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.

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
Bank | Annual Interest Rates | Fixed Term | Minimum Deposit | Minimum Interest Payment |
---|---|---|---|---|
Citiplus | 5.4% | 1 month | HK$50,000 | HK$219 |
HSBC | 3.4% | 12 months | HK$10,000 | HK$340 |
Bank of China | 7% | 7 days | HK$50,000 | HK$67.12 |
DBS | 3.0% | 12 months | HK$50,000 | HK$1,500 |
CMB Wing Lung | 3.85% | 6 months | HK$100,000 | HK$1,925 |
Bank of Communications | 3.5% | 6 months | HK$20,000 | HK$350 |
China CITIC Bank (International) | 3.6% | 3 months | HK$10,000 | HK$90 |
Standard Chartered Bank | 3.6% | 12 months | HK$10,000 | HK$360 |
As of 3rd Apr 2023 |
Best Savings Accounts for Time Deposit
- Preferential Time Deposit Rates
- up to 3.5%
- Minimum Initial Deposit
- HK$1,500,000
- Highest Cash Rebate
- HK$48,800
Citi Plus Account
- Min. Rate
- 1.05% p.a.
- Max. Rate
- 2.55% p.a.
- Min. Initial Deposit
- HK$0
【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!

Mox Bank Account
- Min. Rate
- 0.3%
- Saving Rate
- 6.2%
- Minimum Initial Deposit
- HK$0
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OR
2. 5,000 Clubpoints
Quota is limited, first come first serve!
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!
- Min. Rate
- 0.8% p.a.
- Max. Rate
- 4.7% p.a.
- Minimum Initial Deposit
- HK$0
Open a savings account to starttime deposits now!
Hong Kong Dollar Time Deposit/ Fixed Deposit Rates: Virtual Banks
Virtual Bank | Interest Rates | Fixed Term | Minimum Deposit | Minimum Interest Payment(Calculated based on HK$10,000 deposit) |
---|---|---|---|---|
FusionBank | 3.4% | 6 months | HK$1 | HK$168.58 |
WeLab Bank | 3.8% | 12 months | HK$10 | HK$380 |
airstar | 3.1% | 6 months | HK$1,000 | HK$153.82 |
ZA Bank | 3.31% | 12 months | HK$1 | HK$331 |
As of 3rd Apr 2023 |
Time Deposit Rates of 1 Million HKD or Above
Bank | 6-month Interest Rate | Interests | 12-month Interest Rate | Interests | Additional Offers |
---|---|---|---|---|---|
Citibank (Citigold) | 2.87% | HK$14,350 | N/A | N/A | |
Hang Seng Bank | 4.68% | HK$23,400 | N/A | N/A | N/A |
ICBC (Asia) | 4.6% | HK$23,000 | 4.6% | HK$46,000 | N/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.
FAQ
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.