Comparison of the latest Hong Kong dollar fixed deposit interest rates of banks for 2024.

Views 27K Nov 1, 2024

Fixed deposit is a financial product usually offered by banks and supports different currencies such as Hong Kong dollars, US dollars, etc. It is a savings method where you deposit a sum of money into a fixed account opened by a bank and agree not to use the funds for a specific period of time, commonly with deposit periods of 7 days, 1 month, 3 months, 6 months, 1 year, etc., depending on your needs. During this time, the deposit amount will earn a predetermined interest. When the deposit term ends, you can withdraw your principal and the accumulated interest.

How is the interest on fixed deposits calculated?

The interest calculation method of fixed deposits is as follows: Interest = deposit amount × annual interest rate × number of deposit days / 365 (or 366).

For example, suppose you have made a Hong Kong dollar fixed deposit at a bank and deposited HKD 10,000 with a deposit period of 365 days (1 year), and the annual interest rate provided by the bank is 5%.

According to the above formula, interest is calculated as follows: Interest = 10,000 × 0.05 × 365 / 365 = HKD 500.

That means your fixed deposit will earn HKD 500 interest after one year. However, different banks or financial institutions have different interest calculation methods and regulations.

Therefore, remember to verify the specific interest calculation method and regulations with the bank or financial institution before making a fixed deposit.

Comparison of fixed deposit interest rates for banks

Interest rates for HKD 10,000 fixed deposits in the four major banks

Bank Name / Deposit Period

3 months

Fixed Deposit Interest ^

6 months

Fixed Deposit Interest ^

12 months

Fixed Deposit Interest ^

HSBC

3.4%

3 months: 3.5% (Fixed deposit interest HKD 86^)

3.1%

102 Hong Kong dollars

/

/

Hang Seng

3.3%

81 Hong Kong dollars

3.1%

102 Hong Kong dollars

/

/

Bank of China

可選擇特定存款期由1星期至60個月不等

HKD 74

2.9%

HKD 95

/

/

Standard Chartered Bank

3.1%

HKD 76

3.1%

102 Hong Kong dollars

2.8%

280 Hong Kong dollars

As of November 1, 2024, the data is for reference only and is subject to the latest release by institutions.

^ The interest on fixed deposits is calculated by rounding to the nearest whole number.

Interest rates and requirements for Hong Kong dollar fixed deposits of the four major banks

HSBC Hong Kong dollar time deposit interest rate | 3-month annual interest rate 3.4%

3 months: 3.4% (Fixed deposit interest HKD 84)
6 months: 3.1% (fixed deposit interest HKD 102^)
  • Minimum deposit amount is HKD 10,000.

  • You can choose a specific deposit period ranging from 1 week to 12 months

> > Data source:HSBC Hong Kong Dollar Fixed Deposit Interest Rate

Hang Seng Bank Hong Kong Dollar Fixed Deposit Interest Rate | 3 months annual interest rate 3.3%

3 months: 3.3% (fixed deposit interest HKD 81^)
6 months: 3.1% (fixed deposit interest HKD 102^)
  • Minimum deposit amount is HKD 10,000.

  • You can choose a specific deposit period ranging from 1 week to 60 months.

> > Data source:Hang Seng Bank HKD Time Deposit Interest Rate

Bank of China Hong Kong Dollar Time Deposit Interest Rate | 3 months annual rate 2.9%

3 months: 2.9% (fixed deposit interest HKD 72^)
6 months: 2.8% (time deposit interest HKD 95^)
  • Minimum deposit amount is HKD 10,000.

  • You can choose a specific deposit period from 7 days to 60 months.

> > Data source:Bank of China HKD Time Deposit Interest Rate

Standard Chartered Bank HKD time deposit interest rate | 3-month annual interest rate 3.1%

3 months: 3.1% (Fixed deposit interest HKD 76^)
6 months: 3.1% (Time Deposit Interest HKD 102^)
12 months: 2.8% (Fixed deposit interest HKD 280^)
  • Minimum deposit amount is HKD 10,000.

  • You can choose a specific deposit period ranging from 1 month to 12 months.

> Data source:Standard Chartered Hong Kong Dollar time deposit interest rates.

As of November 1, 2024, the data is for reference only, subject to the latest publication by institutions.

^ The interest on fixed deposits is calculated by rounding to the nearest whole number.

Other options: FutuCash.

FutuCash.Flexible and profitable, helping you turn spare money into income. Cash is the collective name of Futu's money fund brand. The currency funds under the Cash brand mainly invest in safe currency tools such as government short-term bonds, bank time deposits, and other relatively short-term and stable investment periods, suitable for all types of investors, especially conservative investors.

  • Low entry threshold.

    Subscriptions can be as low as HKD $0.01, so even $100 can be purchased.

  • Flexible and highly flexible.

    You can buy or withdraw money at any time according to your cash flow needs. You can also trade at any time.

  • Ideal and stable returns.

    5% average return*+5% account opening reward^ for US dollar currency funds.

    *The 5% average return is taken from the average increase in the past year of all US dollar currency funds that have been established for more than one year on the Futu platform. Data as of March 20, 2024. Historical returns are for reference only, and past performance of funds cannot predict future performance. Even if the recording shows positive dividend returns, it does not mean positive returns can be obtained.

    ^5% account opening reward applies to all funds on the Futu platform, and cannot be used in conjunction with other new customer activity rewards. Promotions are subject to terms and conditions.

    △10% is composed of 5% average return + 5% time-limited account opening reward.

FutuCash.
FutuCash.

Note:

"Futu Bull" is a one-stop financial investment and trading platform. The securities services and this advertisement are provided by Futu Securities International (Hong Kong) Limited. This content does not constitute an offer, solicitation, recommendation, opinion or any guarantee of any securities, financial products or tools. The content has not been reviewed by the Securities and Futures Commission of Hong Kong. Investment involves risks. Investors should carefully read the fund information and related documents (including the risk factors). Please note that the price of fund products may rise or fall, and may change significantly in a short period of time. Investors may not be able to retrieve the amount they invested in the fund, and the past performance of the fund cannot predict future performance. If there are any contents similar to forward-looking statements in this document, such contents or statements should not be considered as any guarantee for future performance, and should be aware of the significant gap between actual situations or developments and such statements. The above content does not represent any position of Futu and does not constitute any investment advice related to Futu. Before making any investment decisions, investors should consider the risk factors related to the investment products based on their own situation and seek advice from professional investment consultants when necessary. Futu strives but cannot confirm the truthfulness, accuracy, and originality of the above content, and Futu makes no warranty or commitment on this.

Disclaimer: The above content does not constitute any act of financial product marketing, investment offer, or financial advice. Before making any investment decision, investors should consider the risk factors related to investment products based on their own circumstances and consult professional investment advisors where necessary.

Recommended