2023-04-23 08:14:34
U.S. interest rate hike is about to peak? If you want to lock in a longer-term high-interest fixed deposit now, but one year is too long, you can choose a 6-month deposit period. At present, among the Hong Kong dollar fixed deposits, the highest 6-month rate is 3.7%, and the 6-month US dollar fixed deposit is as high as 4.9%!
This article uses 3 simple tables to help you compare the fixed annual interest rates of Hong Kong dollars and U.S. dollars in 19 banks with a 6-month deposit period. Is it the U.S. dollar or the Hong Kong dollar?
6-month fixed deposit ratio
The higher the interest rate threshold, the higher the maximum interest earning is more than 55,000 yuan
As can be seen from the figure above, the higher the interest rate, the higher the requirement for the initial deposit amount, and all of them are for new funds. Overseas Chinese Wing Hang needs 1 million new funds at 4.18%, and Fubon’s 3.7% requires 500,000 new funds. For funds, East Asia’s 3.6% is even more exaggerated. In addition to new wealth management customers, it also needs 2 million new funds; while Chiyu’s 3.55% requires 1 million new funds.
The top few with the highest interest rate above require a minimum principal of 500,000 yuan, and even a designated account is required to open it. It can be seen that the current strategy of the bank is to target large accounts.
The bank that earns the most interest is ICBC (Asia). The bank’s 188-day deposit period has a maximum of 3.4%. Since the initial deposit is as much as 3 million yuan, the half-year interest is about 52,000 yuan, but it needs to be for the Elite Club customers. new funds.
Existing funds 3.55%, low threshold 3.5%
If you want to get a discount on existing funds, the maximum is 3.55% of China Merchants Wing Lung, but you need to open a mobile bank, and it costs 500,000 yuan; if you start depositing 10,000 yuan, there is also 3.5%.
Bank of Communications Hong Kong is also 3.5%, and the minimum deposit threshold is also low, only 20,000 yuan, but it needs to be opened through electronic channels, and there is no new capital requirement.
For East Asia’s new Supreme Wealth Management customers, if the initial deposit is only 20,000 yuan, there is still 3.55%; if ICBC (Asia) customers have an initial deposit of about 100,000 yuan, there is also 3.2%. Inquire, there may be offers suitable for any principal amount.
4.9 centimeters VS 3.7 centimeters
At present, with a 6-month deposit period, Fubon’s USD fixed deposit is the highest at 4.9%, which is a new fund discount for mobile banking. Assuming a principal equivalent to 500,000 Hong Kong dollars, excluding exchange costs, the half-year interest earns about 12,000 Hong Kong dollars. With the same principal, it earns 3,000 more interest than its HKD 3.7 fixed deposit.
【Interbank transfer】U.S. dollar time deposit up to 5% Want to transfer U.S. dollars to another bank for time deposit?Compare Interbank Transfer Fees
Pay attention to exchange risk when transferring money to US dollars on a regular basis
Although the Hong Kong dollar is pegged to the U.S. dollar, it is not completely volatile. Under the linked exchange rate system, the U.S. dollar to Hong Kong dollar will fluctuate between 7.75 and 7.85, which means that there is a maximum exchange rate risk of nearly 1.3%.
Taking into account the price difference and handling charges of exchanging US dollars through banks, if the interest rate difference is only about 1%, it may not be enough to cover the cost. Readers should pay attention to this. However, if you already have US dollar deposits, you may wish to do more US dollar fixed deposits in the near future, which will definitely earn more interest than Hong Kong dollar fixed deposits.
Date this article was last updated: April 21, 2023
Written by: Liao Yiran
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