Deposit rates on the up

Business | Janice Huang 18 Dec 2017

The US dollar and Hong Kong dollar deposit rates have increased after the US Federal Reserve's rate hike last week and the rising cost for banks to attract deposits.

The US dollar term deposit rate reached 2 percent while the Hong Kong dollar fixed deposit rate is about 1.5 percent.

The Bank of East Asia provides a top rate, with 2.19 percent for the US dollar when the deposit amount is at least US$50,000 (HK$389,000). But if the deposit period is as short as three months the rate at Fubon Bank (Hong Kong) for the US dollar is better at about 2.4 percent. As for a Hong Kong dollar 12-month time deposit rate, although banks including Standard Chartered, China Citic Bank International and ICBC (Asia) offer from 1.45 to 1.5 percent, the minimum deposit amount is relatively high - at least HK$1 million. So on a more modest sum the return rate would be better on the US dollar.

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