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2%+ Interest Rate Deposits - Oct 2019

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  1. #1
    bdw
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    2%+ Interest Rate Deposits - Oct 2019

    Quote Originally Posted by nivantj
    +1, park your money in fixed deposit for six months until you figure out where does that windfall fit into your portfolio, future need/use etc.. I put some spare cash into six month FD at 2.3% a month ago, most banks would provide rate somewhere around that..
    Can you really get 2.3% on HKD now? I thought was more around 1.6-1.7%. Considering the banks lend me HKD at 1.8%, how is it possible they offer higher rates on savings than they do on loans? It’s mind boggling. The whole world has turned upside down.
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    Quote Originally Posted by bdw
    Can you really get 2.3% on HKD now? I thought was more around 1.6-1.7%. Considering the banks lend me HKD at 1.8%, how is it possible they offer higher rates on savings than they do on loans? It’s mind boggling. The whole world has turned upside down.
    Lol yes i did and that too with your favorite bank under that silly 'New Fund' category and without moving funds forth and back between banks to make it NEW.. I think Hang Seng was also offering around 2.3/4% last month..

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    Quote Originally Posted by nivantj
    Lol yes i did and that too with your favorite bank under that silly 'New Fund' category and without moving funds forth and back between banks to make it NEW.. I think Hang Seng was also offering around 2.3/4% last month..
    Did you have to go in, or was this done online?

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    Quote Originally Posted by pin
    Did you have to go in, or was this done online?
    As far as i know, SC/HSBC/HSB don't offer it online, i had to visit the branch.. One of those typical HK counterproductive thing..

    Correction, just checked HSB online function is bit patchy, you have to select the period and press recalculate button which will offer 2.4% for six months but the same button is not working for 4-month deposit which they claim in the promotional offer..
    Last edited by nivantj; 10-10-2019 at 10:42 AM.
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    DBS online promo goes to 2.4 for six months for HKD + some bonus cash.

    USD goes up to 2.05 for 3 months.

    I suspect better rates might be available through the branch or RM.

    https://www.dbs.com.hk/personal/prom...OnlineTD-promo

    Last edited by shri; 10-10-2019 at 10:56 AM.
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    Quote Originally Posted by nivantj
    Interesting that the 3 and 6 month rates are higher than the 12 month rate. Presumably they are expecting interest rates to decline?
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  9. #9
    bdw
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    Time to borrow $100million at 1.8% interest, put it in a FD at 2.4%. Interest expense is $1.8m, interest earned is $2.4m. Woohooo I just made a quick $600,000 with zero risk and doing sweet fuck all!!!


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    Quote Originally Posted by traineeinvestor
    Interesting that the 3 and 6 month rates are higher than the 12 month rate. Presumably they are expecting interest rates to decline?
    Not an expert on the matter but yes it could be either that or short term volatility in HIBOR due to liquidity drying up / IPO etc.. Perhaps @jrkob could give better explanation..
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