High Interest Rate Rankings: Discounts and Deals for Fixed Deposits in Hong Kong

Discounts for Selected Customers of Major Banks

In a bid to attract more customers and increase their time deposit rates, HSBC, Bank of China Hong Kong, and Standard Chartered Bank have engaged in a rate increase war. HSBC is offering an annual interest rate of up to 5%, while Bank of China Hong Kong and Standard Chartered Bank have exceeded 4%. However, these rates are only available to selected customers or designated wealth management customers.

For HSBC, the annual interest rates for a 12-month, 6-month, and 3-month deposit are 4.91%, 4.97%, and 5.0% respectively, with an initial deposit of 500,000 yuan. Standard Chartered Bank offers an annual interest rate of 4.4% for a 6-month and 3-month deposit, with an initial deposit of 100,000 yuan. Bank of China Hong Kong provides an annual interest rate of 4.0% for a 12-month deposit and 4.1% for a 6-month and 3-month deposit, with an initial deposit of 10,000 yuan.

However, these rates are only applicable to selected customers. For non-selected customers, the rates offered by the three major banks are not as competitive. HSBC, for example, offers a 3.4% annual interest rate for a 6-month deposit and a 3.3% annual interest rate for a 3-month deposit, with an initial deposit of 10,000 yuan. Standard Chartered Bank and Bank of China Hong Kong both offer a 3.4% annual interest rate for a 6-month and 3-month deposit, with an initial deposit of 10,000 yuan.

If customers are not selected, they may find better fixed deposit rates at other banks. Several banks have recently increased their rates, with the lowest threshold being 4%. DBS, for example, offers a 4% annual interest rate for a 6-month deposit with a minimum deposit of 50,000 yuan. Chong Hing Bank offers a 4.4% annual interest rate for a 3-month deposit with a minimum deposit of 3 million yuan for large households, and a 4.2% annual interest rate for a 3-month deposit with a minimum deposit of 500,000 yuan for new customers. OCBC Wing Hang offers a 4.38% annual interest rate for a 388-day deposit with a minimum deposit of 200,000 yuan for Hongfu wealth management customers.

In total, there are nearly 20 banks offering rates in the “4% Club.” Fubon has the highest rate of 4.5% for a deposit period of 3 months or above, while OCBC Wing Hang offers a maximum rate of 4.38% for long-term deposits of 12 months or above.

It is important for customers to compare rates and terms before making a decision on where to deposit their money.funds) 1 million yuan

Conclusion

The three major note-issuing banks in Hong Kong, HSBC, Bank of China Hong Kong, and Standard Chartered Bank, have engaged in a time deposit rate increase war. HSBC offers up to 5% for selected customers, while Bank of China Hong Kong and Standard Chartered Bank offer rates exceeding 4%. However, these rates are only available to selected customers or designated wealth management customers. For non-selected customers, the rates offered by these banks are lower. Other banks, on the other hand, have been increasing their rates, with some offering rates as high as 4%. Fubon has the highest rate of 4.5% for a deposit period of 3 months or above. Overall, there are nearly 20 banks offering rates in the “4% Club.” Virtual banks have also entered the competition, with Ping An OneConnect offering a rate of 4.5% for a 14-day deposit period. Existing funds can also enjoy high interest rates, with Fubon and Chong Hing Bank offering rates of 4% and 4.2% respectively.Bank of Communications Hong Kong is offering a 4.1% annual interest rate for a 3-month deposit period. This rate is available for customers who deposit at least 1 million yuan.

Public Bank is also offering a 4% annual interest rate for deposit periods of 12 months, 6 months, and 3 months. The minimum deposit required is 500,000 yuan.

Nanyang Commercial Bank has a 4.08% annual interest rate for a 218-day deposit period. The minimum deposit required is 1 million yuan.

Chiyu Bank is offering a 4% annual interest rate for a 3-month deposit period. The minimum deposit required is 1 million yuan.

DBS Bank has a 4% annual interest rate for a 6-month deposit period. The minimum deposit required is 50,000 yuan.

Citigroup is offering a 4% annual interest rate for a 3-month deposit period. The minimum deposit required is 50,000 yuan.

Fubon Bank has recently launched a high interest rate of 4.5% for a 3-month deposit period. However, this rate is only available for customers who deposit at least 1 million yuan of new funds. Fubon has also increased the discount for new funds in mobile banking to a maximum of 4.1%, with a minimum deposit of 500,000 yuan.

Chong Hing Bank has added a 4.4% annual interest rate for a 3-month deposit period. This rate is specially designed for customers with 3 million yuan of new capital. The bank also offers a 4.2% rate for a 500,000 yuan deposit for new customers and a 4.05% rate for a minimum deposit of $5,000.

OCBC Wing Hang offers a 4.38% annual interest rate for a 388-day deposit period. This rate is available for Hongfu wealth management customers who deposit at least 200,000 yuan of new funds. The bank also offers 4% rates for deposit periods of 288 days and 238 days.

ICBC (Asia) has increased the discount for new customers to 4.2% for a 3-month deposit period. The deposit amount ranges from 100,000 to 800,000 yuan.

Bank of East Asia offers a 4.2% annual interest rate for a 3-month deposit period for new Supreme Excellence Private Wealth Management customers who deposit at least 2 million yuan. The bank also offers a 4% rate for a 6-month deposit period. For new Supreme Financial or SupremeGold customers, the minimum deposit required is 20,000 yuan or 500,000 yuan, and the interest rate for a 3-month deposit period is 4.15%.

CCB Asia offers a 4.3% annual interest rate for a 3-month deposit period for new/upgraded customers who open “VIP Jinyu” and “VIP Wealth Management” with 1 million yuan of new funds. For existing wealth management customers, the interest rate for a 3-month deposit period is 4.2% for a deposit of 1 million yuan.

Dah Sing Bank has increased the 3-month deposit period to a maximum of 4.3%. The bank requires a new fund of 1 million yuan in a designated high-end account. The initial deposit amount of 200,000 yuan also qualifies for a 4.2% interest rate.

China Merchants Wing Lung has increased the deposit period of 9 months, 6 months, and 3 months to a 4.2% annual interest rate. The minimum deposit required is 500,000 yuan. The bank also offers a 4.15% rate for a minimum deposit of 10,000 yuan.

Huili Bank has added a 4-month deposit period with a 4.2% annual interest rate. This makes it the first virtual bank to increase the long-term interest rate of 3 months or more to 4%.

Overall, there are nearly 20 banks offering interest rates in the “4% Club” range. Customers have a variety of options to choose from, depending on their deposit amount and preferred deposit period.

What are the minimum deposit requirements for time deposits at HSBC, Bank of China Hong Kong, Standard Chartered Bank, Fubon, DBS, Chong Hing Bank, and OCBC Wing Hang?

Are able to deposit a minimum of 200,000 yuan.

In conclusion, there are various banks in Hong Kong offering competitive interest rates for time deposits. While HSBC, Bank of China Hong Kong, and Standard Chartered Bank are engaged in a rate increase war for selected customers, other banks such as Fubon, DBS, Chong Hing Bank, and OCBC Wing Hang are also offering attractive rates to customers. It is important for individuals to compare rates and terms before deciding where to deposit their money.