Stepping into 2023, Zhiwan will of course play with current savings deposits, because its interest rate is higher than that of time deposits, and it is more flexible. If you need money urgently, you can take the money on at any time. Although you will lose extra interest, it will not be like regular deposits. Similarly, you will be charged a handling fee if you withdraw money in advance.
In March, many banks are still offering a 5% discount on current deposits, and the registration diary of many discounts is about to end. As the interest on time deposits has fallen, it is not known whether the discount on current deposits continues next month.
Recently, Hang Seng Bank has joined the fight, and the annual interest rate of the preferential savings is as high as 6.9%, but there are some conditions; some banks offer 5% in some months. Are there any devilish details? The following are disassembled one by one.
Bank Savings Account Promotion
Hang Seng 90th Anniversary Savings Deposit 6.9%.
Hang Seng Bank said that in order to celebrate its 90th anniversary, it has launched a special savings interest rate. From now until April 30, 2023, selected customers deposit 50,000 Hong Kong dollars or 10,000 dollars of the US in new funds, and maintain the balance nil. less than 30 April The relevant balance of the day can be divided into two steps to obtain an annual interest rate of high interest savings.
The first step is May, with 1.9% for the Hong Kong dollar and 2.9% for the US dollar; the second step is June, with 4.9% for the US dollar and 6.9% for the US dollar. On average, the annual interest rate for the Hong Kong dollar is 3.4%, and the rate for the US dollar is 4.9%. In the changing market conditions, it can be considered as one of the short term interest earning strategies.
However, it should be noted that this discount adopts the base annual interest rate + additional annual interest rate method The additional annual interest rate will be deposited into the account on or before August 31, that is, it may not be deposited after the end of the additional interest period.
And this offer is only available to selected customers who received the promotion, other customers are not applicable.
Standard Chartered Marathon returns to top 5%
“Standard Chartered Marathon” current deposit discount, the discount in March has a surprise, the US dollar part returns to 5%, the first stage is 3%, the second stage is 4%, the third stage is 5% , and the three periods are higher High interest rate every month.
The Hong Kong dollar part also did not cut interest rates, maintaining 2.2% in the first stage, 3.5% in the second stage, and 4.5% in the third stage.
However, if this promotion is offered this month, the period of high interest rates will be shorter than last month, because the third phase will last until July 3. Like last month, there will be one month less rates high interest in disguise.
And it should be noted that this is a monthly interest rate increase method, but the last step is 5%, and the average of the whole period is less than 5%. Taking the US dollar part as an example, if it is opened now , the first stage (that is, the lower interest rate part) for up to two months, and the average of 4 months is close to 4%.
CNCB’s Monopoly deposit is 7.28%, but the average is lower than fixed term deposits
Among the discounts for current deposits, although the Bank of China Monopoly deposit has the highest interest rate, the annual interest rate in the last stage reached 7.28%, and also maintained the previous level in March. However, the annual interest rates for the first two steps have been reduced since the previous month, and for new customers, they are 1.2% and 1.58% respectively. The average level in the 4 month period is less than 3%. In contrast, the bank’s fixed deposits have more than 3%.
CCB raises interest rate every month, it is more economical to open a US dollar account
For Asia CCB’s “Monthly Interest Rate Increase” account, the high interest rate reduction will continue in March and will be divided into 4 months, but the latest reduction has reduced the Hong Kong dollar part. The first month to the third month is 1%, 1.2% and 1.5% respectively, Only 5.5% was maintained until the fourth month, and the average calculation of the four months was only 2.3%.
However, if you open a US dollar “monthly interest rate increase” account, the first month to the fourth month will be 3%, 4%, 5% and 5.5%, with an average of 4.375% in 4 months, which can be said to be better than Hong Kong dollar and RMB accounts.
It is worth noting that if you have a monthly interest rate increase account, you can make a one-week foreign currency time deposit with a high interest rate of up to 15%, which is the highest short-term deposit interest rate in foreign currency. the City.
Dah Sing homes pay 5% until next year
Dah Sing Bank’s “360 ° Easy Payment Service” is also very popular. If you hold the bank’s VIP i-Account integrated wealth management account and register for the payment service, the deposit amount reaches 800,000 yuan, and there is an additional current deposit with an annual interest rate of 5 percent until January 31, 2024.
Currently, the bank’s annual basic demand deposit interest rate is 0.625%, that is, a total of 5.625%.
But don’t think that the 5.625% is just for you. Not only do you need to serve new wealth management customers, but you also need to do various tasks every month, such as doing securities transactions with at least 5,000 yuan . This is similar to Citi’s Citi Interest Promotion (current interest rate of 2.4% per annum for complete tasks), which is to increase customers’ use of different services within the bank.
New Chongxing customers add an additional 3.8%
Chongxing Yuexiu Wealth Management Welcome Rewards, new customers can get an additional 3.8% annual interest rate for the first 200,000 yuan of savings deposits, and the basic annual interest rate will reach 4.425%. However, the special detail is that the additional interest will be paid on or before November 30 this year. When the payment is made, the customer needs to continue to maintain the account, which is normal and valid.
DBS e$aver is 4.7% higher than a 3 month fixed deposit
Many high-interest current accounts adopt the practice of increasing the interest rate, but e$aver DBS has the same annual interest rate for 3 months, with a maximum of 4.7%, but new funds are required of 5 million yuan or more. it is more than 1 million yuan, it is 4.3%, and 4% for 200,000 yuan to less than 1 million yuan. However, even if it is 4%, it is higher than the 3.2% Hong Kong dollar term provided by DBS itself.
Higher interest rates and more flexibility than time deposits
Although the above current deposit discounts have devilish details, the interest rate is higher than regular deposits, for example, DBS has an average maximum of 5% in 3 months, and Dah Sing has more than 5% in a year, which is higher than fixed deposits in the market; another On the one hand, time deposits lock up the money. If you open these demand deposits and need to withdraw money for important business in the future, you won’t be able to get all the high interest at most, and you won’t be fined for handling fees.
Pay attention to the devil’s details
The interest rate increases, and the average interest rate must be lower than the promotional title
Looking at the picture above, there are a number of banks that offer current savings account discounts, some of them adopt the method of increasing interest rates, such as 7.28% CNCB, which is around 3% on average over a few months. Therefore, readers should not look at the title of the promotion alone and think that there is 7.28% in the whole issue. Still, 3% is a lot for a flexible checking savings account. Standard Chartered’s “Marathon Current Deposit” and CCB Asia’s “Monthly Interest Increasing Savings Account” are also methods of increasing interest rates.
Deposit funds have a limited duration and the account cannot be used for other purposes
Although the flexibility of this type of account is higher than fixed deposits, it is lower than normal savings accounts because 1) the deposited funds have a limited duration and cannot be deposited after a certain period of time; 2) the account cannot be used for other purposes, such as the monthly increase of the CCB Monthly interest rate, it cannot be used for the purposes of comprehensive financial management.
If I withdraw money halfway through, can I still enjoy high interest rates?
Some banks are more “homogeneous” If a customer withdraws money halfway, only the remaining amount can enjoy a high annual interest rate. However, if the outstanding amount is below a certain amount, the bank may not be able to give a high annual interest rate on the entire amount. So, when readers open this type of account, remember to read the terms and conditions clearly.
Date this article was last updated: March 28, 2023
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