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Best interest rate NOT HSBC!

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  1. #1

    Join Date
    Feb 2009
    Posts
    56

    Best interest rate NOT HSBC!

    I opened an HSBC account but was surprised to find that the interest rate for savings and time deposits and RMB accounts are terrible compared to other banks, especially mainland.

    Anyone else notice that? Any banks with much better rates? I found some pay over DOUble. I was shocked. Any suggestions?


  2. #2

    Join Date
    Aug 2006
    Posts
    7,517

    HK$ saving rates are very low at every bank. Rmb rates vary more, especially if you are depositing 'new funds'. Try the smaller banks - Wing Hang Bank for example.

    And even in smaller banks, you are usually covered up to HK$500 000 by the Deposit Protection Scheme. http://www.dps.org.hk/en/home.html

    Last edited by drumbrake; 05-12-2012 at 09:24 AM.

  3. #3

    Join Date
    Nov 2010
    Location
    HK
    Posts
    1,180

    with the HKD pegged to the USD interest rates follow the US ie 0


  4. #4

    Join Date
    Feb 2009
    Posts
    8,280

    I am not shocked. But can you post some of the comparisons so it is clear exactly what you are referring to. If you are talking about savings accounts, whether you get 0.01% at HSBC or 0.1% at another bank really doesnt make much of a difference. Yeah the other bank has 10 times better rate, but its effectively almost zero.

    For time deposits, these vary and all bank including HSBC cook up weird and wonderful promos all the time that make comparison very difficult.

    Reagarding mainland, are you referring to using putting RMB in a bank account in HK, or actually having RMB in a chinese bank across the border? It makes a big difference and you can get much better interest rates putting your RMB in China than just having a RMB account in HK.

    Im not with HSBC for many different reasons, but the interest rate on accounts is not one of them. I think they suck for totally different reasons from you .

    shri likes this.