Like Tree11Likes

2020 Bank Accounts & Deposit Rates

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

    2020 Bank Accounts & Deposit Rates

    I would like to open bank account in Hong Kong. I wonder which banks offer better customer services. I plan to open saving and checking account and time deposit accounts. Which bank(s) provide good services in terms of offering higher time deposit interest rates.

    Any banks list the current interest rates for time deposit on their websites?

    Citibank
    HSBC
    Hang Seng
    DBS
    Standard Chartered

    Dave Kane


  2. #2

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    47,967

    Check AABest for deposit rates if that is your only criteria.

    (Hint - you can find most bank's current funds and new fund rates by typing "bank_name deposit promotion" or "bank_name deposit rates" - for example AABest does not seem to have HSBC premier rates for new funds )

    https://www.aabest.com/en/timedeposi...by=2&orderby=1


  3. #3

    Time Deposit Interest Rate

    I notice that DBS has offered much higher time deposit interest rates (2.35%, etc ) compared to other local banks (0.35%). I wonder if anyone has ever opened such account at DBS. Any caveat?

    Thanks


  4. #4

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    47,967

    - at HSBC the higher tier rates only apply if your average relationship balance increases (not sure if they use a 30 or 90 day window... but its can be gamed)


  5. #5

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    47,967

    DBS terms and conditions are explained here and are easy to read:

    https://www.dbs.com.hk/iwov-resource...etd_tnc_en.pdf


  6. #6

    Join Date
    Nov 2005
    Location
    Cramped island
    Posts
    5,585

    i think this refers to the cash award given when you first place deposit with dbs.
    the regular one is this... FD level been fairly consistent over the last 1 year

    https://www.dbs.com.hk/iwov-resource...d-out-more.pdf

    i like it as i don't need to move money around to pretend its new fund (banks are just taking advantage of slightly lazier customers, stupid process)...

    so far no issue.. but if you place online remember to click for maturity --> transfer the principle and credit to account xxx...
    why ? if you do the autorollover, they will place your money into a 3m/6m 0.01% p.a. fixed deposit.. and technically after that if you terminate the deposit you can get charged a service fee (even though they will usually waive if for such a case)... so just remember this point and it should be fine.

    shri likes this.

  7. #7

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    47,967

    Thats the big one at DBS - do not auto roll over. You need to create a new deposit with the "promotional code" on maturity.

    Other than that, DBS works just fine. They publish and fix rates every month. like freeier mentioned and no point running around like a crazed person trying to find 0.1% more on "new funds" offers.


  8. #8

    Join Date
    Nov 2005
    Location
    Cramped island
    Posts
    5,585
    Quote Originally Posted by shri:
    Thats the big one at DBS - do not auto roll over. You need to create a new deposit with the "promotional code" on maturity.

    Other than that, DBS works just fine. They publish and fix rates every month. like freeier mentioned and no point running around like a crazed person trying to find 0.1% more on "new funds" offers.
    and also, the number of days sometime lapsed after your deposit matures till you have time to complete a new deposit in another bank probably eats up your 0.1 or 0.2% extra interest...

  9. #9

    SCB is offering Asia Miles instead of interest on new deposits:

    240,000 Asia Miles for a HKD1 million 12 month deposit.

    Leaving aside the fact that I don't have a million dollars sloshing around in my bank account, depending on seat class, destination and seasonal/off-peak pricing, the tickets I would likely try and get by redeeming the miles came to around HK$35K which is a theoretical yield of 3.5% which looks quite attractive.

    The problem of course is that even with flexible travel dates, actually redeeming Asia Miles for tickets is often an exercise in frustration - available dates are few and far between. In addition, usually only one leg is available which means paying for the other leg. Since one leg always costs more than half the return ticket this reduces the value of the points being redeemed so the actual yield will be lower than the theoretical yield.

    I'm inclined to pass but would be interested to know if anyone else has looked at this?

    As a side note, there is also another 25,000 Asia Miles on offer if you sign up for SCB Priority Banking and "up to" 60,000 Asia Miles for taking out a SCB Asia Miles MasterCard.


  10. #10

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    15,557

    Looking at the DBS promo again and you can get ALOT of money from them.

    Become a customer before 15th of the month (???) - HKD1.5k
    Open the account online - HKD500
    Do two designated transactions - HKD1.5k
    Open wealth management account - HKD200
    Keep TRB for four months - HKD800
    Keep HKD100k in investments - HKD800

    You do need a Treasures account for this (minimum of HKD1M TRB)

    Oh and forgot to mention if you keep HKD1M - 3M with the bank they give you HKD5k, HKD3M - 5M you get HKD16k and above HKD5M you get HKD28k.

    That's a lot of dosh.


Closed Thread
Page 1 of 2 1 2 LastLast