![[Hong Kong Dollar Time Deposit]Earn up to 4.08% interest for 12 months or more at $44,200, the two banks return to 4% (updated on February 24) – Hong Kong Economic Times – Financial Management – Interest Earning Strategy](https://i0.wp.com/static04.hket.com/res/v3/image/content/3420000/3423132/OG202302242OGOGOG_1024.png?fit=%2C&ssl=1 "[Hong Kong Dollar Time Deposit]Earn up to 4.08% interest for 12 months or more at $44,200, the two banks return to 4% (updated on February 24) – Hong Kong Economic Times – Financial Management – Interest Earning Strategy")
High-interest fixed-term deposits may be approaching the “water end”. Recently, many banks have slightly raised the annual interest rates of time deposits. This is a good opportunity for everyone to take advantage of the opportunity to lock in long-term discounts.Looking at the deposit period of 12 months or more, the current maximum is 4.08%, earning interest throughout the period$44,200, still very attractive as a low-risk asset. The global market conditions are still turbulent this year. While everyone is betting on the stock market rebound, time deposits with a term of one year (or above) can be used for defense.
The long-term Hong Kong dollar fixed deposits of different banks and different deposit thresholds are listed below. Unless otherwise specified by NCB and CMB Wing Lung, all others have a deposit period of 12 months. Figure 1 shows the principal of less than 100,000 yuan, Figure 2 shows the principal of 100,000 to 200,000 yuan, Figure 3 shows the principal of 500,000 yuan to less than 1 million yuan, and Figure 4 shows the principal of 1 million yuan or more.
12 months or above Hong Kong dollar time deposit
4% in 12 months, the two banks return to 4%
CNCBI’s online new fund time deposit has always been a low-threshold choice for different deposit periods. Although its 12-month Hong Kong dollar time deposit has also been reduced from the peak of 4.8%, it was once reduced to 3.95%, but it returned to 4% this week. For every 10,000 yuan deposited, you can earn 400 yuan in interest, which is the highest interest rate in the current 12-month deposit period, and the threshold is only 10,000 yuan in new funds.
In addition to CNCB, there is also a new bank today to return to the 4% level. It is Dah Sing Bank, but it needs 1 million new funds, and it needs to designate an account and open it at a branch. Calculated in millions of yuan, the annual interest can reach as much as 40,000 yuan.
Two 3.95%
Some banks are close to 4%. For example, Bank of East Asia and Bank of Communications Hong Kong both have a maximum of 3.95%. Their minimum deposit amount is not high, both are 20,000 yuan. For Chong Hing Bank, the highest rate is 3.9%, and the initial deposit amount is 500,000 yuan. Regardless of new or old funds, there is no specific customer requirement, but it needs to be opened online.
Citibank has also quietly come from behind, the latest 12-month deposit period is 3.85%, and there is no minimum deposit amount. This week, Public Bank and OCBC Wing Hang both reduced to 3.8%, the same as DBS.
Up to 4.08% for more than 1 year, monthly dividend of $3400
There are not many options for maturities of more than one year. For now, only Nanyang Commercial Bank and China Merchants Wing Lung offer them. Among them, Nanyang Commercial Bank’s interest rate is as high as 4.08%, and the deposit period is 13 months. Calculated, it is equivalent to a monthly distribution of about 3,400 yuan, and the total interest received in the whole period is more than 44,000 yuan. Its selected customers must be NCB Wealth Management / Salary Customers / Hong Kong Drifters / Doctors / Members of the Education Federation / Tsim Sha Tsui Branch Customers.
If it is not a selected customer, the initial deposit amount of all personal customers is 500,000 yuan, and the annual interest rate is 3.98%, and the interest rate is more than 43,000 yuan for 1 million yuan.
Date this article was last updated: February 24, 2023
Written by: Liao Yiran
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