This website updates high-interest time deposit information daily. Fubon Bank, which was the first to increase the regular annual interest rate to 5%, has a new change. The annual interest rate for Hong Kong dollars and US dollars remains at the highest 5.1%, but the threshold is greatly reduced from 1 million yuan to 200,000 yuan. Eligible new funds are opened. But at the same time, the bank raised the annual interest rate on existing funds to a maximum of 5%, but the initial deposit required 1 million yuan. See the picture below for details:
As can be seen from the figure above, there are three major changes in Fubon this time. 1) The 5.1% threshold for new funds has been reduced to 200,000 yuan; 2) The new 1-month and 2-month deposit periods are newly established, and the annual interest rates are 4.1% and 4.4% respectively, which are the highest in the city; 3) Existing funds can also be used to 5% annual interest.
Existing funds earn interest of 50,000 yuan a year
If you didn’t have enough funds to make a 5% high interest rate in the past, you can now earn 200,000 yuan and earn $10,200 a year in interest; if you have 1 million yuan, it was not new capital in the past, and it was difficult to achieve 5% interest. Now you can open an account and earn interest in a year up to 50,000 yuan.
The interest rate increase in the United States will further slow down next year. Banks have recently concentrated on increasing the annual interest rates of short-term deposits, and some have even lowered the annual interest rates of long-term deposits. Some banks even cut interest rates across the board. As a result, as many as 10 rooms. For example, following the latest interest rate discussion in the United States, Furong Bank has cut interest rates for the second time. After reducing to a maximum of 4.28% last Wednesday, it was further reduced to 4.08% today; CCB Asia withdrew the 12-month discount of 5.1% The highest annual interest rate was reduced to 4.8%; Airstar Bank also cut interest rates across the board to a maximum of 4.3% on Thursday.
OCBC Wing Hang also recently removed 5% for 12 months and changed it to 4.8%. The 3-month deposit period is temporarily maintained at 5%. In addition, Public Bank also reduced deposit interest to a maximum of 4.7%. Dah Sing Bank also recently withdrew the 5% high interest rate.
Bank cutting rates across the board
NCB reduced to a maximum of 5.2%
Although Nanyang Commercial Bank has lowered the high-interest discount to a maximum of 5.2%, it has recently reduced the initial deposit amount of selected customers from 5 million yuan to 1 million yuan, and added a new way to become a selected customer, Hong Kong ID card As long as the number contains “7” or “3”, you can become a selected customer and get a maximum annual interest rate of 5.2%.
CCB Asia has reduced deposit interest several times in the past two weeks. First, it withdrew the 12-month 5.1% discount, and then reduced the highest annual interest rate for existing customers to below 5%. The latest 12-month annual interest rate is 4.7%. Monthly reduction to 4.6%, 3-month maximum of 4.4%. And even the 3-month 5% for new customers has been withdrawn, reduced to a maximum of 4.85%.
The virtual silver deposit battle has also cooled down in recent days. Furong Bank also lowered the annual interest rate for 12-month and 6-month deposits last Wednesday to 4.28%, and 4.18% for 3-month deposits. It was further lowered today, 4.08% for 12 months and 6 months, and 4% for 3 months. In addition, last Thursday, Airstar Bank reduced it to a maximum of 4.3%; Livibank has also cut interest rates in recent days, the current maximum is 4.2%, and the rest of the deposit period is reduced to below 4%.
Earlier, the Public Bank also reduced deposit interest, and there were adjustments from one month to 12 months. The highest annual interest rate for Hong Kong dollar fixed-term deposits is now 4.7%.
Chong Hing also lowered the annual interest rate for low deposits, which was recently reduced to less than 5%, while the maximum deposit of 500,000 yuan or more was maintained at 5.05%.
Fixed deposit 5% annual interest has peaked?
At present, the highest Hong Kong dollar time deposit is 5.3% (excluding ultra-short-term deposits). Fubon Bank, which has always been the first to break through in the past, has remained on hold since early November, maintaining the highest annual interest rate of 5.1%. In terms of large banks, except for HSBC which raised deposit interest two weeks ago, the other two note-issuing banks have remained unchanged this month.
Has the 5% annual interest rate peaked? Some analysts pointed out that the HIBOR may have almost reached its peak, and it will remain at the peak in the next few months, and it may fall back in the first half of next year. The interest rate is one of many factors that affect the annual interest rate of time deposits.
Lin Junhong, Head of Research Department, Shanghai Commercial BankSaid that “5% fixed deposit is almost (peaked)”, he pointed out that the Hong Kong interest rate will fall following the Chinese New Year next year, and then the United States may raise interest rates twice, so the Hong Kong interest rate will still follow the U.S. interest rate rise, but if Not surprisingly, it will start to fall a month or two weeks before the last rate hike in the United States.
The one-month Hibor (Hong Kong Interbank Offered Rate) once broke through 5% earlier, and recently fell back to regarding 4.7%. Lin Junhong pointed out that it will peak at a maximum of 5.3-5.5% next year.
However, in addition to Hibor, the bank’s fixed deposit annual interest rate still depends on many other factors, including the bank’s other capital costs, operating strategies, and so on.
Bank concentration increases short-term deposit interest
Concentrate on short-term interest rate: Fubon, HSBC, East Asia
Banks concentrate on raising short-term interest rates. For example, Fubon Bank recently raised the annual interest rate for 3-month deposits from 4.6% to 4.8%.
Earlier, the Bank of East Asia also only increased the deposit period of 6 months to a maximum of 4.8%, and the other deposit periods remained unchanged.
In fact, HSBC also increased the 3-month deposit period to a maximum of 4.6%, which is higher than the 4.3% for 6-month and 12-month deposits, and rarely did not increase the 12-month deposit period. After HSBC increased deposit interest rates for one week and one month at the beginning of last week, the local big bank seems to be holding a wait-and-see attitude towards the long-term interest rate environment, and instead concentrates on short-term funds.
A spokesman for HSBC pointed out that the adjustment of deposit interest is taking into account changes in interest rates and market conditions, and the bank will closely monitor market conditions and adjust interest rates in a timely manner.
“Short plus long minus”: OCBC Wing Hang, PAOB, Bank of Communications, Citigroup
Some banks have reduced long-term interest rates and increased short-term interest rates. For example, OCBC Wing Hang has withdrawn the 12-month high interest rate of 5% and reduced it to 4.8%; but at the same time increased the 3-month deposit period to 5%.
PAOB cut the 9-month deposit period to 1.5%, and slightly increased the 3-month deposit period to 4.4%;
Bank of Communications Hong Kong is “short plus long minus”, the 12-month annual interest rate was reduced to a maximum of 4.7%, and the 6-month deposit period was originally increased to 5% yesterday, and then reduced to 4.85%. The 3-month deposit period is increased to a maximum of 4.9%.
Citigroup has significantly increased the 3-month fixed annual interest rate of Hong Kong dollars and US dollars. This special offer for new customers of Citigroup’s private client business / Citigold account, the annual interest rates of 3-month deposits, US dollars and Hong Kong dollars have been increased to 5.28% and 4.88% respectively. At the same time, the annual interest rate of its 12-month and 6-month deposit periods is lower than that of its peers.
bank raising rates across the board
There are also individual banks that raised interest rates across the board. For example, ICBC (Asia) recently rushed to the 5% level. The bank’s discount is that the annual interest rate increases gradually in stages. In the last 60 days, there is an annual interest rate of 6.1%, and the average annual interest rate for the whole period of 188 days is 5.14%.
DBS is increased to a maximum of 4.7%, the deposit period is 12 months, and the 6-month and 3-month deposit periods are also raised to 4.7% and 4% respectively.
Written by: Liao Yiran
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