Banks in the United States have exploded one following another. Although the market expects the Fed to slow down the pace of interest rate hikes, Hong Kong banks are now fighting for survival, and it has intensified in recent days. Both Bank of Communications Hong Kong and Dah Sing Bank have increased their US dollar time deposits to a maximum of 5%, and the maximum is 5.1%, while Dah Sing’s Hong Kong dollar time deposits have also increased to a maximum of 4.2%, which is currently the highest in the city. In terms of U.S. dollars, there are currently 3 banks whose long-term interest rates (with a deposit period of 3 months or more) have reached 5%; in terms of Hong Kong dollars, there are 4 banks whose long-term interest rates have reached 4%.
However, the battle for deposits is concentrated in small and medium-sized banks, including large banks such as HSBC, which did not follow suit. Standard Chartered even lowered the deposit interest rate in US dollars to below 4%. Let’s take a look at the banks that have recently increased deposit rates:
5% high interest fixed deposit
Hong Kong dollar long-term interest rate returns to 4%
In terms of Hong Kong dollar time deposits, Public Bank has recently withdrawn the 4% high interest rate. Currently, there are 3 small and medium-sized banks whose 12-month deposit interest has returned to the 4% level, namely Dah Sing Bank, ICBC (Asia) and Ping An OneConnect Bank .
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) 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.
Fictitious silver explosion interest rate war
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. PAOB has recently re-launched a 12-month deposit period, and the annual interest rate has been increased from 3.8% to 4%, which is a higher interest option in terms of a low threshold; while Fusion Bank has changed the 6-month deposit period from 3% to 4%. centimeters to 3.4 centimetres.
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, and the large banks did not follow suit. For example, HSBC, Bank of China Hong Kong and Hang Seng remained on hold. Standard Chartered recently reduced the deposit interest in US dollars:
Banks that recently cut interest rates
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 15, 2023
Written by: Liao Yiran
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