The price of high-interest time deposits such as seafood fluctuates daily. ICBC (Asia), Ping An OneConnect Bank and Public Bank have successively removed the 4% high interest rate. Currently, there is only one bank with a Hong Kong dollar long-term interest rate of 4%. Banks are scrambling for short-term funds. For example, the latest CCB Asia has added 3 to 4 months of USD deposit interest, which is higher than the 12-month deposit period; Fubon Bank earlier increased the 1 to 2 month USD deposit interest to Up to 4.65 per cent.
Hong Kong dollar long-term interest rate is only 4%
Banks grab short-term funds
The bank’s short-term increase and long-term reduction have a higher annual interest rate than the short-term deposit period
The end of the quarter is approaching, coupled with bank accidents in Europe and the United States, risk aversion is high, but at the same time, the market believes that the event may slow down the rate hike by the Fed. Therefore, banks also adopt the strategy of short-term deposits and long-term deposits. Many banks even have higher interest rates for short-term deposits than for long-term deposits.
For example, currently the only Dah Sing Bank that still has a 4% Hong Kong dollar long-term interest rate, the 6-month Hong Kong dollar fixed-term rate is up to 4%, while other deposit periods have been reduced to below 4%. In other words, the highest interest rate is 6-month deposit period.
In fact, CNCBI also raised the 3-month Hong Kong dollar deposit interest rate to 3.6% earlier, while the 12-month deposit period was reduced to 3.5%, which is also a relatively high short-term interest rate.
Nanyang Commercial Bank’s monthly dividend offer expired last week and has not been extended. Instead, the bank launched a flash discount for short-term deposits. The interest rate for Hong Kong dollar deposits is 3.3% for 2 months and 2.9% for 1 month. As for the U.S. dollar, the strategy of shortening, increasing and reducing is also adopted. The 12-month deposit period is reduced to 4.4%, while the 3-month deposit period is increased to 4.65%.
The Hong Kong dollar is still dominated by Dah Sing, and the US dollar still has a 5% discount
At present, Dah Sing Bank still has the upper hand in terms of Hong Kong dollar time deposits. There are also 4% options for different deposit periods, which is the highest in the city. However, the threshold is not low. It requires 1 million new funds and must be a designated customer.
The maximum deposit period of 3 months is still the welcome discount of Ping An OneConnect Bank, which is as high as 6%, but it is only limited to the first 88,000 yuan of funds.
In terms of US dollars, there are currently 5% discounts, including Fubon Bank’s 3-month and 6-month deposit terms, and Bank of Communications Hong Kong’s 3-month 5% discount, both of which require new funds. The 12-month deposit period has no 5% discount, the highest is 4.8%.
Existing funds also have high interest rates
There is no shortage of high-interest options for existing funds
The above-mentioned high-interest discounts such as Dah Sing Bank and Fubon Bank all require new funds. If you don’t want to move money if you find it troublesome, you can also choose to approach 4% of your existing funds. In terms of 12-month deposit period, Chiyu Bank currently has a high interest rate of 3.85% for existing funds; for 6 months, Bank of Communications Hong Kong offers 3.75%, and only 20,000 yuan can be deposited; Fubon also provides existing funds discounts, 3 , 6 and 12 months deposit period have 3.5%.
Date this article was last updated: March 21, 2023
Written by: Liao Yiran
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