2023-10-25 11:36:19
▲ The four major banks took turns to increase deposit interest rates. HSBC increased its short-term interest rates today. One-week Hong Kong dollar time deposits increased to 13%, and one-month interest rates increased to 9%, both of which are the highest in the city.
In the middle of this month (October 13), HSBC suddenly increased the annual interest rate for three-month Hong Kong dollar time deposits to a maximum of 4.5%, which influenced other note-issuing banks and even small and medium-sized banks to follow suit, causing the three-month deposit period to rise above 5%. HSBC made another move today (October 25), this time targeting ultra-short-term funds. The one-week deposit period was increased to a maximum of 13%, which is the highest in the city. General customers also have 12.8%. However, the offer only applies to exchange funds.
The high-interest Hong Kong dollar time deposits of the four major banks listed below all require new funds, and the deposit period of 1 week or 1 month requires exchange funds:
Prices quoted by large banks for general customers (Hong Kong dollar time deposit)Bank deposit starting from 12 months, 6 months, 3 months, 1 month and 1 week HSBC (Jade or Premier)/4.5 centimeters4.5 centimeters9 centimeters13 centimeters10,000 HSBC (HSBC One or other customers)/4.3% 4.3% 8.8% 12.8% 10,000 BOC Hong Kong (personal banking customers) 3.4%4.5 centimeters4.5 centimeters4% 10% 10,000 yuan/
NT$50,000 (exchange funds) Hang Seng (general integrated account)/4.5 centimeters4.5 centimeters/10.9% Standard Chartered (personal banking customers) 3.4% for NT$10,0004.5 centimeters4.5 centimeters/10 cents 10,000 yuan
As can be seen from the table above, HSBC Jade or Premier customers have an advantage of 0.2%, with a maximum of 13% in one week and 9% in one month, while HSBC One or other customers have an advantage of 12.8% and 8.8% respectively.
The same is true for longer deposit periods, with the highest 6-month annual interest rate for Jade or Premier customers being 4.5%, and 4.3% for HSBC One or other customers. As for the three-month deposit period, HSBC also has a maximum of 4.5%, and if it is a general customer, it is 4.3%.
After Standard Chartered Bank and Bank of China Hong Kong raised interest rates, they had higher interest rates than HSBC in terms of low thresholds because their 4.5% rate was applicable to new funds from general personal banking customers, which was higher than HSBC One’s low threshold rate of 4.3%.
The same applies to Hang Seng Bank’s 6-month deposit period. Both 6-month and 3-month deposit terms are 4.5%, which is also applicable to general comprehensive customers. Hang Seng also offers a 4-month deposit period, which is unique among major banks, and the annual interest rate is also 4.5%.
HSBC also increased its external deposits, and the pound’s short-term interest rate reached an astonishing 17.5%. See details.【Next page】。
Why are the four major banks trying to steal money? Just read the interpretation:HSBC and Bank of China have the lowest threshold of 4.5%!Dismantling the 3 major reasons for the “Hong Kong dollar shortage”
The highest among the low thresholds of 4.5% in 6 months
Comprehensive analysis of many banks, the current maximum six-month Hong Kong dollar time deposit is 4.8%, but the minimum deposit threshold is higher than that of HSBC, Bank of China and Hang Seng. For example, NCB’s 4.8% requires NT$1 million in new funds, Fubon Bank and Public Bank’s 4.8% requires a new capital of 500,000 yuan, and East Asia’s 4.7% requires a minimum deposit of 2 million yuan.
With a minimum deposit threshold of NT$10,000, the 4.5% interest rate offered by HSBC, Standard Chartered, Bank of China and Hang Seng is the highest.
USD short plus long minus 13% for 1 week
In terms of US dollars, HSBC has also greatly increased short-term deposit interest rates, which is consistent with Hong Kong dollars. The annual interest rates for one week and one month have been increased to 13% and 9%, the highest in the city, which are also required for exchange funds.
In terms of longer deposit terms, HSBC, Bank of China and Standard Chartered all have 5% for 6-month and 3-month deposit terms.
The 6-month deposit period is higher with Hang Seng. The bank’s 3-month, 4-month and 6-month deposit terms are all 5.2%.
Standard Chartered ranks first in long-term interest rates, with the 12-month deposit period increasing to 4.2%, which is higher than HSBC and BOC Hong Kong’s 4%.
Take a look at the U.S. dollar fixed deposits of the four major banks in the table below:
Prices for general customers of large banks (USD fixed deposit)Bank deposit starting from 12 months 6 months 3 months 1 month 1 week HSBC (Jade or Premier) 4.0% 5.0% 5.0%9 centimeters13 centimetersUSD 2,000 HSBC (HSBC One or other customers) 3.8% 4.8% 4.8% 8.8% 12.88% USD 2,000 BOC Hong Kong (personal banking customers) 4.0% 5.0% 5.0% 4% 10% USD 1,000 Hang Seng (general integrated account) / 5.2%5.2 centimeters5.3% 10.9% USD 10,000 Standard Chartered (personal banking customers)4.2 centimeters5.0% 5.0%/10% USD 2,000
RMB short interest rate 15%
Recently, HSBC and Hang Seng have increased interest rates on RMB deposits, with the annual interest rate increasing to over 2%. HSBC also raised short-term interest rates today, reaching a high of 15%. Although the RMB exchange rate has been weak in recent years, readers who have RMB funds can pay attention to:
Prices for general customers of large banks (RMB fixed deposit)Bank deposit starting from 12 months 6 months 3 months 1 month 1 week HSBC (Jade or Premier) 2.1% 2.1% 1.9%8.5 centimeters15 centimetersRMB 10,000 HSBC (HSBC One or other customers) 1.9% 1.9% 1.7% 8.3% 14.5% RMB 10,000 BOC Hong Kong (personal banking customers)2.2 centimeters2.2 centimeters2.0 centimeters3.5% 11% RMB 10,000 Hang Seng (Premier Private Banking/Premier Banking)/2.2 centimeters2.0 centimeters4.3% 13.9% RMB 10,000 Standard Chartered (personal banking customers)2.2 centimeters2.2 centimeters2.0 centimeters/11 cents RMB 10,000
It should be noted that the prices mentioned above are all quoted prices. Large banks such as HSBC will provide higher interest rates to selected customers from time to time. If you have accounts with the four major banks, you should pay more attention.
The last update date of this article: October 25, 2023
More high-interest deposits:
What is the best interest rate for time deposits? 4.8% for existing funds and 5.05% for new funds (with options for the highest interest rates for different deposit periods)
100,000 yuan time deposit│Earn $4,500 with low threshold, 4.75% interest rate over $3,500, green bond refund 4.88%
Are high-interest time deposits good?A lazy person can watch the sun
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