StanChart jumps on fee-cut bandwagon

Business | Avery Chen 26 Jun 2019

Standard Chartered Bank (Hong Kong) yesterday said it will scrap the minimum balance maintenance fees for personal banking clients starting August 1.

The move comes after two banks - the Hongkong and Shanghai Banking Corporation and BOC Hong Kong (2388) - said last week that they will not charge customers minimum balance fees from August 1.

Standard Chartered said it will waive the minimum balance maintenance fees for Premium Banking and Easy Banking account holders. Premium Banking users currently are charged HK$360 per quarter if the average daily balance for the three months is below HK$200,000, while Easy Banking users have to pay HK$180 per quarter if their average balance for the three months is below HK$10,000. The bank also scrapped the low balance maintenance fee for non-packaged holders' deposit accounts, while the counter transaction service fee of HK$20 per transaction for Click-a-Count users will also be waived.

Meanwhile, China Citic Bank International has raised its inMotion Hong Kong dollar saving deposits rate between 5 basis points and 65 bps, with the three-month saving deposit rate rising 20 bps to 2.6 percent.

Elsewhere, the Hong Kong Interbank Offered Rate continued to rise, with the overnight Hibor increasing for the fifth straight trading day, up 9.14 bps to 2.51714 percent, hitting a one-month high.

The one-week Hibor rose to 2.9975 percent, a new high this year while the one-month Hibor, which is linked to the mortgage rate, rose for the fourth straight day to 2.53286 percent.

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