Major bank lenders, including The Hongkong and Shanghai Banking Corporation, have raised their deposit rates in response to warnings from the Hong Kong Monetary Authority about potential upward pressure on interbank rates, with the highest interest rate being 18 percent.
HSBC and Standard Chartered Bank's six-month rate has increased to 1.2 percent and three-month Hong Kong dollar fixed deposit interest rate remains at 0.5 percent.
Hang Seng Bank (0011) and Bank of China (Hong Kong) (2388) with the three-month and six-month time deposit interest rates for Hang Seng Bank are 0.5 and 0.9 percent.
The Hong Kong Monetary Authority (HKMA) continues fund absorption has pushed Hong Kong dollar (HKD) interbank rates (HIBOR) to have been rising steadily, with the one-month rate rising 0.22 percentage points to 1.08 percent last Friday.
Eddie Yue Wai-man, Chief Executive of HKMA, said that the Hong Kong-US carry trade remains profitable, potentially triggering the HKD weak-side convertibility guarantee again and further lifting HIBOR.
In fact, short-term fixed deposit rates at Hong Kong banks have also risen.
Additionally, Fubon Bank, CITIC Bank International, and Public Bank have also increased their three-month fixed deposit rates.
ZA Bank
ZA Bank offers a base interest rate of 0.1 percent. Customers can earn up to 18 percent interest by utilizing deposit rate hike vouchers. The standard fixed deposit rates for HKD are 0.51 percent for three months, 1.61 percent for six months, and 2.01 percent for twelve months. For USD deposits, the rate is 3.41 percent for four months. Customers can unlock an extra voucher by inviting friends to complete tasks by Tuesday.
PAObank
PAObank has extended its promotion, offering a 16 percent interest rate until July 31. New customers can use the code PAOBPR to receive 16 percent on their first HK$50,000 in a one-month HKD deposit, which would earn them HK$667 in interest. Additionally, they can earn an extra 0.5 percent on HKD deposits ranging from HK$50,000 to HK$200,000. The standard rates for HKD deposits are 1.1 percent for one month, 1.5 percent for three months, two percent for six months, and 2.5 percent for twelve months. The rates for USD deposits are 3.8 percent for three months, 3.7 percent for six months, and 3.5 percent for twelve months.
Fusion Bank
Fusion Bank is running a limited-time promotion that offers up to 10.88 percent interest on one-month HKD deposits. New clients who open an account using the code Flash2025 and deposit fresh funds by October 5, 2025, can secure this exclusive rate, which is limited to one slot per person and a maximum of HK$50,000, with a total of 1,500 slots available. Additionally, every Monday at 12pm, customers can grab offers of 6.8 percent for one-month deposits (limited to 60 slots) and 1.6 percent for three-month deposits (limited to 600 slots). For existing clients, the standard HKD fixed deposit rates are 1.4 percent for three months, 1.6 percent for six months, and 2.3 percent for twelve months.
China Construction Bank (Asia)
China Construction Bank (Asia) has launched a new e-account service promotion that offers up to 6.88 percent interest. New eligible customers who open an account via the e-account service, complete online registration, and deposit specified amounts can enjoy 6.88 percent for three months with a minimum deposit of HK$10,000, or 3.28 percent for three months with a minimum deposit of HK$50,000. This promotion ends on September 30. Existing clients who refer a new customer for designated banking services can earn 6.88 percent for three months on deposits of HK$20,000 if the new client opens a Priority Banking account, or HK$10,000 if they open a Smart Banking or standard account.
WeLab Bank
WeLab Bank is celebrating its fifth anniversary with special promotions running from July 7 to July 31. New clients can use the referral code WBDAY5 to receive a five percent interest rate on one-month HKD deposits, with a maximum deposit of HK$50,000. Additionally, all clients converting HKD to USD can enjoy a five percent interest rate on two-month USD deposits with a minimum deposit of US$10. The standard fixed deposit rates for HKD are 1.25 percent for three months, 1.5 percent for six months, 1.9 percent for nine months, and 2.3 percent for twelve months. The rates for USD fixed deposits are 3.9 percent for three months, 3.83 percent for six months, and two percent for twelve months.
ANSON LUK
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