Stepping into 2023, Zhiwan will of course play with current savings deposits, because its interest rate is higher than that of time deposits, and it is more flexible. If there is an urgent need for funds, you can take the money at any time. Although you will lose extra interest, it will not be like regular deposits. Similarly, you will be charged a handling fee if you withdraw money in advance.
In March, many banks still offer a 5% discount on current deposits, and the registration diary of many discounts is regarding to expire. As the interest on time deposits has dropped, it is unknown whether the discount on current deposits will continue next month.
Recently, Hang Seng Bank has joined the battle, and the annual interest rate of the preferential savings is as high as 6.9%, but there are certain conditions; some banks offer 5% in certain months. Are there any devilish details? The following are disassembled one by one.
Bank Savings Account Promotion
Hang Seng 90th Anniversary 6.9% Savings Deposit
Hang Seng Bank said that in order to celebrate its 90th anniversary, it has launched a special savings interest rate. From now until April 30, 2023, selected customers deposit 50,000 Hong Kong dollars or 10,000 U.S. dollars in new funds, and maintain the balance no less than April 30 The relevant balance of the day can be divided into two stages to have a high-interest savings annual interest rate.
The first stage is May, with 1.9% for Hong Kong dollars and 2.9% for U.S. dollars; the second stage is June, with 4.9% for Hong Kong dollars and 6.9% for U.S. dollars. On average, the annual interest rate for Hong Kong dollars is 3.4%, and that for U.S. dollars is 4.9%. In the volatile market conditions, it can be regarded as one of the short-term interest-earning strategies.
However, it should be noted that this discount adopts the basic annual interest rate + additional annual interest rate method. The additional annual interest rate will be deposited into the account on or before August 31, that is, it may not be deposited following the end of the additional interest period.
And this offer is only available to selected customers who received the promotion, other customers are not applicable.
Standard Chartered Marathon returns to the highest 5%
“Standard Chartered Marathon” current deposit discount, the discount in March has a surprise, the US dollar part returns to 5%, the first stage is 3%, the second stage is 4%, the third stage is 5%, and the three stages are higher Monthly high interest rate.
The Hong Kong dollar part also did not cut interest rates, maintaining 2.2% in the first stage, 3.5% in the second stage, and 4.5% in the third stage.
However, if this promotion is offered this month, the period of high interest rates will be shorter than last month, because the third phase will last until July 3rd. Like last month, there will be one less month of high interest rates in disguise.
And it should be noted that this is a monthly interest rate increase method, but the last stage is 5%, and the average of the whole period is less than 5%. Taking the US dollar part as an example, if it is opened now, the first stage (that is, the lower interest rate part ) for up to two months, and the average of 4 months is close to 4%.
CNCB Monopoly deposit is 7.28%, but the average is lower than that of fixed-term deposits
Among the discounts for current deposits, although China Bank’s Monopoly deposit has the highest interest rate, the annual interest rate in the last stage reached 7.28%, and it also maintained the previous level in March. However, the annual interest rates for the first two stages have been lowered from the previous month. For new customers, they are 1.2% and 1.58% respectively. The average level in the 4-month period is less than 3%. In contrast, the bank’s fixed deposits have more than 3%.
CCB raises interest rate every month, it is more economical to open a US dollar account
For CCB Asia’s “Monthly Interest Rate Increase” account, the high interest rate discount will continue in March and be divided into 4 months, but the latest discount has reduced the Hong Kong dollar part. The first to third months are 1%, 1.2% and 1.5% respectively , It was only maintained at 5.5% until the fourth month, and the average calculation of the four months was only 2.3%.
However, if you open a US dollar “monthly interest rate increase” account, the first to fourth months will be 3%, 4%, 5% and 5.5%, with an average of 4.375% in 4 months, which can be said to be better than Hong Kong dollar and RMB accounts.
It is worth mentioning that if you hold a monthly interest rate increase account, you can make a one-week foreign currency time deposit with a high interest rate of up to 15%, which is the highest foreign currency short-term deposit interest rate in the city.
Dah Sing households pay 5% until next year
Dah Sing Bank’s “360°Easy Payment Service” is also very popular. If you hold the bank’s VIP i-Account integrated wealth management account and register for the payment service, the deposit amount reaches 800,000 yuan, and there is an additional current deposit with an annual interest rate of 5 per cent until January 31, 2024.
At present, the bank’s basic demand deposit annual interest rate is 0.625%, that is, a total of 5.625%.
But don’t think that the 5.625% is just for you. Not only do you need to serve new wealth management customers, but you also need to do various tasks every month, such as doing securities transactions with a minimum of 5,000 yuan. This is similar to Citi’s Citi Interest Booster (2.4% current interest rate per year for complete tasks), which is to increase customers’ use of different services within the bank.
Chongxing new customers add an extra 3.8%
Chongxing Yuexiu Wealth Management Welcome Rewards, new customers can get an extra 3.8% annual interest rate for the first 200,000 yuan of savings deposits, and the basic annual interest rate will reach 4.425%. However, the special details are that the additional interest will be paid on or before November 30 this year. When the payment is made, the customer needs to still maintain the account, which is normal and valid.
DBS e$aver is 4.7% higher than fixed deposit for 3 months
Many high-interest current accounts adopt the practice of increasing the interest rate, but DBS e$aver has the same annual interest rate for 3 months, with a maximum of 4.7%, but it requires new funds of 5 million yuan or more. If it is more than 1 million yuan, it is 4.3%, and 4% for 200,000 yuan to less than 1 million yuan. However, even if it is 4%, it is higher than the 3.2% Hong Kong dollar term provided by DBS itself.
Higher interest rates and more flexibility than time deposits
Although the above-mentioned current deposit discounts have devilish details, the interest rate is higher than that of regular deposits. For example, DBS has an average maximum of 5% in 3 months, and Dah Sing has more than 5% in 1 year, which are higher than fixed deposits in the market; another On the one hand, time deposits lock up the funds. If you open these demand deposits and need to withdraw money for important business in the future, you will not be able to get all the high interest at most, and you will not be fined for handling fees.
Pay attention to the details of the devil
The interest rate is increasing, and the average interest rate must be lower than the promotional title
Looking at the picture above, several banks that offer current savings account discounts, some of them adopt the method of increasing interest rates, such as CNCB’s 7.28%, which is regarding 3% on average over a few months. Therefore, readers should not just look at the title of the promotion and think that there are 7.28% in the whole issue. Still, 3% is a lot for a flexible checking savings account. Standard Chartered’s “Marathon Current Deposit” and CCB Asia’s “Monthly Interest Increase Savings Account” are also methods of increasing interest rates.
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 ordinary 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?
Some banks are more “homogeneous”. If a customer withdraws money midway, only the remaining amount can enjoy a high annual interest rate. However, if the remaining amount is below a certain amount, the bank may not be able to give a high annual interest rate on the entire amount. Therefore, when readers open this type of account, remember to read the terms and conditions clearly.
Date this article was last updated: March 28, 2023
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