
If I withdraw money midway, can I still enjoy high interest rates?
Some banks are more “uniform”. If a customer withdraws money midway, only the remaining balance will enjoy a high annual interest rate. However, if the remaining amount is less than a certain amount, the bank may not be able to give high interest rates on the entire amount. Therefore, readers should remember to read the terms and conditions carefully when opening this type of account.
The last update date of this article: October 11, 2023
Written by: HKET Financial Management Team
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2023-10-12 07:44:14
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