Hang Seng Bank (0011) is offering an interest rate of 5 percent for a six-month deposit of Hong Kong dollars to selected clients to attract cash, the highest among local lenders.
New deposit or renewal of a maturing fixed deposit over HK$10,000 can earn the offered interest rate before December 31, for customers who have received the bank's promotion materials, said the bank.
The latest offer surpassed Dah Sing Bank's 4.95 percent and became the highest rate offered in Hong Kong for a six-month time deposit of the local currency. For a fixed deposit of HK$100,000, an interest of HK$2,500 can be earned.
The bank is offering a rate of 4.8 percent to deposits matured in three-month as well.
The same terms applied for US dollar time deposits over US$10,000 (HK$78,000), of which selected clients can earn rates of 4.5 percent for six-months and 4.3 percent for three-months.
The promotion came a day after the bank boosted its one-year Hong Kong dollar fixed deposit rate to 4.3 percent from 4.1 percent last Thursday, outrunning the 4.1 percent rate offered by Standard Chartered Hong Kong and Bank of China (Hong Kong) (2388).
Meanwhile, it secured its lead in short-term fixed deposit rates after lifting the rates by 0.24 percentage points for six-month and three-month deposits placed online, which are 4.39 percent and 4.29 percent respectively.
