In the second half of March, although the US Federal Reserve recently stated that it will not cut interest rates this year, but at the same time, the dot plot shows that the rate hike is coming to an end, and it is most likely to be completed after one more rate hike.
There are many high-interest time deposit discounts that expire at the end of this month, including 10.9% for Hang Seng, 10% for DBS, 6.8% for East Asia, 6% for Ping An OneConnect, and 4.8% for Bank of China Hong Kong. What are the conditions? The details are listed below:
High interest offer due at the end of March
There are many conditions for 10% high interest rate, and the maximum long-term interest rate is 3.95%
As can be seen from the picture above, the 10% high interest rate that is about to expire has various restrictions. For example, for new customers or designated wealth management customers, the deposit period is at most 3 months, and some even only 1 week or 1 month. There is a limit on the deposit amount, which cannot exceed a certain amount, and the actual amount of interest earned in disguise is limited.
If it is a general discount with a longer deposit period, East Asia’s 3.95% and Nanshang’s 3.9% both have a 12-month deposit period, and both expire at the end of this month for the time being. for new customers. Others such as ICBC, Standard Chartered and CNCBI have a 3.6% discount, covering different deposit periods, but all need to be new funds.
High-interest time deposits such as seafood prices fluctuate daily, ICBC (Asia), Ping An OneConnect Bank and Public Bank have successively withdrawn the 4% high interest rate. Banks are scrambling for short-term funds. For example, the latest CCB Asia has added 3 to 4 months of deposit interest in U.S. dollars, which is higher than the 12-month deposit period; Up to 4.65%:
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.
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%.
Choice of the highest interest rate for different deposit periods
There is still a 5% discount on US dollars
At present, in terms of Hong Kong dollar time deposits, Dah Sing Bank has been overtaken by other banks in several deposit periods after the reduction.
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-month deposit periods all have 3.5%, but the minimum deposit amount is not low, which is 1 million yuan.
Date this article was last updated: March 23, 2023
Written by: Liao Yiran
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