Following the second quarter of 2023, among the large banks, Bank of China (Hong Kong) adjusted deposit interest, followed the pace of HSBC last week, and aligned the annual interest rate of the main deposit period with HSBC, such as 12-month deposit period , adjusted to 3.4%. However, it should be noted that the 3.4% of Bank of China is the new fund of personal banking customers, but the 3.4% of HSBC needs to be the new fund of Jade or Premier Banking customers. For HSBC One customers, the maximum is 3.2%. Therefore, in terms of low entry barriers, BOCHK has the upper hand for the time being.
On the other hand, Standard Chartered adjusted the long-term interest rate of the US dollar to 4% in April. The following compares the Hong Kong dollar and US dollar time deposits of the 4 major banks:
4 major banks fixed deposit ratio combined
Standard Chartered Hong Kong dollar and US dollar are dominant
HSBC and Bank of China Hong Kong have successively decreased. At present, in terms of long-term interest rates, Standard Chartered has the upper hand regardless of Hong Kong dollars or US dollars. For example, 12-month Hong Kong dollar time deposit, Standard Chartered has 3.6%, HSBC and Bank of China have the highest rate of 3.4%. Hong Kong dollar 6-month time deposit, Standard Chartered has 3.4%, HSBC and Bank of China have successively reduced it to a maximum of 3.2%.
The same is true for the U.S. dollar. Standard Chartered increased to 4% this week, with 12 months and 6 months at 4.1% and 4% respectively. It is 3.8 percent.
In terms of the 3-month deposit period, since Standard Chartered does not provide a discount for this deposit period, the Hong Kong dollar is higher than the 3.1% of HSBC and Bank of China, while the US dollar has an advantage of 3.89% of Hang Seng.
The four major banks have low threshold but all need new funds
If you make a time deposit with the four major banks, the temporary discounts are only applicable to new funds. Fortunately, their thresholds are not high. For Hong Kong dollar time deposits, the four major banks only need 10,000 yuan in new funds. USD time deposits range from US$1,000 to US$10,000, which is not too high compared to other small and medium-sized banks.
Small and medium-sized banks snap up short-term funds
Banks are frantically competing for short-term funds. The shorter the deposit period, the higher the interest rate. For example, the highest time deposit in the city is the 3-month USD time deposit of Bank of Communications Hong Kong and Chong Hing Bank, both of which are 5%. Bank of Communications Hong Kong requires US$130,000 of new funds for designated wealth management customers; while Chong Hing’s initial deposit only needs US$10,000, regardless of new and old funds, but it needs to be opened on the Internet or mobile banking.
In terms of 2-month deposit period, Fubon provides a fixed-term deposit of up to 4.65% in U.S. dollars, with a minimum deposit of 30,000 U.S. dollars in new funds. The 1-month deposit period is also approaching 5%. The latest Hang Seng Bank has increased the 1-month U.S. dollar regularly to 4.9%, but the condition is that the currency is exchanged.
Date this article was last updated: April 3, 2023
Written by: Liao Yiran
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