2023-09-05 18:53:04
Although Hong Kong dollar fixed deposits have increased and decreased, but entering September, there are still a lot of 5% options for US dollar fixed deposits. Benefiting from the high interest rates in the United States and the lack of US dollar funds in banks, the annual interest rate of time deposits has been wildly increased to attract deposits. At present, all major deposit terms have 5% and are spread over more than 10 banks! Recently, Hang Seng Bank also launched a new 4-month deposit period, which reached 5.2%. However, it is best to have US dollar funds for US dollar regular trading. If you exchange US dollars to do it now, you may lose money, and the analysis will be made below.
Below are the most complete US dollar time deposits, with a maximum of 13.8%. In terms of long-term interest, the 6-month deposit period hit a new high of 5.6% this week, the 3-month deposit period reached a maximum of 5.5%, and the 12-month long-term interest rate was 5.1%.
List of USD Time Deposits
4 months 5.2%
Many banks have reduced the annual interest rate for a 3-month deposit period, but the 4-month deposit period has reached a new high. Hang Seng Bank has reached 5.2%, and general integrated accounts can also be opened. Open online banking. At present, there are not many banks with a 4-month USD deposit period, and the rest are only 4.55% of DBS and 4.5% of Dah Sing Bank.
6 months 5.6%
Fubon Bank’s 6-month branch new fund discount, as long as it reaches 100,000 US dollars, the annual interest rate is 5.6%, and the semi-annual interest rate is 2,800 US dollars (about 21,800 Hong Kong dollars), excluding the ultra-short deposit period of 1 week or 1 month. Currently the highest interest rate USD time deposit. This promotion was originally scheduled to expire last month, but it is still being extended until further notice, and all customers (including individual or corporate customers) can open new funds at branches.
In order to prepare for the year-end closing, the bank currently has multiple options of 5% for the 6-month deposit period. In addition to Fubon, Dah Sing Bank has the highest 5.2%, which is a discount for new VIP banking service customers.
In addition, Chong Hing and CNCBI are also 5%, and the initial deposit amount is US$10,000. ICBC (Asia)’s 188-day deposit period is 5.1%, and requires a minimum deposit of US$100,000, which is a branch’s new fund discount.
Large banks also have high interest rates. The 6-month deposit period of Hang Seng Bank is 4.8%, which is the highest interest rate among the four major banks.
1 month 5.38%
If there is a need to exchange US dollars, you can do a one-month US dollar fixed term. There are two as high as 5%, Fubon is 5.38%, and Hang Seng is 5.3%. Both of them need to be opened through exchange funds.
If the deposit period is 2 months, Fubon Bank also has a maximum of 5.1%. It is not necessary to exchange funds, but it needs to be new funds for mobile banking.
3 months up to 5.5%
The 3-month deposit period is up to 5.5%, which is a new customer discount of Chong Hing Bank, but at the same time it needs to be exchanged funds. The minimum deposit amount is 125,000 US dollars. It is suitable for readers who need to exchange large amounts of US dollars. Monthly interest earns more than US$1,700 (over HK$13,000).
Dah Sing Bank also has up to 5.4%, which is a new fund discount for all VIP banking service customers, with a minimum deposit of 100,000 to 500,000 Hong Kong dollars equivalent.
A total of 10 banks with a 3-month deposit period have a high interest rate of 5%. In addition to the above-mentioned Chong Hing, CCB Asia has the highest interest rate of 5.25%, ICBC Asia and Citigroup both have 5.2%; Fubon and NCB have the highest interest rate of 5.1%.
5.1% lock-in interest rate
At present, the 12-month or 6-month deposit period has a maximum of 5.1%, which is the discount of Fubon Bank. The minimum deposit amount is 30,000 US dollars. New funds need to be opened in mobile banking.
OCBC Bank also recently launched a 5% discount, with a deposit period of 12 months, and the equivalent of 100,000 Hong Kong dollars can be deposited as an initial deposit. It is applicable to new funds of wealth management customers, and general personal customers also have 4.8%.
1 week deposit period up to 13.8%
Banks sometimes offer foreign currency term deposits as short as 1 week. Among the 1-week short-term deposits in US dollars, CCB Asia’s 13.8% is the highest. This discount was originally as high as 20%, but it has been reduced recently. The offer is for new “VIP Elite” or “VIP Wealth Management” customers who have successfully subscribed for designated investment products up to HK$500,000 before they can use HK$500,000 to open a 1-week short deposit equivalent in 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 high interest rate of the bank sometimes requires new funds or exchange funds, and even requires the conversion of the designated currency into US dollars to enjoy the specified annual interest rate, which may eat the price difference. 7.8616 Hong Kong dollars. 2. If the bank requires new funds, or even 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 US dollar, the US dollar is The Hong Kong dollar will still fluctuate between 7.75 and 7.85, which means that there will be about 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: September 5, 2023
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