Hong Kong banks trim deposit rates, though some lenders buck trend

Several Hong Kong banks have lowered Hong Kong dollar time-deposit rates since the start of 2026, though some lenders bucked the trend with higher rates and promotions.

The Hongkong and Shanghai Banking Corporation, the city’s largest lender, has cut its six-month Hong Kong dollar time-deposit rate to 2.1 percent.

PAObank currently offers 2.9 percent for three-month Hong Kong dollar deposits, while six-month and 12-month rates have been lowered to 2.7 percent and 2.6 percent respectively.

The digital lender has also rolled out a referral promotion under which existing customers who refer new clients before January 31 can earn an 18 percent one-month deposit rate on the first HK$50,000 placed by the referred customer, equivalent to HK$750 in interest.

Mox Bank has cut its three-month Hong Kong dollar deposit rate to 2.4 percent, while keeping the six-month rate unchanged. The 12-month rate is 2.6 percent. It is also among the few Hong Kong banks offering 36- and 48-month deposits, at 3.0 percent and 2.9 percent respectively.

OCBC Bank (Hong Kong) has launched a New Year time-deposit promotion themed around the number eight, which is regarded as auspicious in Chinese culture. For a 38-day tenor, rates range from 2.38 percent for deposits of HK$288,000 or more to 2.6 percent for deposits of at least HK$888,000. For an 88-day tenor, rates start at 2.28 percent for deposits of HK$88,000 or more and rise to 2.88 percent for deposits of HK$2.888 million or above.Airstar Bank raised its Hong Kong dollar time-deposit rates across several tenors, with the three-, four- and six-month rates increased to 2.6 percent, 2.6 percent and 2.7 percent respectively, while the nine- and 12-month rates stand at 2.7 percent and 2.85 percent.

China CITIC Bank International raised its three-month Hong Kong dollar time-deposit rate to 2.75 percent for new funds of at least HK$100,000, while the six- and 12-month rates are 2.4 percent and 1.8 percent respectively.