2023-04-19 01:36:59
Entering April, banks are still scrambling to raise the annual interest rate of US dollar time deposits, especially the short-term interest rate has risen the most. The annual interest rate of the 3-month deposit period is as high as 5%, which is higher than the 12-month interest rate. If the 1-month or The ultra-short term of 1 week, currently there are two 5% options, both with a term of 3 months.
The following are the most complete USD time deposits, up to 4.9% for 12 months, 3 for 3 months up to 5%; up to 10.9% for 1 week, which is a designated customer discount of a large bank. The note-issuing bank also has a maximum of 10%.
List of USD Time Deposits
3 months deposit period 3 banks have 5%
Excluding the 10% high interest rate for ultra-short-term deposits, the maximum USD time deposit is 5%, all with a 3-month deposit period, provided by 3 banks, namely CCB Asia, Bank of Communications Hong Kong and Chong Hing Bank, with different thresholds .
5% for 3 months of CCB Asia requires new funds equivalent to 1 million Hong Kong dollars, and is a new or upgraded customer of “VIP Select” and “VIP Banking”.
Bank of Communications Hong Kong’s 5% for 3 months requires a new fund of 130,000 US dollars, and the online new funds of designated wealth management customers are required, so the threshold is not low, but if the threshold of 130,000 US dollars is met, interest can be earned within 3 months US$1,625, excluding exchange costs, is equivalent to approximately HK$12,600.
If you want to lower the threshold, Chong Hing also offers 5% for 3 months, which requires US$10,000. There is no new capital requirement, but you need to open online or mobile banking.
Many banks have increased the annual interest rate for 3-month deposits. CNCBI has 4.75%, which only needs 1,500 US dollars of new online funds; NCB has 4.65%, and the equivalent of 100,000 Hong Kong dollars can be opened.
4.9% for 12 months
At present, the highest long-term interest rate is Fubon’s 4.9%. The minimum deposit needs to be 30,000 US dollars in new funds, and it needs to be opened in mobile banking.
Many banks have shorter interest rates and higher interest rates, but the 12-month deposit period is generally higher than the Hong Kong dollar. For example, CNCBI has 4.75% and Bank of Communications Hong Kong has 4.6%. The threshold is not high.
Hong Kong-U.S. interest rate gap gradually widens up to 2%
Many banks have recently slashed the annual interest rate of Hong Kong dollar fixed deposits, but most of the U.S. dollar time deposits have remained unchanged. Although some interest rates have been reduced, the interest rate difference compared with Hong Kong dollars has widened. Taking Chong Hing Bank as an example, its 3-month USD time deposit has a maximum of 5%, but the 3-month Hong Kong dollar time deposit is 3.15%, a difference of nearly 2%.
1 week deposit period up to 10%
Banks sometimes provide foreign currency deposits as short as 1 week. Among the 1-week short-term deposits in US dollars, Hang Seng Bank’s 10.9% is the highest. It needs to be exchange funds, and the initial deposit is equivalent to 10,000 Hong Kong dollars.
HSBC’s 1-week short deposit is also 10%, so it needs to be exchange funds for Shangyu customers, and the minimum deposit is 2,000 US dollars.
What should I pay attention to when doing US dollar regularly?
Many people are thinking, seeing that the interest rate of US dollar fixed deposit is so much higher than that of Hong Kong dollar. If you want to do foreign currency fixed deposit, you should pay attention to the following three points:
- 1, The bank’s high interest rate period sometimes requires new funds or exchange funds, and even requires conversion from the specified currency into US dollars to enjoy the specified annual interest rate. If you want to open a fixed deposit, you must first check clearly;
- 2. If the bank requires new funds, or even requires a new customer, the procedures will be more complicated. Although FPS can transfer US dollars, you should also pay attention to whether the bank has potential charges;
- 3. Although the Hong Kong dollar is pegged to the U.S. dollar, the U.S. dollar to Hong Kong dollar will still fluctuate between 7.75 and 7.85, which means that there will be regarding 1.3% exchange rate risk when converting Hong Kong dollars into U.S. dollars. . Therefore, even if the U.S. dollar is regularly higher than the Hong Kong dollar by more than 1%, it may not be enough to cover the exchange cost.
Date this article was last updated: April 18, 2023
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