Dah Sing Bank has recently increased the U.S. dollar time deposit to a maximum of 5%, and the Hong Kong dollar time deposit to a maximum of 4.1%, both of which are the highest in the city. In terms of US dollars, there are currently two banks with a 5% interest rate. Except for Dah Sing, Fubon still retains a 3-month US dollar high-interest deposit at 5%.
5% high interest fixed deposit
As far as Hong Kong dollar time deposits are concerned, it is rare to buy long-term interest rates above 4% at present, but there are still three small and medium-sized banks whose 12-month deposit interest rates have returned to the 4% level, namely Dah Sing Bank, ICBC (Asia) and Public Bank , but their initial deposit amount is not too low:
Hong Kong dollar long-term interest rate returns to 4%
Dah Sing Bank has recently increased the deposit period of 12 months, 9 months, 6 months, 5 months and 4 months to 4% or more, with a maximum of 4.1%, 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) requires a minimum deposit of 3 million yuan, and it needs to be opened online for Elite Club customers, but the advantage is that there is no limit to new and old funds. The deposit period is 12 months, and the annual interest earns 120,000 yuan. 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.
Public Bank’s 4% high interest rate actually earns more interest, because the bank has a limit of deposits of 500,000 yuan or more, otherwise it will be less than 4%. Calculated at 500,000 yuan, the annual interest earns 20,000 yuan.
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
Although the 4% high interest rate is not much, the US interest rate has risen sharply recently. The market is concerned that the Fed will raise interest rates once more. Note that in the picture below, except for Fubon’s 5% deposit interest in US dollars, the others are all Hong Kong dollar time deposits.
Recently increased savings bank
Fictitious silver explosion interest rate war
In addition to returning to the 4% bank mentioned above, the banks that have raised interest rates recently also have the following characteristics.
Several virtual banks have raised interest rates recently. Huili Bank has recently increased the 12-month and 6-month deposit periods to 3.8% and 3.5% respectively, which is on par with Ping An OneConnect Bank (PAOB) and even higher. PAOB has recently re-launched a 12-month deposit period with an annual interest rate of 3.8%, which is a higher interest option in terms of a low threshold; while Fusion Bank has increased the 6-month deposit period from 3% to 3.4%.
At the same time, Chiyu has increased the Hong Kong dollar fixed deposit to a maximum of 3.85%. This rate is available for 12 months and 6 months. It is currently a relatively high level in the market, but the initial deposit needs to be 1 million yuan. If the minimum deposit is 200,000 yuan, there is also a maximum interest rate of 3.7%, which is an increase from last week.
Bank of Communications Hong Kong has recently increased the 12-month deposit period to 3.95%, which is a relatively high level in the city. The bank has also continued to increase the annual interest rate of the 3-month deposit period recently. If it is a designated wealth management with an initial deposit of 1 million yuan For new funds from customers, the three-month deposit period is increased to 3.7%, which is a relatively high level; for ordinary personal customers, the minimum deposit is 20,000 yuan, and the three-month deposit period is also increased to 3.2%.
Fixed deposit with the highest interest rate for different deposit periods
Many of the above high-interest discounts require new funds or new customers. Although it has become easier to “self-made” new funds following the launch of “FPS” in recent years, if you don’t have time to open multiple accounts, or don’t want to bother to spend money Moving around, in fact, existing funds also have the option of high interest rates. The fixed deposit of existing funds in Hong Kong dollars can reach up to 4%. The discounts for existing funds with a deposit period of 12 months and 6 months are listed below:
Existing funds also have high interest rates
As can be seen from the above figure, some banks’ time deposit discounts are not limited to new funds, but there are other conditions. For example, among the 12-month deposit period, the 3.95% of Bank of Communications Hong Kong and the 3.8% of Citigroup need to be opened through electronic channels. Li, but Chiyu’s 3.85% has to be issued at a branch. Individual banks also have designated account requirements. For example, ICBC (Asia) needs to be an Elite Club customer, but if it is a general customer, the minimum deposit amount is 50,000 yuan, and ICBC’s 12 deposit periods also have 3.85%.
Date this article was last updated: March 13, 2023
Written by: Liao Yiran
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