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P-2.5% Penetration

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  1. #11

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    HSBC controlling its P ...

    The United States raised interest rates by 0.75% again, and the Bank of Hong Kong continued to not increase P. HSBC, the leading bank in Hong Kong, announced that it will maintain the Hong Kong dollar prime rate (P) unchanged at 5.0%. The last time HSBC adjusted the Prime Rate (P) was on November 1, 2019, when HSBC cut interest rates by 12.5 basis points.
    https://inews.hket.com/article/3313669/

  2. #12

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    Quote Originally Posted by pin:
    Haven't seen any bank saving rates going up....
    Looks like the smaller / more aggressive banks are increasing their rates.

    Chong Hing's 3-month annual interest rate is the latest 1.8%, and CCB Asia's 2.25% interest rate is second only to Citigroup's 3-month interest rate of 2.48%, which is the highest in the whole bank.
    Not really concerned with this ... and have not looked at all the fine-print-fuckery associated with these deposits.

    https://wealth.hket.com/article/3313676/

  3. #13

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    Even HSBC is raising deposit rates, albeit hidden as a promo:

    https://www.hsbc.com.hk/en-hk/accounts/offers/deposits/

    6-month at 1.2% or 12-month at 1.6%.


  4. #14

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    Original Post Deleted
    Sorry this seems pretty crucial, do you mean all existing loans have their P-X levels fixed until the maturity of their loans? Like 20 years in the future or so?

  5. #15

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    Original Post Deleted
    Ahh ok clear, so P is still fixed, they just reduced the discount on P. Fixed rate loans are very unusual in HK..

  6. #16

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    Prime based mortgages are unnecessarity complicated in HK (IIRC for no other than legacy reasons) where P and X both are variable and banks could arbitrarily move either of it to adjust the rate instead of just keeping P and moving it up/down.


  7. #17

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    Stunning news from HSBC...

    HSBC announced that from Friday (29th), the US dollar savings account interest rate will be raised by 24.9 basis points, from 0.001% to 0.25%. HSBC last adjusted the US dollar savings account interest rate on October 31, 2019, when the rate was cut by 9.9 basis points.

    Starting Friday, HSBC will pay 0.25% annual interest on U.S. dollar savings accounts with a balance of $1,000 or more, and 0% on U.S. dollar savings accounts with less than $1,000.
    https://inews.hket.com/article/3313726/

  8. #18

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    Incredibly generous! Given that they can place the money risk free with FED 2% above that

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  9. #19

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    Quote Originally Posted by GentleGeorge:
    I've seen these often but always assumed they are not worth the hassle. I'm very willing to invest a bit of time to clip additional yield but don't want to end up in a six month back-and-forth with HSBC if something goes wrong.

    In your experience, how easy/quick is it to set up the associated time deposit, check it's all working as expected etc.?
    First, note that I said Hang Seng. I have zero experience with HSBC.
    To your question: I do it online, without any need for any assistance. Their phone app is reta... I mean, bad. So I use their website via a browser. It's not intuitive, but once you figure out how to navigate it... I wouldn't say easy, but perfectly do-able.
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  10. #20

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    well, their interest cost suddenly went up 250 times..