There have been bank accidents in Europe and the United States, but in Hong Kong, because the banking industry is highly regulated, there are strict capital requirements, and there is a deposit guarantee of 500,000 yuan, so there is no need to worry about depositing money in the bank. Time deposits have increased and decreased recently. When the stock market fluctuates, if you have 500,000 yuan on hand and want to make a time deposit, which one should you choose?
Previous article[Ifyouhave100000yuanwouldyouliketodoaregularjob?】Listthelow-thresholdoptionsofmajorbanksThedepositthresholdinthispaperis500,000 yuanwith a longer deposit period of 3 months or more, the maximum3.7%there are banks earning interest close to $18,500.
The following two simple charts allow readers to see more clearly. Since some banks adopt the strategy of “short-term plus long-term reduction”, there are 11 banks with short-term deposit annual interest rates and long-term deposit high interest rates. Instantly watch high-interest options:
Is it better to use 500,000 yuan as a fixed term?
“Short plus long minus” Which banks have higher short-term interest rates?
Although Federal Reserve Chairman Powell recently stated that he will not cut interest rates this year, at least the rate hike cycle will soon reach its peak. Moreover, many market participants estimate that the Federal Reserve will cut interest rates by the end of this year because of the serial accidents at SVB and Credit Suisse. Therefore, Hong Kong banks all adopt the strategy of “short-term increase, long-term reduction” for time deposits, which is more obvious in US dollar interest deposits, but this phenomenon also occurs in Hong Kong dollar interest deposits.
For example, Chiyu Bank, China Merchants Wing Lung and Bank of Communications Hong Kong all have the highest interest rate for a deposit period of 6 months, with a principal of 500,000 yuan. Chiyu’s annual interest rate is 3.55%. New funds are required and opened at the branch. For China Merchants Wing Lung and Bank of Communications Hong Kong, it is 3.5%, which needs to be opened through electronic channels, but there is no new capital requirement. In terms of a principal of 500,000 yuan, the interest earned in half a year is nearly 9,000 yuan.
Up to 3.7% earning $18,500
Fubon Bank increased deposit interest this week, and the 3, 6, and 12-month deposit periods all increased to a maximum of 3.7%, and the initial deposit was just 500,000 yuan in new funds. If you make a one-year fixed deposit, you can earn $18,500 in interest. For a short period of 3 months, Fubon’s 3.7% is the highest, with an interest rate of 4625 yuan.
In the same bank, the principal of 500,000 is higher than the interest of 100,000
The larger the principal, the higher the interest, which is the fixed deposit method of many banks. For example, livi bank has a minimum deposit of 200,000 yuan to have a higher annual interest discount, which is 3.4% for a 12-month deposit period; Dah Sing Bank’s fixed deposit discount is also 200,000 yuan; Starting from 10,000 yuan. However, if China Merchants Wing Lung has an initial deposit of 500,000 yuan, the maximum annual interest rate is 3.55% (6-month deposit period), which is slightly higher than 3.5% for less than 500,000 yuan.
Date this article was last updated: April 6, 2023
Written by: Liao Yiran
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