The price of high-interest time deposits such as seafood fluctuates daily. DBS’s 3.8% high interest rate was lowered following only one day. Ping An OneConnect Bank also recently removed the 4% high interest rate from the shelves. However, some banks still have high interest rates. The following is the ratio of old and new funds in Hong Kong dollars and US dollars. The new funds are 5.1% and the existing funds are 4%.
High interest ratio of new and old funds combined
Meiyuan New Fund up to 5 R
Banks in the United States have exploded one following another, and some Hong Kong banks are also rushing to grab US dollar funds. At present, the three banks offer 5% high US dollar interest rates, all of which require large amounts of new funds. For example, Dah Sing Bank, the highest, has a 5.1% threshold of HK$2 million equivalent, and must designate new funds from wealth management customers; Bank of Communications Hong Kong 5% for 3 months, also need to designate new funds of 130,000 US dollars from customers, which is equivalent to regarding 1 million Hong Kong dollars; Fubon Bank’s 3 or 6-month US dollar fixed deposit also has 5%, the threshold is relatively low, and it also costs 100,000 New money in dollars.
If it is the existing funds in US dollars, many of them have higher interest rates than Hong Kong dollars. For example, Chong Hing has greatly reduced the interest on Hong Kong dollar deposits, but the maximum interest on US dollar deposits is still 4.6%. Yes; Bank of Communications Hong Kong also offers discounts for old funds, no need to designate wealth management customers, the minimum deposit is 3,000 US dollars, 4.3% for 12 months, 4.55% for 6 months.
Hong Kong dollar new and old funds are 4%
In terms of Hong Kong dollar time deposits, there are currently 2 banks offering a 4% discount, namely Dah Sing Bank and ICBC (Asia).
Dah Sing Bank has recently increased the 12-month, 9-month, 6-month, 5-month and 4-month deposit periods to 4% or more, with a maximum of 4.2%, but the conditions are not low. VIP banking service customers are required to pay 100% A new fund of RMB 10,000 is opened at the branch.
The 4% of ICBC (Asia) can be existing funds, but the minimum deposit threshold is quite high, which is 3 million yuan, and it needs to be opened online for Elite Club customers. If you meet the conditions, you can earn up to 120,000 yuan a year. If it is less than 3 million yuan, there is 3.9% for a minimum deposit of 800,000 yuan, and 3.85% for a minimum deposit of 50,000 yuan (no need for Elite Club customers), which is not bad for a low threshold.
Several virtual banks have raised interest rates recently. Huili Bank recently increased the 12-month and 6-month deposit periods to 3.8% and 3.5% respectively. And Fusion Bank (Fusion Bank) increased the 6-month deposit period from 3% to 3.4%.
Bank of China (Hong Kong) pushed a 4.8% high interest rate last week, but the actual interest earning is not much, because only new customers can successfully open an account through Bank of China Mobile Banking, and the 4.8% is only limited to a one-month deposit period, and the deposit amount is limited to 10,000 yuan to 100,000 yuan, above the upper limit of 100,000 yuan, the interest earned during the period is 400 yuan.
Bank of China 4.8% high interest rate to grab new customers
Big banks don’t follow suit
However, the battle for deposits was concentrated in a few small and medium-sized banks. The large banks did not follow suit. For example, HSBC, Bank of China Hong Kong and Hang Seng remained on hold. Both interest rates have been reduced, but the current highest interest rate is 3-month deposit period, 4.2% for USD and 3.5% for HKD, but you must be a new Citigold customer and hold a designated product balance.
Date this article was last updated: March 17, 2023
Written by: Liao Yiran
want to know more regardinghigh interest products︰
[Tax deduction 2023]The tax year will end the tax deduction annuity ratio and bring you a 4% return and tax savings of $10,200
[Tax deduction 2023]10% return and tax deduction of $10,200 per year, no pressure to stop supply at any time
The top 10 high-yield funds have the highest annualized dividend payout rate of 11% per month (updated in February 2023)
[High-yield ETFs]10 high-yield ETFs for Hong Kong stocks!The current price is as high as 7%. In addition to Tracker, there are other options
＝＝＝＝＝
Bianjian bank has the highest deposit interest, what are the terms and conditions?immediatelyDownload the Hong Kong Economic Times App for freeinstant feed
