[Time Deposit 2024]3-month return to 5%, 6-month return to 4.5% | 4% annual interest rate from 20 major banks – Hong Kong Economic Daily – Financial Management – Interest Collection Strategy

2024-02-29 10:50:00

▲ This week, banks went once morest the trend and increased Hong Kong dollar fixed deposit interest rates. Dah Sing Bank recently increased the three-month deposit period to a maximum of 5%, and Ping An OneConnect increased the 12-month long-term deposit period to 4%.

At least four banks bucked the trend and raised interest rates this week. The latest one, WeLab Bank, has increased its six-month deposit period to 4.5%, which is now tied with Oversea-Chinese Bank for the highest rate in the city.

In terms of 12-month deposit terms, the two banks offer 4% annual interest rates, respectively, which are offered by Ping An OneConnect and Public Bank. The former requires no new funds for deposits starting from 100 yuan. It is the only one of the four banks currently offering 4% interest rates. Among banks, the threshold is the lowest.

Dah Sing Bank has recently increased the three-month deposit term to a maximum of 5%, and you can earn more than $6,000 in interest on a deposit of $500,000, but please note that it must be at a designated branch.

Choice of 4% for 12 months (please click on the picture)

As can be seen from the picture above, four banks currently offer 12-month 4%, covering high, medium and low thresholds. The 4% thresholds of China Merchants Wing Lung and Bank of East Asia are extremely high. The former requires a minimum deposit of NT$5 million, while the latter requires a new high-end Financial management customers and need 2 million yuan in new funds.

Public Bank has recently increased the annual interest rate for new mobile banking funds to 4%, with a minimum deposit amount of NT$500,000, which is considered a mid-range discount.

Ping An OneConnect has re-increased the 12-month deposit period to 4% this week. It is the only low-threshold 4% long-term interest rate remaining in the market. The minimum deposit is only 100 yuan, and no new funds are required.

Dah Sing Bank 5% (please click the picture)

Dah Sing Bank has launched the “Selected Branch Privilege”. Open a financial account at the above 4 designated branches and open a 3-month Hong Kong dollar time deposit with up to NT$500,000 of new funds. The annual interest rate is 5% and the interest rate is $6,250.

If you open a new VIP account at another branch, the three-month deposit period will also be 4.6%, and the six-month deposit period will be 4.3%, with the same upper limit of NT$500,000.

CCB Asia 4.88% (please click on the picture)

ICBC new customer discount is also 4.7% (please click on the picture)

Fubon Bank increased to 4.6% (please click on the picture)

New news on fixed deposit this week:

Huili Bank increased the six-month deposit period from 3.8% to 4.5% in one fell swoop, the highest in the city, without requiring new funds. (Added on February 29)

• Dah Sing Bank has slightly reduced the interest rate for existing customers, with a three-month deposit period of 4.4% for deposits starting from NT$200,000 and 4.5% for deposits starting from NT$1 million.
• Public Bank and Ping An OneConnect have successively raised interest rates, and the 12-month deposit period has returned to 4%.
• Nanyang Commercial Bank has cut interest rates once more, to 4.2% for 3- and 6-month deposit terms, and 3.9% for 12-month deposit terms.
• Hang Seng Bank has reduced deposit interest rates. Three-month and six-month deposit terms are now 3.7% and 3.6%, each reduced by 0.1%.
• OCBC’s 6-month deposit period is reduced to 4.25%, and new customers get 4.5% following taking into account the additional cash rebate.
• DBS Bank has reduced deposit interest rates, with 3- and 4-month time deposits now at 4.05%.

U.S. economic data is strong, U.S. bond interest rates have fluctuated between 4.2% and 4.3%, and the probability of an interest rate cut in May has fallen below 20%. As the high interest rate environment continues, time deposits are still the ones that can bring the most stable returns. At the beginning of the Year of the Dragon, most banks still offer a 4% annual interest rate option for Hong Kong dollar time deposits.

• Taking stock of the 4% choices of the 20 major banks

HKD time deposit of 4% from major banksBank annual interest rate deposit period minimum deposit amount notes HSBC 4.5% 1 month 10,000 yuan exchange funds BOC Hong Kong 4.0% 1 month 50,000 yuan exchange funds Standard Chartered Hong Kong 10% 7 days 10,000 yuan exchange funds Hang Seng Bank 10.9% 7 days 10,000 yuan exchange funds

Most of the quotations of the four major banks have fallen below 4%, and only the ultra-short deposit periods of 7 days, 14 days and 1 month are above 4%, and they require exchange funds.

4% Hong Kong dollar time deposit from major banksBank Annual Interest Rate Deposit Term Minimum Deposit Amount Remarks ICBC (Asia)6.0 centimetersUp to NT$100,000 in 3 months for new customers to open via mobile phone 4.0% NT$50,000 in 6 months to open online/mobile banking with Dah Sing Bank5.0 centimeters3 months 100,000-500,000 yuan to open a financial account at designated branches 4.7% 3 months new VIP customers at any branch Citibank 5.0% 3 months 50,000 yuan new private client business account 4.04% 1 month No minimum deposit required Amount: General customers can open CCB Asia branch online for 4.88%, with a limit of NT$500,000 for 3 months, new branch customers of Bank of East Asia 4.4%, NT$100,000 for 3 months, new SupremeGold customers, 4.3%, NT$2 million for 6 months, new SupremePlus private banking customers.4.0 centimetersDBS Bank 4.05% in 12 months, NT$50,000 in 6 months, new funds 4.0% in 3 and 4 months, CMB Wing Lung 4.25% in 3 months/NT$5 million in 6 months, mobile banking opening4.0 centimeters12 months

ICBC (Asia)’s high interest rate of 6% will be detailed later in this article.

There are two banks in the above table that still have a 12-month deposit term of 4%, but they are all high minimum deposits/new customers/high-end financial customers, and the thresholds are not low.

4% Hong Kong dollar time deposit from major banksBank Annual Interest Rate Deposit Period Minimum Deposit Amount Note Fubon Bank 4.6% for 3 months NT$500,000 Mobile Phone New Fund 4.1% for 6 months Oversea-Chinese Bank4.5 centimetersNew funds from new financial management customers worth NT$1 million in 6 months are 4.2% in 3 months New funds from Nanyang Commercial Bank are NT$100,000 in 3 months New funds from selected financial customers worth NT$1 million in 6 months Bank of Communications Hong Kong 4.35% in 3 months 1 million yuan of new funds for wealth management customers 4.05% 6 months 20,000 yuan electronic channel opening Chong Hing Bank 4.4% 3 months 500,000 new customers completed designated projects CNCBI 4.25% 3 months / 6 months 100,000 yuan CITICdiamond customer mobile phone new funds Public Bank 4.3% for 3 months NT$500,000 mobile phone new funds 4.0% for 12 months

Oversea-Chinese Bank has the highest interest rate currently, with a six-month deposit period, but it requires new financial management customers, and the minimum deposit is NT$1 million.

If you have a principal of NT$500,000, you can consider Fubon or Dah Sing Bank, both of which have a maximum of 4.6%.

4% Hong Kong dollar time deposit from major banksBank Annual Interest Rate Deposit Term Minimum Deposit Amount Remarks Zhongan Bank20 centimetersA maximum of 200,000 yuan per month is required to maintain a certain current deposit, Fulong Bank 4.1%, no minimum deposit amount for 3 months, existing funds Huili Bank4.5 centimetersExisting funds of NT$10 for 6 months Ping An OneConnect 4.0% Existing funds of NT$100 for 3 months/4 months/12 months

Virtual banks are accustomed to using high-interest deposits as a means to attract customers. Currently, most virtual banks still have 4% options.

Zhongan Bank’s 1-month interest rate of 20% is the current “high interest rate king”. The required conditions will be detailed below.

Hong Kong dollar time deposit strategy｜Maturity point deployment for high-interest rates of NT$2.5 million? Take stock of the 4 major “safety cards”!

Looking back at the current highest Hong Kong dollar time deposits in the city, excluding ultra-short-term deposits of 1 month or less, and 3 months or more, the highest annual interest rate is 6%.

6% Hong Kong dollar fixed deposit

If the United States does not cut interest rates, ICBC (Asia) will adopt two measures to attract new customers. The lower threshold is 3 months.6 centimetersHigh interest rates.

• ICBC (Asia) personal new customers
• Open via mobile banking “e-time deposit”
• The first NT$100,000 of 3-month time deposit has an annual interest rate of 6%
• Each time deposit must be NT$1,000 or above
• Deposit 100,000 yuan and earn 1,500 yuan quickly in 3 months
• The promotion period is until March 28th

Details of ICBC (Asia) 6% (please click on the picture)

The highest in the city was 20 centimeters in one month

20% from Zhongan BankIt is currently the highest in the citytime depositDiscount, but the conditions are not easy:

• Need to register in APP first
• Need to maintain at least NT$1 million in eligible current new funds
• Eligible new funds refer to the increase in the total Hong Kong dollar current savings account balance at the end of each day compared to its end-of-day balance on December 27, 2023
• New fund balance needs to be maintained for 58 days

If the above conditions are met, the user can get a 1-month Hong Kong dollar fixed deposit interest rate coupon of 19.9%, which together with the basic interest rate is 20%.

• Please note that the interest rate coupon is only applicable to time deposits of up to NT$200,000.
• Based on the calculation of 200,000 yuan and 20%, you can quickly earn regarding $3,300 in interest in one month.

The last update date of this article: February 29, 2024

Editor in charge: Liao Yiran

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