▲ There are still many demand deposits with annual interest rates as high as 5%. As the end of the month approaches, most of these discounts will expire soon, and there may be opportunities to reduce them again next month. It is time to continue playing during the high interest period.
Entering 2024, both time and demand deposits are facing a wave of interest rate cuts, but many demand deposits still have interest rates as high as 5% per year. Part of this type of demand deposit is “the interest rate increases month by month”, and part is “doing tasks to earn extra annual interest rate.” This article takes stock of the high-interest demand discounts of about 10 major banks.
- DBS e$aver has an annual interest rate of up to 5.5% for US dollars and 5% for Hong Kong dollars.
- ZA Bank launched the “Money Poppy” activity in the New Year and achieved 4% success in completing the tasks.
- Hang Seng Bank has launched another high-interest rate offer, with the Hong Kong dollar portion reaching a maximum of 4.38%.
Entering February, CNCBI’s “Monopoly Deposit”, Standard Chartered’s “Marathon Deposit” and CCB Asia’s “Monthly Interest Rate Increase” inevitably lowered their interest rates.
The following is the detailed gameplay of each bank:
Open an account and get 4%
Chong Hing Bank is one of the few banks that does not have much to do. As long as it is a new financial management customer, it will have an additional 3.8% annual interest rate. Together with the basic annual interest rate, the total is more than 4%. It is applicable to the first 3 months and the first 200,000 yuan deposit. .
▼Click on the image to enlarge
Complete tasks to earn additional annual interest rates
- Hang Seng Bank 4.38% mission: the amount has increased
Hang Seng Bank launched a current deposit discount of up to 8% per month last year, and it is making a comeback in 2024. Although the annual interest rate has been reduced to less than 5%, it is still rare among major banks.
Selected customers are tasked withMaintain specified qualifying growth amountthe customer needs to maintain the specified qualifying increase amount (at least HKD 50,000) in January or February, and the current annual interest rate will be 4.2%. If there is an increase in the amount in these two months, it will increase by 50,000 yuan in January. After that, if there is another increase of 50,000 yuan in February, it will increase by 0.18%, and the annual interest rate will reach 4.38%.
The US dollar portion has a higher interest rate. If the growth amount of US$10,000 is maintained for two months, the maximum annual interest rate on savings will be 4.98%.
- Dah Sing Bank 5.375% tasks: Grain account, stock trading, etc.
Dah Sing Bank has a “360 Easy Pay” current deposit offer for checking accounts. The additional annual interest rate is valid until June 30, and the additional annual interest rate can reach up to 4.5%! Taking into account the basic savings annual interest rate of 0.875%, it is possible to lock in a high-interest current account of 5.375% by June.
However, it should be noted that these 5% are not easy to come by, because you need to have a designated financial account, choose a payout service, and carry out designated banking services, especially stock trading, in order to reach 6%, and there is a limit on the additional monthly interest that can be obtained, which is 6,000 Yuan.
- DBS e$aver averages 5% tasks: new customers, paying accounts
The annual interest rate of DBS Bank’s e$aver will continue to be high in the new year. For new customers or customers upgraded to Full Financial Management, the Hong Kong dollar part of new funds of NT$200,000 will be 4.5%, and an additional 0.5% will be added to the salary account, that is, The maximum is 5%; the US dollar portion is basically 5%, and the grain account is 5.5%.
If you sign up for this promotion at Star Exhibition Center now, you can enjoy the high interest rate until the end of April, that is, up to 5% for 3 months.
The virtual bank ZA Bank also uses this method to attract customers, and its principal limit is 500,000 yuan. But you need to complete a series of tasks to enjoy high interest, and the tasks are different every month. For example, this month’s task is to use the bank account to pay bills, exchange foreign currency, consume, etc.
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Interest rate increases monthly
The “Standard Chartered Marathon” current deposit discount is based on a monthly increase in interest rates. The discount in February is adjusted downward, with the Hong Kong dollar part reduced to a maximum of 5.8%. The first and second phases are 3% and 3.3% respectively. The overall balance is even. In other words, with a deposit period of nearly 5 months, the average annual interest rate is approximately 3.6%.
CCB Asia has updated its “Monthly Interest Rate Increase” discount, which is temporarily extended to February 21.
After the update in the middle of last month, the interest rate of this discount was reduced to 2.5% in the first month, 3%, 3.5% and 5% in the second, third and fourth months respectively. For a total of 4 months, the annual interest rate was reduced from the previous The average is about 4.75%, which has dropped significantly to about 3.5%.
- CNCBI International’s single-month highest is 7.28%
CNCBI’s “Monopoly Deposit” adopts the method of increasing the interest rate every month, and then reduced the interest rate in February. From the registration date to the end of March, the interest rate was 2.3%, in April it was 4.1%, and in May it remained at 7.28%. The average annual interest rate for about 4 months is about 4%.
Higher interest rate and more flexible than time deposits
Although the above-mentioned current deposit offers have devilish details, the interest rate is higher than that of fixed-term deposits. On the other hand, fixed-term deposits lock up funds. If you open these current deposits and need to withdraw money for urgent matters in the future, you will not be able to take out the high interest rate at most. No handling fees will be charged.
The interest rate increases and the average interest rate must be lower than the promotional headline
Looking at the picture above, several banks that launch current savings account discounts partially adopt the method of increasing interest rates. For example, the title is 8%. In fact, it is only 8% in a certain period, not 8% in the entire period.
Deposited funds have a limited period and the account cannot be used for other purposes.
Although this type of account is more flexible than time deposits, it is less flexible than ordinary savings accounts because 1) the deposited funds have a limited period and cannot be deposited after a certain period; 2) the account may not be used for other purposes, such as monthly deposits from China Construction Bank If the interest rate increases monthly, it cannot be used for comprehensive financial management purposes.
If I withdraw money midway, can I still enjoy high interest rates?
Some banks are more “uniform”. If a customer withdraws money midway, only the remaining balance will enjoy a high annual interest rate. However, if the remaining amount is less than a certain amount, the bank may not be able to give high interest rates on the entire amount. Therefore, readers should remember to read the terms and conditions carefully when opening this type of account.
The last update date of this article: February 6, 2024
Editor in charge: Liao Yiran
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2024-02-06 15:22:15
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