HSBC, Standard Chartered among major Hong Kong banks offering higher deposit rates of up to 3 per cent to attract cash, new customers
- Mox, the virtual bank backed by Standard Chartered, is offering a saving deposit rate of 3 per cent to new customers
- Standard Chartered is offering 2.8 per cent for 12-month time deposits and 2.4 per cent for six-month time deposits above HK$10,000
Standard Chartered is offering 2.8 per cent for 12-month time deposits and 2.4 per cent for six-month time deposits above HK$10,000 (US$1,274). These rates are available only to those who apply for time deposits through the bank’s online channels.
“The adjustment of the long-term deposit rates reflects the rise in Hibor [Hong Kong Interbank Offered Rate] and market expectations of [further] interest-rate hikes in the near future,” said Mona Sengupta, head of mortgages and deposits, consumer, private and business banking at Standard Chartered Hong Kong.
The one-month Hibor has increased by 179 basis points since January this year, while Standard Chartered’s 12-month Hong Kong dollar time-deposit rates have increased similarly over the past six months, Sengupta said. “[The rates have] attracted many depositors [and] new funds, which has led to growth in our Hong Kong dollar time deposits.”