Major Banks in Hong Kong Raise Interest Rates on Deposits
In a surprising turn of events, major banks in Hong Kong have decided to increase interest rates on Hong Kong dollar deposits, contradicting the recent trend of lower rates. HSBC, for example, has raised its deposit terms from 6 months and 3 months to a maximum of 4.2% and 4% respectively. This move puts HSBC at a higher level in the market compared to other banks.
Following suit, the Bank of China Hong Kong has also raised interest rates. Its six-month and three-month deposit terms now offer a maximum of 4.2% and 4% respectively. Although slightly below HSBC’s rates, it still stands as a competitive option for general personal banking customers, who can conveniently access their accounts through online or mobile banking.
The four major banks in Hong Kong, HSBC, Bank of China Hong Kong, Hang Seng, and Standard Chartered, all offer high-interest time deposits that require new funds and can be opened through electronic channels. The minimum deposit for these accounts is only NT$10,000:
Prices Quoted by Major Banks for General Customers
- HSBC (Jade or Premier)
- 12-Month Annual Interest Rate: Not Available
- 6-Month Annual Interest Rate: 4.2%
- 3-Month Annual Interest Rate: 4.0%
- Minimum Deposit Amount: 10,000 yuan
- HSBC (HSBC One or Other Customers)
- 12-Month Annual Interest Rate: Not Available
- 6-Month Annual Interest Rate: 4.0%
- 3-Month Annual Interest Rate: 3.8%
- Minimum Deposit Amount: 10,000 yuan
- Bank of China Hong Kong (Personal Banking Customers)
- 12-Month Annual Interest Rate: 3.4%
- 6-Month Annual Interest Rate: 4.2%
- 3-Month Annual Interest Rate: 4.0%
- Minimum Deposit Amount: 10,000 yuan
- Hang Seng (General Integrated Account)
- 12-Month Annual Interest Rate: Not Available
- 6-Month Annual Interest Rate: 3.4%
- 3-Month Annual Interest Rate: 4.0% (Deposit Period of 4 Months)
- Minimum Deposit Amount: $10,000
- Standard Chartered (Personal Banking Customers)
- 12-Month Annual Interest Rate: 3.4%
- 6-Month Annual Interest Rate: 3.8%
- 3-Month Annual Interest Rate: 3.3%
- Minimum Deposit Amount: 10,000 yuan
From the table above, it is evident that HSBC provides an advantage to its Jade or Premier customers with a maximum interest rate of 4.2% for 6 months and 4% for HSBC One or other customers. The three-month deposit period also offers a maximum of 4% for HSBC, and 3.8% for general customers.
Following the interest rate hike by the Bank of China Hong Kong, its rates align with HSBC’s highest annual interest rate. Furthermore, general individual customers can enjoy higher interest rates of 4.2% and 4%, surpassing the rates offered to HSBC One customers.
Standard Chartered, another major bank in Hong Kong, has not yet raised its interest rates on personal banking customers’ deposits, still offering rates below 4%.
Hang Seng’s High Interest Offer
Hang Seng Bank also provides its general customers with a high interest rate of 4%. However, this rate is applicable to a deposit period of 4 months. For a 3-month deposit period, the rate is 3.4%. Prestige Financial Management or Prestige Private customers, on the other hand, can enjoy a rate of 3.5%.
Increased US Dollar Interest Rates
It is worth noting that apart from Hong Kong dollar deposits, banks are also increasing interest rates on US dollar deposits. The six-month deposit period now offers a maximum of 4.8%, while the three-month deposit period provides a maximum of 4.3%. Bank of China’s rates align with those offered by HSBC Jade, surpassing the rates provided to HSBC One customers.
However, Hang Seng Bank currently offers the highest interest rate among the major banks on US dollar deposits, reaching as high as 5.2%. Take a look at the table below for a detailed comparison:
Prices for General Customers of Major Banks (USD Fixed Deposit)
- HSBC (Jade or Premier)
- 12-Month Annual Interest Rate: 4.0%
- 6-Month Annual Interest Rate: 4.8%
- 3-Month Annual Interest Rate: 4.3%
- Minimum Deposit: USD 2000
- HSBC (HSBC One or Other Customers)
- 12-Month Annual Interest Rate: 3.8%
- 6-Month Annual Interest Rate: 4.6%
- 3-Month Annual Interest Rate: 4.1%
- Minimum Deposit: 2000 USD
- Bank of China Hong Kong (Personal Banking Customers)
- 12-Month Annual Interest Rate: 4.0%
- 6-Month Annual Interest Rate: 4.8%
- 3-Month Annual Interest Rate: 4.3%
- Minimum Deposit: USD 1,000
- Hang Seng (General Integrated Account)
- 12-Month Annual Interest Rate: Not Available
- 6-Month Annual Interest Rate: Not Available
- 3-Month Annual Interest Rate: 5.2% (Deposit Period of 4 Months)
- Minimum Deposit: USD 10,000
- Standard Chartered (Personal Banking Customers)
- 12-Month Annual Interest Rate: 4.0%
- 6-Month Annual Interest Rate: 4.0%
- 3-Month Annual Interest Rate: 3. Dollar
- Minimum Deposit: 2000 USD
It is important to note that the mentioned prices are quoted figures. Major banks like HSBC may provide higher interest rates to selected customers from time to time. Therefore, individuals with accounts at any of the four major banks should stay updated with the latest offers and opportunities.
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Conclusion
The recent increase in interest rates on deposits by major banks in Hong Kong has created a shift in the market. Customers now have the opportunity to earn higher returns on their deposits. However, it is essential to stay informed about the latest offers and rates to make the most appropriate choice for your financial needs. Download the “Hong Kong Economic Times” App for real-time information and updates on this evolving landscape.
Although many banks have recently lowered interest rates on Hong Kong dollar deposits, major banks have increased interest rates. Recently, HSBC has increased deposit terms from 6 months and 3 months to a maximum of 4.2% and 4% respectively. General customers also have a maximum of 4%, which is a higher level in the market.
Today (September 12), the Bank of China Hong Kong has also raised interest rates. It has also increased the six-month and three-month deposit terms to a maximum of 4.2% and 4%, which is below HSBC’s threshold. General personal banking customers can use online or mobile banking.
The high-interest time deposits of the four major banks listed below all require new funds and are opened through electronic channels, but the minimum deposit is only NT$10,000:
Prices quoted by major banks for general customers (Hong Kong dollar time deposit)Bank 12-month annual interest rate 6-month annual interest rate 3-month annual interest rate Minimum deposit amount HSBC (Jade or Premier) / 4.2% 4.0% 10,000 yuan HSBC (HSBC One or other customers) / 4.0% 3.8% 10,000 yuan Bank of China Hong Kong (personal banking customers) 3.4% 4.2% 4.0% Hang Seng (general integrated account) $10,000/3.4% 4.0% (deposit period of 4 months) Standard Chartered (personal banking customers) 3.4% 3.8% 3.3% 10,000 yuan
As seen in the table above, HSBC Jade or Premier customers have an advantage of 0.2%, with a maximum of 4.2% in 6 months, and 4% for HSBC One or other customers. As for the three-month deposit period, HSBC increased it to a maximum of 4% last week, and for general customers, it was a maximum of 3.8%.
After BOCHK raised interest rates, it was in line with HSBC’s highest annual interest rate, however, general individual customers also had interest rates of 4.2% and 4%, which were higher than the annual interest rates of HSBC One customers.
As for Standard Chartered, another bank that issues banknotes, although it has always offered high interest discounts to large or selected customers, the new fund discount for ordinary customers is still below 4% , and has not yet been increased.
Hang Seng 4 months 4%
Hang Seng Bank general customers also have a high interest rate of 4%, but it has a deposit period of 4. If it is a deposit period of 3 months, it is 3.4% If it is Prestige Financial Management or Prestige Private. Financial Management, it’s 3.5%.
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HSBC and Bank of China increase US dollar interest rates at the same time
BOCHK is also increasing the interest rate on US dollar deposits, with the six month deposit period increasing to a maximum of 4.8% and the three month deposit period increasing to 4.3% This is the same as Hong Kong dollar time deposit and is on par with HSBC Jade, but higher than HSBC One’s annual interest rate.
However, in terms of US dollar deposit interest, Hang Seng still has the highest among the big four banks, because Hang Seng has risen as much as 5.2% to grab US dollar money. Take a look at the table below:
Prices for general customers of major banks (USD fixed deposit)Bank 12-month annual interest rate 6-month annual interest rate 3-month annual interest rate Minimum deposit HSBC (Jade or Premier) 4.0% 4.8% 4.3% USD 2000 HSBC (HSBC One or other customers) 3.8% 4.6% 4.1% 2000 USD BOCHK (personal banking customers) 4.0% 4.8% 4.3% USD 1,000 Hang Seng (general integrated account) / 4.8% 5.2% (deposit period of 4 months) USD 10,000 Standard Chartered (personal banking customers) 4.0% .4.0% 3. Dollar 2000
It should be noted that the prices mentioned above are all quoted prices. Major banks such as HSBC will provide higher interest rates to selected customers from time to time. If you have accounts with the big four banks, you should pay more attention
More high interest deposits:
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Are high interest time deposits good? A lazy person can watch the sun
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