[HKD Fixed Deposit] HKD 1-Year Fixed Deposit with a maximum interest rate of 2.8% — profit steadily earning HKD 28,000 in interest during volatile markets

			▲ Quarter-end and long holidays approaching, Hong Kong banks raise deposit rates

Click on the image 👇👇👇👇 to see a comparison of Hong Kong dollar fixed deposit rates

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As the quarter-end approaches, interbank rates have risen for two consecutive days, with the one-year interbank rate breaking above 3%, reaching a new high since the end of last year, abruptly halting the ongoing trend of rate cuts that had persisted for seven weeks. Despite the fact that the majority of banks still lowered rates this week, fortunately, today (March 27), three banks, including ICBC Asia, CCB Asia, and Public Bank, have raised their Hong Kong dollar fixed deposit rates.

In summary, only five banks (the same as last week) lowered their fixed deposit rates, while in contrast, there has been a continuous trend of rate hikes for two weeks, with three banks making adjustments this week (one more than last week).

Looking ahead, next Wednesday (April 1) marks the beginning of the second quarter. Due to Trump extending negotiations with Iran by ten days, the deadline for US-Israeli attacks on Iranian energy facilities has been pushed to April 6. The market expects that Hong Kong banks will generally adopt a wait-and-see approach at the start of April, deciding on fixed deposit strategies for the next quarter based on the Middle East crisis.

In total, this week, 14 Hong Kong banks adjusted their fixed deposit rates, with five banks reducing rates (OCBC, Chuang Hing, Shang Commercial, Chiyu, DBS), while three banks raised rates (ICBC, Fubon, and Huili have each increased for two consecutive weeks). Additionally, six banks adjusted rates both up and down (Dah Sing, Chiyu, and Fubon lowered short-term rates while raising long-term rates; CCB, Public Bank, and Tien Sing reduced rates before increasing again).

CCB Asia’s super high rates of 5.88% + 6.88% for the final push

Entering the fourth week of March, there has yet to be a new high-breaking rate explosion this week, but the high-interest list has also seen some small gains, as Tien Sing, which replaced Xiaomi as the major shareholder, has been aggressively competing for long-term funds, suddenly raising the one-year rate to 2.8%, closely trailing Dah Sing’s “double crown.” However, these figures fluctuate frequently at the banks, having seen different rates throughout the day.

Tien Sing has a minimum threshold of only 1,000 HKD, with no deposit ceiling, so depositing one million HKD guarantees 28,000 HKD in interest.

However, the principal-protected time deposit rates have underperformed compared to rental income from buying properties, reflecting that the latest data from the Rating and Valuation Department indicates that private residential property prices in Hong Kong have risen for nine consecutive months, increasing by 7.7% year-on-year as of the end of February; rents have also increased by 4.04% year-on-year.

• Review of the interest rate battle among banks of all sizes:
• 7-day highest interest: Fubon 21%
• 14-day: Fubon 25%
• 1 month: PAObank 15% (new customers enjoy)
• 2 months: Nanshang 2.15%
• 3 months: CCB Asia 6.88% (limited to the first 20% of deposits), also available at 5.88%
• 4 months: Fubon 2.45%
• 5 months: Nanshang 2.3%
• 6 months: Ping An Digital Bank 2.75%
• 7 months: Public Finance 2.125%
• 8 months: Huili 2.4%
• 9 months: Tien Sing 2.55% (increased by 0.1% on Monday)
• 1 year: Tien Sing + Dah Sing 2.8%
• 18 months: Dah Sing 2.8%
• 2 years: Dah Sing 2.8%
• 36 months: Mox 2.3%
• 48 months: Mox 2.3%

Speculators bet on oil prices reaching 150 USD by the end of April

Interbank rates have surged for two consecutive days, with the overnight rate rising for four consecutive times to 2.57%; the one-month interbank rate has also increased for three consecutive times, reporting 2.44%, while the one-year rate has even surpassed 3.18%, reaching a high not seen since December 1 of last year. The total balance in the banking system remains at 53.7 billion HKD. The Hong Kong dollar currently reports between 7.8241 and 7.8317, with the US dollar continuing to fall below the 100 mark, reporting 99.866.

Additionally, five IPOs rushed to meet the quarter-end deadline, with one successfully withdrawn (Tongrentang Medical postponed its listing), and another four collectively freezing over 100 billion HKD, soon to be released. These include:
*Collaborative robotics company Huayan Robotics: The IPO attracted about 228,000 subscriptions, reportedly oversubscribed by 5063 times, making it the fourth largest “oversubscription king” this year, freezing approximately 351.2 billion HKD
*AI computer vision solutions provider Jishi Jiao: Reported oversubscription of about 4596 times, with 159,000 subscriptions
*Silicon carbide epitaxy supplier Hantian Cheng
*Mainland medical device company focused on developing medical imaging products and services, Tencent (00700)
Strategic partner Deshi Biotech

As for the much-watched oil prices, the Gulf conflict has led to limited openings in the Strait of Hormuz, continuously obstructing crude oil supply. Traders are increasingly buying crude oil options, betting that Brent crude will soar to at least 150 USD per barrel by the end of April. Data from the Intercontinental Exchange (ICE) shows that the options expiring at the end of April, allowing holders to buy June Brent crude oil futures at a price of 150 USD (i.e., call options), have grown nearly tenfold in position size compared to a month ago. High oil prices are likely to spur inflation, with the market betting on the Fed reversing its stance to raise rates in September.

Review of the three note-issuing banks for the first quarter: reductions without increases

Furthermore, when only measuring the four major banks, all have adopted a cautious stance in this chaotic market. Looking back on the first quarter, excluding selected clients and only considering publicly listed interest rates, three of the note-issuing banks have reduced rates with no increases. HSBC, stepping into 2026, has taken the lead in lowering rates, while the current six-month rates of Bank of China Hong Kong and Standard Chartered have fallen below 2%. In contrast, Hang Seng had previously surprised with a high interest rate, launching a new two-month rate of 5% on January 19, but it has since been withdrawn as of the end of February.

• Comparing the public quoted interest rates of the four major banks:
• 7 days:
  HSBC 7% (limited to eligible new funds, at branches or via telephone banking), 6% (liquid wealth management offer)
  Standard Chartered 5% (reduced by 2% on February 10)
  Bank of China Hong Kong, Hang Seng 5%
• 1 month:
  HSBC 10% (stock reward program), 3% (for new funds)
  Hang Seng 3% (launched on January 2, threshold 1 million HKD), 2.5% (threshold 10,000 HKD)
  Bank of China 2%
• 3 months:
  HSBC 2.2% (reduced by 0.2% on March 2)
  Standard Chartered 2.1% (reduced by 0.1% on March 2)
  Bank of China 2.1% (reduced by 0.3% on February 4)
  Hang Seng 2% (reduced by 0.2% on March 16)
• 6-month period:
  HSBC 2% (reduced by 0.1% on March 2)
  Standard Chartered 1.95% (reduced by 0.05% on March 2)
  Hang Seng 1.9% (reduced by 0.2% on February 9)
  Bank of China 1.9% (reduced by 0.2% on February 4)
• 1-year period:
  Standard Chartered 2% (reduced by 0.2% on February 10)

Tien Sing aggressively competes for long funds, raising the one-year rate to 2.8%, claiming the title of high-interest king

On the other hand, this week three digital banks (previously known as virtual banks) made moves, including Fubon reducing short-term rates while raising long-term rates, Tien Sing (AirStar Bank) with mixed adjustments, and Huili increasing rates.

As a side note, PAObank has changed its name again, now known as Ping An Digital Bank; this digital bank was renamed from “Ping An One Account Bank” to “PAOBank” in May 2024, and has now changed its name again. As of the 15th of this month, the total deposits of personal banking clients have exceeded 12 billion HKD.

• Comparing the interest rates of digital banks:
• 7 days: Fubon 21%
• 14 days: Fubon 25% (new customers)
• 1 month: Ping An Digital Bank 15%
• 2 months: Tien Sing 1.7% (raised by 0.5% this week)
• 3 months: PAObank 2.65%
• 100 days: Huili 2.4% (newly launched on Thursday)
• 4 months: Tien Sing 2.35% (raised by 0.35% this week)
• 6-month period: Ping An Digital Bank 2.75%
• 8 months: Huili 2.4%
• 9 months: Tien Sing 2.6% (raised by 0.1% on Wednesday)
• 1-year period: Tien Sing 2.8%, Ping An Digital Bank 2.75% (for new customers with new funds), Fubon 2.6%, Huili (selected clients), Ping An Digital Bank (existing funds), Ant 2.5%, Huili 2.42% (general clients), Mox 2.3%, Zhong An 2.01%, Li Hui 2%
• 18 months and 24 months: Huili 2.25%
• 36 months and 48 months: Mox 2.3%