This website updates high-interest time deposit information daily. The interest rate increase in the United States will further slow down next year. Banks have recently concentrated on increasing the annual interest rates of short-term deposits, and some have even lowered the annual interest rates of long-term deposits. Some banks even cut interest rates across the board. Asia withdrew the 12-month 5.1% discount, and Public Bank also reduced deposit interest to a maximum of 4.7%.
Bank cutting rates across the board
CCB Asia has withdrawn the discount of 5.1% for 12 months, and the discount of 5% for 3 months is still maintained, but only for new customers to become “VIP Jinyu” customers.
Today, some public banks have also reduced deposit interest rates, with adjustments ranging from 1 month to 12 months. The highest annual interest rate for Hong Kong dollar fixed deposits is now 4.7%.
Dah Sing Bank reduced the 12-month, 9-month and 6-month deposit periods from 5.1% to 5% before the interest rate meeting.
Before discussing the interest rate, NCB also reduced deposit interest in an all-round way. It was originally the highest in the city from 5.4% to 5.3%, and that of general customers was reduced from 5% to 4.9%.
Chong Hing also lowered the annual interest rate for low deposits, which was recently reduced to less than 5%, while the maximum deposit of 500,000 yuan or more was maintained at 5.05%.
The battle for virtual silver deposits has also cooled down recently, and livibank has also cut interest rates across the board in recent days. The current maximum is 4.2%, and the rest of the deposit period is reduced to below 4%.
Fixed deposit 5% annual interest has peaked?
At present, the highest Hong Kong dollar time deposit is 5.3% (excluding ultra-short-term deposits). Fubon Bank, which has always been the first to break through in the past, has remained on hold since early November, maintaining the highest annual interest rate of 5.1%. In terms of large banks, except for HSBC which raised deposit interest two weeks ago, the other two note-issuing banks have remained unchanged this month.
Has the 5% annual interest rate peaked? Some analysts pointed out that the HIBOR may have almost reached its peak, and it will remain at the peak in the next few months, and it may fall back in the first half of next year. The interest rate is one of many factors that affect the annual interest rate of time deposits.
Lin Junhong, Head of Research Department, Shanghai Commercial BankSaid that “5% fixed deposit is almost (peaked)”, he pointed out that the Hong Kong interest rate will fall following the Chinese New Year next year, and then the United States may raise interest rates twice, so the Hong Kong interest rate will still follow the U.S. interest rate rise, but if Not surprisingly, it will start to fall a month or two weeks before the last rate hike in the United States.
The one-month Hibor (Hong Kong Interbank Offered Rate) once broke through 5% earlier, and recently fell back to regarding 4.7%. Lin Junhong pointed out that it will peak at a maximum of 5.3-5.5% next year.
However, in addition to Hibor, the bank’s fixed deposit annual interest rate still depends on many other factors, including the bank’s other capital costs, operating strategies, and so on.
Bank concentration increases short-term deposit interest
“Short plus long minus”: PAOB, Bank of Communications, Citigroup
Banks are reducing long-term interest rates and increasing short-term interest rates. For example, PAOB cut the 9-month deposit period to 1.5%, and slightly increased the 3-month deposit period to 4.4%;
Bank of Communications Hong Kong is “short plus long minus”, the 12-month annual interest rate has been reduced to a maximum of 4.7%, the 6-month deposit period was originally increased to 5% yesterday, and today it was reduced to 4.85%. The 3-month deposit period is increased to a maximum of 4.9%.
Citigroup has significantly increased the 3-month fixed annual interest rate of Hong Kong dollars and US dollars. This special offer for new customers of Citigroup’s private client business / Citigold account, the annual interest rates of 3-month deposits, US dollars and Hong Kong dollars have been increased to 5.28% and 4.88% respectively. At the same time, the annual interest rate of its 12-month and 6-month deposit periods is lower than that of its peers.
Concentrate on adding short-term interest rates: HSBC, CNCB, OCBC Wing Hang, BEA
Some banks concentrated on raising short-term interest rates, such as CNCBI, which raised the three-month fixed annual interest rate of Hong Kong dollars to 4.6% following the interest rate meeting in the United States today. And 12 months and 6 months are on hold.
OCBC Wing Hang also only increased the deposit period for 3 months earlier, up to a maximum of 5%. The annual interest rates for 12-month and 6-month deposit terms remain unchanged.
Earlier, the Bank of East Asia also only increased the deposit period of 6 months to a maximum of 4.8%, and the other deposit periods remained unchanged.
In fact, last week, HSBC also increased the 3-month deposit period to a maximum of 4.6%, higher than the 4.3% for 6-month and 12-month deposits, and rarely did not increase the 12-month deposit period. After HSBC increased deposit interest rates for one week and one month at the beginning of last week, the local big bank seems to be holding a wait-and-see attitude towards the long-term interest rate environment, and instead concentrates on short-term funds.
A spokesman for HSBC pointed out that the adjustment of deposit interest is taking into account changes in interest rates and market conditions, and the bank will closely monitor market conditions and adjust interest rates in a timely manner.
bank raising rates across the board
There are also individual banks that raised interest rates across the board. For example, ICBC (Asia) rushed to the 5% level this week. The bank’s Hong Kong dollar time deposit offers two discounts. The first one is that the annual interest rate increases in stages, and the last 60 days will have an annual interest rate of 6.1%. Another discount is 5% annual interest rate for 12 months, but the initial deposit amount reaches 10 million yuan, which can be described as the highest initial deposit threshold in the city.
ZhongAn distributes interest rate hike coupons. The existing basic interest rate together with interest rate coupons can reach up to 5% annual interest rate. There are interest rate coupons for 12-month, 6-month and 3-month deposit periods.
DBS is increased to a maximum of 4.7%, the deposit period is 12 months, and the 6-month and 3-month deposit periods are also raised to 4.7% and 4% respectively.
Written by: Liao Yiran
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