Hong Kong dollar fixed deposit banks raise interest rates to a maximum of 4.23% in 12 months

This week, four banks announced they would raise the annual interest rates on Hong Kong dollar time deposits, hoping to attract more deposit customers. The 12-month time deposit interest rate can reach up to 4.23%. Compared with last week, many banks have lowered deposit interest rates, including Hang Seng Bank and Standard Chartered Bank.

Banks raise interest rates to grab customers

This wave of bank interest rate increases is mainly to seize market share and attract more customer deposits. As economic conditions change, banks look to raise interest rates to retain existing customers and attract new ones.

The highest 12-month fixed deposit interest rate is 4.23%

According to the latest published data, the 12-month time deposit interest rate can reach up to 4.23%, which is a good choice for customers who want long-term deposits. This also reflects the bank's emphasis on long-term stable deposits.

Many banks cut interest rates last week

In contrast, several banks announced cuts in deposit rates last week, disappointing customers. In particular, large banks such as Hang Seng Bank and Standard Chartered Bank have also been affected, which is one of the reasons why they raised interest rates this time.

• Behind the bank's interest rate hike
• Market competition is fierce
• Customer interests are taken seriously

Generally speaking, banks' interest rate hikes to grab customers are good news for deposit customers. It is hoped that this wave of interest rate hikes will bring more choices and benefits, and also make competition among banks more intense.