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How to open a USD bank account in HK that gives 2% interest rate in the saving account?

  1. #21

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    Quote Originally Posted by Kowloon Goon
    Not a fan of the stock market as well, but I opt for purchasing property when the cash flow is good (not so concerned about cash flow at my age).
    Short-term time deposits still add up, the amount for 3 months might be smaller, but it's also good to have the liquidity. If you lock up 1-2 years, you have to take a hit if you need the cash early. I am encountering that right now and might need to pull back a couple TD's early for something I bought.
    Kowloon Goon likes this.

  2. #22

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    May 2015
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    Quote Originally Posted by shri
    If its fixed deposits take a look at AABest for HKD / USD rates:

    https://www.aabest.com/en/timedeposi...by=2&orderby=1
    Thanks for this! Just put in a 3 month time deposit with Hang Seng while I wait and decide what to do with my funds.
    Kowloon Goon likes this.

  3. #23

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    Aug 2010
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    I''m not sure why would you need to open a foreign bank account. Just simply open a multi-currency account and most banks will have Time Deposit service. The interest rate for USD Time Deposit is about 2%


  4. #24

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    ask Commercial Crime Bureau for advice


  5. #25

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    Quote Originally Posted by yoshisan
    I''m not sure why would you need to open a foreign bank account. Just simply open a multi-currency account and most banks will have Time Deposit service. The interest rate for USD Time Deposit is about 2%
    No one said anything about a foreign bank account. I saw Stan Chart is offering some 3% promotions on USD TD. Didn't bother to enquire though.

    If another country is offering better rates then one might do that.

  6. #26

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    May 2015
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    Be careful and read the fine print. A lot of these foreign currency deposits offer decent rates on new deposits, but you must do the currency exchange within the bank. Some banks have pretty bad exchange rates so that will offset the higher deposit rates

    Sith, pin and shri like this.

  7. #27

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    Oct 2018
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    Thank you for this. I put a 3 months time deposit with BOCHK, at 2.08% p.a. I didn't know it was so high before this thread.

    It's not going to be much money, but better than nothing, and it keeps up with inflation. I wonder how Certificate of Deposits compare with time deposit. I am going to start another thread, to have more people giving ideas.


  8. #28

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    Quote Originally Posted by john_1122
    Thank you for this. I put a 3 months time deposit with BOCHK, at 2.08% p.a. I didn't know it was so high before this thread.

    It's not going to be much money, but better than nothing, and it keeps up with inflation. I wonder how Certificate of Deposits compare with time deposit. I am going to start another thread, to have more people giving ideas.
    CDs are very common in North America and issued by banks. I guess they are pretty much the same as time deposits in HK.
    shri likes this.

  9. #29

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    If capital preservation is main concern for OP, i think CDs are not ideal for him...

    Certificates of Deposit are NOT equivalent to time deposits. Certificates of Deposit are NOT protected deposits and are NOT protected by the Deposit Protection Scheme in Hong Kong.

    If you wish to sell CDs, HSBC may repurchase it based on the prevailing market price under normal market circumstances, but the selling price may differ from the original buying price due to changes in market conditions.

    The secondary market for CDs may not provide significant liquidity or may trade at prices based on the prevailing market conditions and may not be in line with the expectations of CDs holders.
    https://www.business.hsbc.com.hk/en-...tes-of-deposit

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