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

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 (Up to) | Fixed Term | Minimum Deposit | Minimum Interest Payment (Monthly) |
---|---|---|---|---|
BankMox Saving Account | Annual Interest Rates (Up to)3.45% | Fixed Term3 months | Minimum Deposit HK$1 | Minimum Interest Payment (Monthly) - |
BankBank of China | Annual Interest Rates (Up to)3.4% | Fixed Term3 months | Minimum Deposit HK$10,000 | Minimum Interest Payment (Monthly) HK$35.8 |
BankHSBC | Annual Interest Rates (Up to)3.5% | Fixed Term6 months | Minimum Deposit HK$10,000 | Minimum Interest Payment (Monthly) HK$38.3 |
BankCMB Wing Lung | Annual Interest Rates (Up to)3.1% | Fixed Term3 months | Minimum Deposit HK$10,000 | Minimum Interest Payment (Monthly) HK$37.5 |
BankChina CITIC Bank (International) | Annual Interest Rates (Up to)3.75% | Fixed Term3 months | Minimum Deposit HK$10,000 | Minimum Interest Payment (Monthly) HK$37.1 |
BankStandard Chartered Bank | Annual Interest Rates (Up to)3.5% | Fixed Term3 months | Minimum Deposit HK$10,000 | Minimum Interest Payment (Monthly) HK$35.8 |
BankCitigold | Annual Interest Rates (Up to)4.5% | Fixed Term3 months | Minimum Deposit HK50,000 | Minimum Interest Payment (Monthly) HK$195.83 (Calculated based on HK$50,000) |
Bank | Annual Interest Rates (Up to)As of 27th Aug 2024 | Minimum Deposit | Minimum Interest Payment (Monthly) |
What is the fixed deposit rate on HK$1,000,000 or above?
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Why should I consider time deposit?
Low Risk
No extra charge
Low threshold
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.