Like Tree12Likes

Time Deposit Best Option

Closed Thread
Page 1 of 2 1 2 LastLast
  1. #1

    Time Deposit Best Option

    Hey everyone
    Im debating either opening a time deposit in HKD or converting the money into USD and opening a time deposit with USD
    this is the rates:

    HKD
    1 month 0.95% 3 months 1.65% 6 months 2.00%

    USD
    1 month 1.60% 3 months 2.40% 6 months 2.45%

    The issue here is the exchange rates.. If we assume normal bank exchange rates, and assuming that if once converted into USD wont be changed back into HKD, which option is the more profitable one?

    Thanks for your feedback


  2. #2

    Join Date
    Aug 2014
    Location
    Hong Kong
    Posts
    315

    May I know where you are getting those rates? HSBC shows max 0.45% for me on their website. SCB is around 2% I recall but only for new members, so counts me out.


  3. #3

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    47,964

    @mused - not for new accounts, for new FUNDS.


  4. #4

    Join Date
    Aug 2014
    Location
    Hong Kong
    Posts
    315
    Quote Originally Posted by shri:
    @mused - not for new accounts, for new FUNDS.
    But there is a remark at the bottom of their website:

    "Only applicable to client who does not hold any deposit account, including Savings Account(s), Current/ Cheque Account(s), Integrated Deposits Account(s) and Time Deposit Account(s), with the Bank in the past 12 months from the date of Online Application submission"

    Which I seem to already hold 2 of by default.

  5. #5

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    47,964

    Ok, with HSBC and a couple of other banks the special rates are for "new funds" - i.e. funds transferred in.


  6. #6

    Join Date
    Aug 2014
    Location
    Hong Kong
    Posts
    315

    Cool thanks. To be honest I was avoiding going into the branch if it really wasn't possible as I've not had a great experience with them. But I better drag myself there to see what they can do!


  7. #7

    Join Date
    Feb 2009
    Posts
    47

    Look at DBS promotional time deposit rates via digital banking. Their rates are consistently the highest and can be placed online with existing money. No new money gimmick.

    Most major currencies. Currently HKD 3 months is 1.65%.

    Minimum 50,000.

    This is an on-going service and not a one time new member promotion.

    Last edited by medaman; 16-02-2019 at 09:13 AM. Reason: Supplement info
    z754103 likes this.

  8. #8

    Join Date
    Feb 2009
    Posts
    8,280

    Well this is interesting. I enquired at a Standard Chartered branch today for HKD$100,000 term deposit for 6 months and they told me I can get 1.55% with new funds. Means I have to withdrawal $100k and then give it back to them. I'm an existing customer for 10 years and no need to be a new customer.

    Back at my desk now and I try to do the same thing online with the internet banking (using existing funds of course) and they only give me 0.15% interest rate.

    These guys are morons. Forcing people to go to the bank and count their money with those money machines and then deposit it back again?

    MandM!, Drunken Master and shri like this.

  9. #9

    Join Date
    Feb 2011
    Location
    Hong Kong
    Posts
    6,317
    Quote Originally Posted by bdw:
    Well this is interesting. I enquired at a Standard Chartered branch today for HKD$100,000 term deposit for 6 months and they told me I can get 1.55% with new funds. Means I have to withdrawal $100k and then give it back to them. I'm an existing customer for 10 years and no need to be a new customer.

    Back at my desk now and I try to do the same thing online with the internet banking (using existing funds of course) and they only give me 0.15% interest rate.

    These guys are morons. Forcing people to go to the bank and count their money with those money machines and then deposit it back again?
    Hang seng is great for doing time deposits on the mobile app and with decent rates. I checked it this morning. 1yr HKD 2.1% and 6 months HKD 1.55%. USD is >2% as well. HASE requires new funds. Just do a free online transfer from SCB to HASE and wa la. New funds.

    BOC also ok but no good offers lately. BOC did not require new funds I think.

    HSBC and SBC are shit.
    bdw and Drunken Master like this.

  10. #10

    Join Date
    Feb 2011
    Location
    Hong Kong
    Posts
    6,317

    If you consider the time you wait in line at the bank. You could have transferred funds from one bank to the other and researched and opened 5 time deposit accounts. In the meantime the queue at the bank only moved up 2 people.

    I can't be bothered to go to the bank anymore. Waste of precious time and energy. I just learned you can do international wires online and at cheaper rates. I usually waited 2 hours at the bank for each one in the past.


Closed Thread
Page 1 of 2 1 2 LastLast