High-interest demand deposit 6 Bank minimum 5% maximum 7.28% More flexible than time deposits What are the hidden details? (Add OCBC Wing Hang 6%) – Hong Kong Economic Times – Financial Management – Interest Rate Strategy

In recent months, everyone has been paying attention to time deposits. In fact, several banks have offered high-interest rate savings discounts, with the highest annual interest rate reaching 7.28%. CNCB updated the annual interest rate in the new month, which is higher than the previous month! DBS e$aver has 5.5% annual interest since December, depositing 5 million yuan, earning more than 2 months 40,000 yuan, and it is not locked up like a time deposit! Most of these current savings accounts adopt the method of increasing interest. How can they get high interest rates? Are there any devilish details? The following are disassembled one by one.

Bank Savings Account Promotion

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The interest rate is increasing, and the average interest rate must be lower than the promotional title

Looking at the picture above, among the several banks that offer current savings account discounts, three of them adopt the method of increasing interest rates. For example, CNCBI’s “Monopoly Deposit” has 2.8% and 3.08% respectively in the first two months of the Hong Kong dollar, which are higher than earlier The interest rate was raised before, and it reached 7.28% in the last month, so the average of several months is regarding 4.3%. Therefore, readers should not just look at the title of the promotion and think that there are 7.28% in the whole issue. Still, more than 4% is high for a flexible checking savings account. Standard Chartered’s “Marathon Current Deposit” and CCB Asia’s “Monthly Interest Rate Increase Savings Account” are also methods of increasing interest rates, with an average of regarding 4%.

Deposit funds have a limited period and the account cannot be used for other purposes

Although the flexibility of this type of account is higher than that of fixed deposits, it is lower than that of general savings accounts because 1) the funds deposited have a limited period and cannot be deposited following a certain period of time; 2) the account may not be used for other purposes, such as CCB’s monthly Monthly interest rate increase, it can not be used for comprehensive financial management purposes.

Can I still enjoy high interest rates if I withdraw money midway?

At present, the above-mentioned 4 banks are all considered as “all-true”. If a customer withdraws money midway, only the remaining amount can enjoy high annual interest rate. However, in the past, when some banks launched similar promotions, although withdrawals were allowed, it was specified that if the remaining balance was below a certain amount, the entire amount would not be able to enjoy the high annual interest rate. Therefore, when readers open this type of account, remember to read the terms and conditions clearly.

Interest is distributed as rewards, pay attention to the time of interest collection

The interest of current deposits is usually paid regularly every month, but the date of interest payment for this type of high-interest account may be different. Citigroup’s Citi Plus new customer’s extra 3% annual interest rate is one of the examples. Suppose you open an account this month , the additional 3% annual interest rate will not be issued until February 2023.

Ping An OneConnect Bank recently launched a 1.2% current deposit discount, which is also a “basic interest rate + additional interest rate” game. The distribution date of the additional interest rate is different from the basic interest rate. For details, see[The annual interest rate of current savings is 1.2%, and Ping An OneConnect is actually not a virtual bank. The highest rate is 3.6%.]One sentence.

Fixed deposit margins are good:

100,000 yuan for Hong Kong dollar regular 12 months 5% only for 6 months this week up to 5% 3 months 4.88% (updated on December 16)

500,000 yuan as a time deposit, at least 3 banks have 5% interest earning $25,000, 10 at least 4.8% (updated on December 16)

Inventory 3-month Hong Kong dollar regular up to 5.1% 3 banks have 5% this week 9 banks will raise interest rates (updated on December 15)

Inventory 6-month Hong Kong dollar regular maximum 5.2% low threshold 5% deposit 500,000 earning interest 12,500(Updated on December 15th)

[High interest rates regularly]Seize the tail of high interest rates to take stock of the 12-month Hong Kong dollar regular up to 5.3% next year or see the final chapter of interest rate hikes

How regarding a high-interest time deposit?A lazy bag

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