Recently, a number of small and medium-sized banks have withdrawn their high-interest discounts. As a result, the annual interest rates of time deposits of large banks are not so different from those of small and medium-sized banks. There are even note-issuing banks whose interest rates are relatively high in the market. The following is a comparison of 4 large banks, including HSBC, BOCHK, Standard Chartered and Hang Seng Bank. Their HKD and USD time deposit offers range from as short as 1 week to as long as 12 months:
Fixed deposit ratio of 4 major banks (Hong Kong dollar)
The highest long-term interest rate is 3.6%, the highest for Standard Chartered
Among the 4 large banks, the 3 major note-issuing banks all offer a 12-month deposit period discount, while Standard Chartered leads in different deposit periods. The 12-month deposit period is 3.6%, and the remaining two are 3.4%; 6 The monthly deposit period is 3.4%, and the other two are 3.2%. The three-month deposit period is the same for all three, which is 3.1%.
Hang Seng Bank’s official website only offers discounts for 6-month and 3-month deposit periods, but even for superior private wealth management customers, the 6-month deposit period is 3.19%, and the 3-month deposit period is 3.09%, which are slightly lower than the note-issuing bank.
However, the short-term interest rate is dominated by Hang Seng, with an exchange fund of 10,000 Hong Kong dollars, there will be 10.9%. Note that you must be a Prestige Private Banking / Prestige Banking customer. And 10.9% is even higher than 10% of HSBC Shangyu’s exchange funds.
Fixed deposit ratio of 4 major banks (USD)
The long-term interest rate of the US dollar is still 4%, which is still the highest for Standard Chartered
In terms of U.S. dollar fixed deposits, the long-term interest rate is still at 4%, but it is the highest interest rate of Standard Chartered just like the Hong Kong dollar. Standard Chartered currently offers 12-month 4.1% and 6-month 4% USD time deposits.
HSBC and Bank of China Hong Kong also have 4%, both with a deposit period of 12 months.
Hang Seng continues to dominate short-term interest rates, with a three-month deposit period of 3.89%, higher than Standard Chartered’s 3.8% and the other two’s 3.7%.
If it is as short as 1 month, there is 4.9% more, and 1 week is the same as Hong Kong dollars, Hang Seng offers 10.9% discount. However, the 1-month and 1-week deposit periods also need to be exchange funds for designated customers.
The distance between big banks and small and medium-sized banks is getting closer
At present, in terms of Hong Kong dollar fixed deposits, NCB’s 12-month 3.8% of new funds is the highest, but NCB’s wealth management customers need 1 million yuan in new funds. Fubon offers 3.7%, 3, 6 and 12 months of deposit, but it requires 500,000 yuan of new funds.
The banknote-issuing bank has a maximum of 3.6%. Although it is slightly lower than the above two banks, the initial deposit threshold is low. For Hong Kong dollar time deposits, the initial deposit amount of the four major banks is only 10,000 yuan, and the US dollar is regarding 1,000 to 2,000 US dollars. regarding. However, it should be noted that the discounts of the above-mentioned four major banks all require new funds, and some discounts are limited to individual customers.
At present, the highest interest rates for Hong Kong dollars and U.S. dollars for each deposit period can be seen in the chart below:
Date this article was last updated: April 14, 2023
Written by: Liao Yiran
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