Some HK banks raise deposit rates, 3-month hits 3 pc

Several banks in Hong Kong have raised Hong Kong dollar time deposit rates, bucking broader market cuts, as term deposits continue to be seen as a stable income option for savers.

PAOBank has lifted its three-month Hong Kong dollar time deposit rate to 3 percent, applicable to new funds starting from HK$100 up to a maximum of HK$1 million, which could earn up to HK$7,500 in interest. The bank’s six-month and 12-month Hong Kong dollar deposit rates stand at 2.7 percent and 2.6 percent, respectively. PAOBank is also offering a referral promotion. Existing customers who provide a referral code before January 31 can earn an 18 percent one-month deposit rate on the first HK$50,000 for new account holders.

Fubon Bank’s three-, four- and six-month Hong Kong dollar deposits yield 2.8 percent, while shorter one- and two-month tenors offer 2.5 percent, and the 12-month rate is 2.6 percent.

Airstar Bank has increased its Hong Kong dollar deposit rates across most tenors, with three-, four- and six-month rates at 2.65 percent, 2.7 percent and 2.8 percent, and nine- and 12-month rates at 2.8 percent and 2.9 percent.

Mox Bank is among the rare Hong Kong banks providing 36- and 48-month Hong Kong dollar time deposits, yielding 3 percent and 2.9 percent.