Hong Kong Banks Intensify Demand Deposit Rate Competition, HSBC, DBS, Hang Seng Offer Up to 10%
Multiple Hong Kong banks are raising Hong Kong dollar demand deposit rates, with the highest reaching 10% per annum, surpassing time deposits and new Silver Bond rates. HSBC offers up to 10% for teens' accounts tied to parents' fixed deposits. DBS's e$aver offers up to 5.8%, while Hang Seng offers 4% for selected customers. Other banks including Bank of East Asia, Ping An, Fusion, Mox, Standard Chartered, Dah Sing, CCB Asia, Chong Hing, and CITIC International offer rates from 2.8% to 3.88%.
Several Hong Kong banks have recently raised Hong Kong dollar demand deposit rates to as high as 10% per annum, with some demand deposit yields exceeding those of time deposits and the new batch of Silver Bonds, which offer 4.25%. HSBC announced that from now until September 30, parents opening a Teens account with children aged 11 to 17 can earn an additional 2% per annum savings rate on the first HKD 15,000 of the child's monthly average deposit balance. If parents also open a 3-month or 6-month Hong Kong dollar time deposit with new funds, the child's additional savings rate can increase to up to 10%. When the parent's time deposit amount ranges from HKD 200,000 to 500,000, HKD 500,000 to 1 million, or above HKD 1 million, the child's additional demand deposit rate rises to 3%, 5%, and 10%, respectively.
DBS has launched its e$aver annual rate, where Privilege Banking customers depositing eligible new funds can earn a Hong Kong dollar savings rate of up to 5.8%. For deposits between HKD 5 million and 10 million, the base savings rate of 0.125%, plus the e$aver rate of 3.475% and additional rates, yields a maximum of 5.8% on the first HKD 500,000 of new funds. The Privilege Banking account requires maintaining a total monthly personal financial value of at least HKD 1 million. New salary account customers can receive a HKD 1,000 cash reward and enjoy an additional deposit rate of up to 1.5%.
Hang Seng Bank, until September 30, offers selected customers a 4% per annum additional Hong Kong dollar demand deposit rate on deposits of HKD 50,000 or more. Customers whose daily average balance growth between August 31 and September 30 versus June 30 ranges from HKD 50,000 to 8 million qualify for this rate. Hang Seng's current Hong Kong dollar demand deposit rate is 0.001%. Bank of East Asia has launched its "Step-Up" demand deposit, where Supreme Private Banking or Supreme Banking customers depositing new funds can earn a Hong Kong dollar rate of up to 3.9% in the final stage, while Prime Banking or BEA GOAL customers can earn up to 3.85%, with a minimum deposit of HKD 10,000. An early-bird offer for deposits of HKD 500,000 or more before September 6 and maintained until the end of the promotion period provides up to HKD 300 in electronic supermarket vouchers.
Ping An OneConnect Bank's "Ascend Savings Deposit" offers a Hong Kong dollar rate of up to 3.88% in the final stage, with a minimum deposit of HKD 8,000 and a maximum of HKD 100 million. Fusion Bank, for deposits of eligible new funds into its "Interest Plus" demand deposit account before August 31, offers a Hong Kong dollar rate of up to 3%, with a deposit cap of HKD 10 million. Mox FlexiBoost high-interest demand deposit also offers a maximum rate of 3%.
Standard Chartered Bank, for its "High Interest Marathon Demand Deposit" opened before August 31, offers a Hong Kong dollar rate of up to 3.1%, with rates increasing in stages. The minimum deposit via online or mobile app is HKD 10,000, while via branches or the "My RM" platform it is HKD 100,000, with a maximum deposit of HKD 10 million. The Wealth Saver account offers a total Hong Kong dollar savings return of up to 1.7% for deposits of HKD 8 million or more, with the reward applicable to the first HKD 5 million, and the balance earning a savings rate of 0.001%. Dah Sing Bank's new salary service customers with a VIP i-Account integrated banking account can earn an additional demand deposit rate of up to 3%, and e-asy Banking integrated banking account customers up to 2.8%, for deposits of HKD 500,000 or more; for amounts between HKD 10,000 and 500,000, the maximum rates are 2.95% and 2.75%, respectively, with a monthly additional interest cap of HKD 6,000. The promotion is extended to December 31.
CCB Asia, for successful opening of a "Monthly Incremental Savings Account" and registration for the promotion, with funds deposited during the deposit opening period, offers a Hong Kong dollar demand savings rate of up to 3%, with a minimum deposit of HKD 50,000. Chong Hing Bank, for successful opening of a Joy or JoyPlus account before September 30 and selecting designated banking services, offers a Hong Kong dollar demand deposit rate of up to 2.8% for the first three months, subject to registration and meeting total asset balance growth reward requirements, applicable to the first HKD 10,000 to HKD 200,000 in savings deposits. New customers can receive up to HKD 29,500 and HKD 22,500 in welcome rewards. CITIC International, for successful registration of MOTION dynamic deposit before the end of August and deposit of eligible funds, offers a Hong Kong dollar rate of up to 3.88%, with a minimum entry amount of HKD 10,000 and a cap of HKD 20 million. Before the promotion period, each HKD 10,000 deposit earns one lucky draw entry for a chance to win two economy-class round-trip tickets to Sydney or Melbourne, Australia.
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