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Citibank 3mnth HK$ depo

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  1. #31

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    Are these rates going to be perpetual for renewals/indexed to some number?

    P and other considerations will change the picture, but if P remains the same or moves higher will they remain the same?

    I don't see the point in opening an account, transfering funds and going through all the buggery if you're returned to a 0.2% rate after the first month.

    MandM! and bdw like this.

  2. #32

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    Found this on OCBC Wing Hang's website:

    https://www.ocbcwhhk.com/whb/webpage...e_en_Dec18.pdf


  3. #33

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    Quote Originally Posted by shri
    Are these rates going to be perpetual for renewals/indexed to some number?

    P and other considerations will change the picture, but if P remains the same or moves higher will they remain the same?

    I don't see the point in opening an account, transfering funds and going through all the buggery if you're returned to a 0.2% rate after the first month.
    Of course they would never renew at the same rate

  4. #34

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    Hang seng is offering 2.4% on 3 month HKD time deposit. It says 500k new funds, not sure if that means up to 500k, or 500k and above, or simply 500k.


  5. #35

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    Quote Originally Posted by MandM!
    Of course they would never renew at the same rate
    Yes, thats always the issue... thought may be there was some sort of guaranteed renewal at P +/- or H +/-.

    I guess all of this is just year end cash collection by the banks?
    MandM! likes this.

  6. #36

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    Quote Originally Posted by MandM!
    Hang seng is offering 2.4% on 3 month HKD time deposit. It says 500k new funds, not sure if that means up to 500k, or 500k and above, or simply 500k.
    I checked with RM yesterday, its min 500k and rate is obviously for new funds only (i.e. they check funds in/out in last one month and decide exactly how much is new fund) and most importantly so-called preferential rate is only for one-time, fund is no longer new after three months so it goes back to normal rate upon maturity. What the!!!

  7. #37

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    Bait and switch, the classic retail banking scam.

    These guys are just window dressing their deposits into year end.


  8. #38

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    Quote Originally Posted by nivantj
    I checked with RM yesterday, its min 500k and rate is obviously for new funds only (i.e. they check funds in/out in last one month and decide exactly how much is new fund) and most importantly so-called preferential rate is only for one-time, fund is no longer new after three months so it goes back to normal rate upon maturity. What the!!!
    Unfortunately this is their usual practice, would have been surprising if this wasn't the case :P

  9. #39

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    This is normal banking practice. I'm glad it's at least a 3 month fixed deposit instead of the hey 1 day fixed time deposit at 5% BS scheme.


  10. #40

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    Why not buy USD T Bonds directly or via IB etc, around 2.4% for 3 months last I checked, higher for 1 year. No new funds etc requirements.

    orel100x and pin like this.

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