【Fixed deposit 2024】The latest bank fixed deposit rate comparison

Views 13KJul 1, 2024

Fixed deposit is a financial product usually offered by banks and supports different currencies such as Hong Kong dollars, US dollars, etc. It is a savings method where you deposit a sum of money into a fixed account opened by a bank and agree not to use the funds for a specific period of time, commonly with deposit periods of 7 days, 1 month, 3 months, 6 months, 1 year, etc., depending on your needs. During this time, the deposit amount will earn a predetermined interest. When the deposit term ends, you can withdraw your principal and the accumulated interest.

How is the interest on fixed deposits calculated?

The interest calculation method of fixed deposits is as follows: Interest = deposit amount × annual interest rate × number of deposit days / 365 (or 366).

For example, suppose you have made a Hong Kong dollar fixed deposit at a bank and deposited HKD 10,000 with a deposit period of 365 days (1 year), and the annual interest rate provided by the bank is 5%.

According to the above formula, interest is calculated as follows: Interest = 10,000 × 0.05 × 365 / 365 = HKD 500.

That means your fixed deposit will earn HKD 500 interest after one year. However, different banks or financial institutions have different interest calculation methods and regulations.

Therefore, remember to verify the specific interest calculation method and regulations with the bank or financial institution before making a fixed deposit.

Comparison of fixed deposit interest rates for banks

Interest rates for HKD 10,000 fixed deposits in the four major banks

Bank Name / Deposit Period

3 months

Fixed Deposit Interest ^

6 months

Fixed Deposit Interest ^

12 months

Fixed Deposit Interest ^

HSBC

3.6%

HKD 96

3.5%

HKD 173

/

/

Hang Seng

3.6%

HKD 96

3.5%

HKD 173

/

/

Bank of China

3.5%

HKD 93

3.4%

HKD 168

/

/

Standard Chartered Bank

3.6%

HKD 96

3.5%

HKD 173

3.3%

HKD 330

* Data is accurate as of July 2, 2024. The information provided is for reference only, the latest information released by institutions shall prevail.

^ The fixed deposit interest rate is calculated on a rounding basis.

Interest rates and requirements for Hong Kong dollar fixed deposits of the four major banks

HSBC Hong Kong Dollar Fixed Deposit Interest Rate | Annual interest rate of 3.6% for 3 months

3 months: 3.6% (Fixed Deposit Interest HKD 96^)
6 months: 3.5% (Fixed Deposit Interest HKD 173^)
  • The minimum deposit amount is HKD 10,000

  • You can choose a specific deposit period ranging from 1 week to 12 months

>> Data source:HSBC Hong Kong Dollar Fixed Deposit Interest Rate

Hang Seng Bank Hong Kong Dollar Fixed Deposit Interest Rate | Annual interest rate of 3.6% for 3 months

3 months: 3.6% (Fixed deposit interest HKD 96^) 6 months: 3.5% (Fixed deposit interest HKD 173^) Minimum deposit amount is HKD 10,000 You can choose a specific deposit period from 1 week to 60 months >> Data source: Hang Seng Bank HKD Time Deposit Interest Rate Bank of China HKD Time Deposit Interest Rate | 3-month annual interest rate of 3.5% 3 months: 3.5% (Fixed deposit interest HKD 93^) 6 months: 3.4% (Fixed deposit interest HKD 168^) Minimum deposit amount is HKD 10,000 You can choose a specific deposit period from 7 days to 60 months >> Data source: Bank of China HKD Time Deposit Interest Rate Standard Chartered HKD Time Deposit Interest Rate | 3-month annual interest rate of 3.6% 3 months: 3.6% (Fixed deposit interest HKD 99^) 6 months: 3.5% (Fixed deposit interest HKD173^) 12 months: 3.3% (Fixed deposit interest HKD330^) Minimum deposit amount is HKD 10,000 You can choose a specific deposit period from 1 month to 12 months >>Data source:
3 months: 3.6% (Fixed deposit interest HKD 96^) 6 months: 3.5% (Fixed deposit interest HKD 173^) Minimum deposit amount is HKD 10,000 You can choose a specific deposit period from 1 week to 60 months >> Data source: Hang Seng Bank HKD Time Deposit Interest Rate Bank of China HKD Time Deposit Interest Rate | 3-month annual interest rate of 3.5% 3 months: 3.5% (Fixed deposit interest HKD 93^) 6 months: 3.4% (Fixed deposit interest HKD 168^) Minimum deposit amount is HKD 10,000 You can choose a specific deposit period from 7 days to 60 months >> Data source: Bank of China HKD Time Deposit Interest Rate Standard Chartered HKD Time Deposit Interest Rate | 3-month annual interest rate of 3.6% 3 months: 3.6% (Fixed deposit interest HKD 99^) 6 months: 3.5% (Fixed deposit interest HKD173^) 12 months: 3.3% (Fixed deposit interest HKD330^) Minimum deposit amount is HKD 10,000 You can choose a specific deposit period from 1 month to 12 months >>Data source:
  • Minimum deposit amount is HKD 10,000.

  • You can choose a specific deposit period ranging from 1 week to 60 months.

> > Data source:Hang Seng Bank HKD Time Deposit Interest Rate

Bank of China HKD Time Deposit Interest Rate | 3-month annual interest rate of 3.5%

3 months: 3.5% (Fixed deposit interest HKD 93^)
6 months: 3.4% (Fixed deposit interest HKD 168^)
  • Minimum deposit amount is HKD 10,000.

  • You can choose a specific deposit period from 7 days to 60 months.

> > Data source:Bank of China HKD Time Deposit Interest Rate

Standard Chartered HKD Time Deposit Interest Rate | 3-month annual interest rate of 3.6%

3 months: 3.6% (Fixed deposit interest HKD 99^)
6 months: 3.5% (Fixed deposit interest HKD173^)
12 months: 3.3% (Fixed deposit interest HKD330^)
  • Minimum deposit amount is HKD 10,000.

  • You can choose a specific deposit period ranging from 1 month to 12 months.

> Data source:Standard Chartered Hong Kong Dollar time deposit interest rates.

* Data as of May 2, 2024. The data is for reference only, subject to the latest information released by the institution.

^ The interest on fixed deposits is calculated by rounding to the nearest whole number.

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