Time Deposit Rates and offer: Best HKD Time Deposit Interest Rates

Time deposits are considered as stable and safe investments as they give depositors regular and guaranteed returns - suitable for investors who prefer low returns with known risks. If you’re considering opening a time deposit account and would like to find out about how it works then look no further. This article will give you a better understanding of term deposits and how you can benefit from them.

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What is Time Deposit?

A time deposit is a bank account that gives account holders interest if they keep the money in the account for a fixed term. A certificate of deposit (CD) is one of these accounts. Compared to a regular savings account, time deposits pay a higher rate of interest. The longer the time to maturity, the more interest payment will be. If you wish to access the funds in a time deposit account ahead of its maturity, you may have to pay an early withdrawal penalty.

How Time Deposit Accounts Work?

With a time deposit account, depositors are committed to keeping their money in the account for a fixed term. The account will then pay interest on the deposit, and longer terms often means a higher interest rate. It’s wise to shop around for the best rates to see which financial institutions offer the best return on your investment. Time deposit accounts provide banks with the cash flow needed to lend money to other customers or invest the money from the time deposit in other securities that pay a higher return.

What is the difference between Time Deposit and Fixed Deposit?

A term/ fixed deposit account offers depositors competitive fixed interest rates that don’t change from the day the account is opened until maturity. Time deposit and fixed deposit can be used  interchangeably.

Hong Kong Dollar Time Deposit/ Fixed Deposit Rates: Traditional Banks

BankAnnual Interest RatesFixed TermMinimum Deposit Minimum Interest Payment
Citiplus5.4%1 monthHK$50,000HK$219
HSBC3.4%12 monthsHK$10,000HK$340
Bank of China7%7 daysHK$50,000HK$67.12
DBS3.0%12 monthsHK$50,000HK$1,500
CMB Wing Lung3.85%6 monthsHK$100,000HK$1,925
Bank of Communications3.5%6 monthsHK$20,000HK$350
China CITIC Bank (International)3.6%3 monthsHK$10,000HK$90
Standard Chartered Bank3.6%12 monthsHK$10,000HK$360
As of 3rd Apr 2023

Best Savings Accounts for Time Deposit

Preferential Time Deposit Rates
up to 3.5%
Minimum Initial Deposit
Highest Cash Rebate
MoneySmart Exclusive
MoneySmart Exclusive

Citi Plus Account

Min. Rate
1.05% p.a.
Max. Rate
2.55% p.a.
Min. Initial Deposit

【Limited Offer】From now until 16 June 2023, new customers who successfully open a Citi Plus banking account via MoneySmart, can earn a HK$500 Supermarket Voucher/ Apple Gift Card from MoneySmart. Deposit a new fund of HK$50,000, can also earn an extra HK$200 Cash Rebate from Citibank! Earn up to HK$700 rewards in total!

Valid until 16 Jun 2023
Citi Plus Account allow both time deposit and demand deposit!
Bank Promo
Min. Rate
Saving Rate
Minimum Initial Deposit
Bank Promo:
From now until 21 June 2023, new customers simply open a Mox Account with the invitation code “MOXJL”:
Get a lucky draw chance for 

1. ‘FWD Insurance 10th AnniversaryxHKT Present: JER LAU “ACROSS THE UNIVERSE” IN MY SIGHT SOLO CONCERT 2023’ tickets x2 (valued at HK$1,080 each) 


2. 5,000 Clubpoints

Quota is limited, first come first serve!

From now until 21 June, place a time deposit of at least HK$50,000 with a tenor of 6 months, and maintain such deposit before the maturity date, you’ll be rewarded with an extra lucky draw entry plus a 3.3% p.a. savings rate on your Time Deposit!

Mox will announce the winners of the Lucky Draw on our website and social media pages on or before 23 June 2023. 

From now until 30 June, new customers who successfully join Mox and register Mox as your default receiving bank for your FPS transfers can enjoy a Welcome Bonus of 3.2% p.a. savings rate and basic 0.3% p.a. saving rate on your savings deposits of up to HK$250,000 for the first 60 days, total 3.5% p.a. saving rate!

From now until 30 June Complete Mox Bonus in June, earn extra 2.7% p.a. saving rate, enjoy up to 6.2% p.a. saving rate in total!

From now until 31 July, enjoy up to 5% Cashback when spending in designated stores!
Valid until 30 Jun 2023
Min. Rate
0.8% p.a.
Max. Rate
4.7% p.a.
Minimum Initial Deposit
Earn up to 4.88% p.a. saving rates when you open a Citigold account now!

Open a savings account to starttime deposits now!

Hong Kong Dollar Time Deposit/ Fixed Deposit Rates: Virtual Banks

Virtual BankInterest RatesFixed Term Minimum Deposit Minimum Interest Payment(Calculated based on HK$10,000 deposit)
FusionBank3.4%6 monthsHK$1HK$168.58
WeLab Bank3.8%12 monthsHK$10HK$380
airstar3.1%6 monthsHK$1,000HK$153.82
ZA Bank3.31%12 months HK$1HK$331
As of 3rd Apr 2023

Time Deposit Rates of 1 Million HKD or Above

Bank6-month Interest Rate Interests12-month Interest Rate InterestsAdditional Offers
Citibank (Citigold) 2.87%HK$14,350N/AN/A
Hang Seng Bank4.68%HK$23,400N/AN/AN/A
ICBC (Asia)4.6%HK$23,0004.6%HK$46,000N/A

Why should I consider time deposit?

A time deposit can be a good savings vehicle. If you decide to open a time deposit account, be sure to spend some time shopping around for the best offers. Don’t assume traditional banks offer you the best interest rates. Sometimes, virtual banks provide more offers.

Low Risk

A term deposit gives you guaranteed returns for a fixed term with little to no chance of losing your money.

No extra charge

As long as you don’t withdraw early, there is no fee associated with time deposit

Low threshold

You don’t need to have a large deposit in order to enjoy time deposit. With some virtual banks, you can open a time deposit with only HK$1.


What is time deposit and how does it work?

A time deposit is a bank account that gives you interest if you are committed to leaving your money in the account for a fixed term. The longer the time to maturity, the more interest payment will be.

Is it good to invest in time deposits?

Yes, it can be an effective saving vehicle as it gives depositors regular and guaranteed returns - suitable for investors who prefer low risks.