Global central banks have raised interest rates, which has raised the annual interest rate of bank time deposits to 5% last year, which has been rare for many years. However, the Federal Reserve has begun to slow down the pace of interest rate hikes, and the dot plot also shows that the high interest rate may fall in 2024, that is, 2023 may see the end of the rate hike. Recently, many banks have reduced deposit interest. For Hong Kong dollar time deposits, the 5% high interest rate has all expired or been withdrawn. Currently, the highest 12-month Hong Kong dollar fixed deposit is 4.1%. Although it has been reduced from the peak, it is still an annual return. The stable assets of 4% cannot be ignored.
The following lists the 12-month Hong Kong dollar time deposits of different banks and different deposit thresholds. Figure 1 shows the principal of less than 100,000 yuan, Figure 2 shows the principal of 100,000 to 200,000 yuan, Figure 3 shows the principal of 500,000 yuan to less than 1 million yuan, and Figure 4 shows the principal of 1 million yuan or more.
12-month HKD time deposit
Low threshold two 4% annual interest earning $8,000
Although the highest threshold of 4.1% for China Merchants Wing Lung Bank is 5 million yuan, if the minimum deposit is 10,000 yuan, the 12-month deposit period is also 4%, which is the highest interest rate among the low thresholds.
OCBC Wing Hang Bank also has a discount that is regarding to expire. Although the minimum deposit of 200,000 yuan is not high, it needs to be new funds from Premier Wealth Management customers, so there is a certain threshold. If it is calculated at 200,000 yuan, it can still earn 8,000 yuan in interest a year.
CNCBI’s online new fund time deposit has always been a low-threshold choice for different deposit periods. Although its 12-month Hong Kong dollar time deposit has also been reduced from the peak of 4.8%, the latest is still 3.95%. Earning an interest of 395 yuan is rare among low-risk assets.
If the initial deposit amount is increased to 500,000 yuan, both Chong Hing Bank and Public Bank will have 4%. The former does not care regarding old or new funds, but is limited to opening online or mobile banking.
When traditional banks cut interest rates, there are virtual banks that offer new presumed deposit discounts. Mox Bank, which only focused on current deposits in the past, adds time deposit products every week. The 12-month deposit period is 3.9%, and the minimum deposit is only 1 yuan, that is There is almost no threshold, and it advertises that there is no early withdrawal fee, but if you withdraw in advance, of course, there is no interest.
Interest rate advantage expanded from RMB 1 million
The higher the principal of the fixed deposit, the higher the annual interest rate. At present, with a deposit period of 12 months, if the initial deposit amount is 1 million yuan or more, banks generally raise interest rates. The highest bank in the city is China Merchants Wing Lung. If the initial deposit amount is 1 million yuan, it will be 4.05%, and if it reaches 5 million yuan, it will be 4.1%. For the time being, this deposit period is the highest in the city. Calculated at 5 million yuan, the annual interest earning is as much as 205,000 yuan, but only for mobile banking.
If ICBC (Asia) has an initial deposit of 3 million yuan, the annual interest rate will be lower and the initial deposit will increase. However, following this week’s reduction, the current 12-month deposit period is the highest at 3.65%.
Instead, Fubon Bank raised interest rates this week. The 12-month deposit period is currently up to 3.6%. If it is existing funds, the minimum deposit of 1 million yuan is also up to 3.5%.
Date this article was last updated: February 17, 2023
Written by: Liao Yiran
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