2023-11-01 20:29:11
▲ Current deposits have higher interest rates than time deposits. Many banks such as DBS, Standard Chartered, CCB Asia, and CNCBI offer high-interest current deposit discounts, with an average of more than 5% per month, and there is no need to lock up funds.
High-interest current products have higher interest rates and are even more affordable than time deposits. All the latest November offers have raised interest rates. From this month to the end of February next year, DBS’s interest rate is as high as 5.2% per month for four months. It is the highest in terms of average annual interest rate and is higher than time deposits.
Standard Chartered’s “Marathon Deposit” and CCB Asia’s “monthly interest rate increases” maintain a maximum of 6% in a single month. Interest rates are raised in other months, with an average monthly rate of up to about 4.8%, which is higher than that of green bonds.
CNCBI’s “Monopoly Deposit” was the same as in October, maintaining a single-month maximum of 7.28% and an average of about 4.5% in about four months. Existing customers continue to enjoy the same annual interest rate as new customers.
Dah Sing Bank continues to have “360 Easy Payout” to complete designated transactions, with a maximum profit of 6% in a single month.
The following is a list of the monthly average annual interest rates of a number of major high-interest offers:
The bank’s average monthly annual interest rate during the high interest period (assuming it is opened on November 1) How to play DBS e$aver is up to 5.2% for new customers and new funds in 4 months, and the fixed interest rate is about 4.88% for Standard Chartered Marathon deposits. The interest rate increases every month on 121 days ( 4.0% + 4.0% + 5.5% + 6.0%) CCB’s monthly interest rate increase is approximately 4.75% for 4 months, and the interest rate increases monthly (3.0% + 4.5% + 5.5% + 6.0%) Chuangxing Yuexiu Financial Management 4.55% for 3 months New customers, new funds, fixed interest rates for CNCBI Monopoly deposits are about 4.5%. The 121-day interest rate increases monthly (2.7% + 2.7% + 5.25% + 7.28%). Dah Sing Bank 360° “Easy Grain” is up to 6% for 6 months Basic interest rate + rewards for completing specified projects
As can be seen from the above figure, although CNCBI’s Monopoly deposit monthly is 7.28%, which is the highest among many banks, because it adopts a monthly increasing interest rate method, the annual interest rate in certain months is lower. If calculated on a monthly average, It is not as good as Standard Chartered Marathon or CCB’s monthly interest rate increases.
Here are the detailed gameplay for each bank:
Bank current savings account promotion
In 2023, of course I want to use current savings deposits, because the interest rate is always higher than that of time deposits, the minimum deposit threshold is lower, and the current deposit is more flexible. If you have an emergency fund need, you can take the money at any time, although you will lose the extra interest. But it’s not the same as on a regular basis. If you withdraw money early, you may be fined for handling fees.
DBS e$aver re-weighted 4-month average of 5.2%
The annual interest rate of DBS e$aver has been raised again. If you have NT$200,000 in new funds, the Hong Kong dollar portion is 5%, and the payout account is an additional 0.2%, which is a maximum of 5.2%. Sign up for this offer now and enjoy high interest rates Until the end of February next year, that is, there will be at least 5% in 4 months.
This offer is limited to Fortune Financial Management customers with a higher threshold and must be newly opened or upgraded customers.
If you are an existing selected customer, the new capital starts from 200,000 yuan, and the annual interest rate is as high as 4.7%, and the US dollar is as high as 5.2%.
Standard Chartered’s single-month average is 6%, and the four-month average is 4.8%.
“Standard Chartered Marathon” current deposit discount, the discount in November continues to have surprises, the Hong Kong dollar part continues to have a maximum of 6%, the first phase is increased from 2.5% to 4%, the second phase remains at 5.5%, and the third phase remains at 6%, that is There is at least 4% every month. So overall, if you start in early November, the deposit period will be about 120 days, and the average annual interest rate will be 4.8%.
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CCB’s single-month average is 6%, and the four-month average is 4.75%.
CCB Asia has updated its “monthly interest rate increase” offer. The latest registration period is November 13. The fourth month is 6%, but the first to third months are 3%, 4.5% and 5.5% respectively. 4 In total, the annual interest rate has further increased to an average of approximately 4.75% from the previous average of 4.5%.
The Hang Seng Hong Kong dollar in a single month was 6.2%, and the two-month average was 4.35%.
Hang Seng’s high-interest current deposit offer is only available to selected customers. It will be extended again in October and has been launched for 7 consecutive months. The latest registration period is until the end of October. Deposit new funds of HK$50,000 or US$10,000, with a maximum of 8 in a single month. cents (USD), higher than last month’s 7.8%. The Hong Kong dollar portion increased from 2% to 2.5% in the first stage, and remained at 6.2% in the second stage, with an average of 4.35% in just two months.
If a customer who successfully registered last month has entered the “harvest period” this month, the interest will increase incrementally. The customer will first receive the basic annual interest rate, and will receive additional interest before the specified date.
Dah Sing Bank 6%
The registration period for Dah Sing Bank’s “increased interest rate” for savings accounts has expired. Readers who registered last month will start depositing money this month. During the 3-month high-interest period, the interest rate will increase month by month. It will be as high as 6.5 in January next year. cents, with an average of about 4.6 cents in three months.
Another high-interest plan is the “360 Easy Payout” for checking accounts. The additional annual interest rate is valid until April 30 next year, and the additional annual interest rate can reach a maximum of more than 5%! Taking into account the basic savings annual interest rate of 0.875%, it is possible to lock in a high-interest current account of 6% by April next year.
However, it should be noted that these 6% are not easy to come by, because you need to have a designated financial account, choose a payout service, and carry out designated banking services, especially stock trading, in order to reach 6%, and there is a limit on the additional monthly interest that can be earned, which is 6,000 Yuan.
CNCBI International’s monthly average is 7.28%, with a four-month average of approximately 4.5%.
CNCBI’s “Monopoly Deposit” adopts the method of increasing interest rates monthly. After raising interest rates again in October, the interest rate remained unchanged in November. It was 2.7% from the registration date to the end of December, 5.25% in January next year, and 5.25% in February next year. The month has 7.28 centimeters. The average annual interest rate for about 4 months is about 4.5%.
[Hong Kong dollar interest rate hike]”Red Book” all charge an interest rate of 1.125%, and the discount is higher than the 5% bank bond
Additional 3.8% for new Chuangxing customers
Chong Hing’s Yuexiu Financial Management welcome bonus offers new customers an additional 3.8% annual interest rate on their first NT$200,000 in savings deposits. Since the basic annual interest rate has recently been increased to 0.875%, the total annual interest rate can reach 4.675%. Deposit 200,000 yuan and receive interest of 2,275 yuan in 3 months, and there is no need to lock in funds like a regular deposit.
However, it should be noted that if you open an account this month, the account must maintain a certain amount before the specified date, and the additional interest will be paid in the form of cash rewards on or before the end of May next year.
Higher interest rate and more flexible than time deposits
Although the above-mentioned current deposit offers have devilish details, the interest rate is higher than that of fixed-term deposits. On the other hand, fixed-term deposits lock up funds. If you open these current deposits and need to withdraw money for urgent matters in the future, you will not be able to take out the high interest rate at most. No handling fees will be charged.
The interest rate increases and the average interest rate must be lower than the promotional headline
Looking at the picture above, several banks that launch current savings account discounts partially adopt the method of increasing interest rates. For example, the title is 8%. In fact, it is only 8% in a certain period, not 8% in the entire period.
Deposited funds have a limited period and the account cannot be used for other purposes.
Although this type of account is more flexible than time deposits, it is less flexible than ordinary savings accounts because 1) the deposited funds have a limited period and cannot be deposited after a certain period; 2) the account may not be used for other purposes, such as monthly deposits from China Construction Bank If the interest rate increases monthly, it cannot be used for comprehensive financial management purposes.
If I withdraw money midway, can I still enjoy high interest rates?
Some banks are more “uniform”. If a customer withdraws money midway, only the remaining balance will enjoy a high annual interest rate. However, if the remaining balance is less than a certain amount, the bank may not be able to give high interest rates on the entire balance. Therefore, readers should remember to read the terms and conditions clearly when opening this type of account.
The last update date of this article: November 1, 2023
Written by: HKET Financial Management Team
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