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[HKD Fixed Deposit] HKD 1-Year Fixed Deposit with a maximum interest rate of 2.8% — profit steadily earning HKD 28,000 in interest during volatile markets
Click on the image 👇👇👇👇 for a comparison of Hong Kong dollar fixed deposit rates
As the quarter ends, interbank rates have increased for two consecutive days, with the 1-year interbank rate surpassing 3%, hitting a new high since the end of last year, bringing a sudden halt to the prolonged rate cuts. Although the number of banks reducing rates still dominates throughout the week, fortunately, six banks, including ICBC (Asia), Dah Sing, and others, raised Hong Kong dollar fixed deposit rates on Friday (March 27); the Hong Kong Branch of China Construction Bank and others also raised rates; CMB International is targeting large new funds with a new 3-month rate of 2.45%, with an entry requirement of HKD 1 million.
Only five banks (the same as last week) lowered their fixed deposit rates, while the trend of increasing rates has continued for two weeks, with three banks making moves this week (one more than last week).
Looking ahead, next Wednesday (April 1) will mark the start of the second quarter. Due to Trump extending negotiations with Iran by 10 days, the deadline for the U.S. and Israel to attack Iranian energy facilities is set for April 6. The market expects Hong Kong banks to remain quiet at the start of April, observing the Middle East crisis before deciding on fixed deposit strategies for the next quarter.
In summary, a total of 14 Hong Kong banks adjusted their fixed deposit rates this week, with five banks reducing rates (OCBC, Chuangxing, Shang Commercial, Jiyou, and DBS), while three banks increased rates (ICBC, Fubon, and Huijin, with the latter two increasing rates for two consecutive weeks). Additionally, six banks both increased and decreased rates (Dah Sing, CMB, and Fubon shortened the duration for some while increasing for others; China Construction Bank, Dah Chong, and Tencent adjusted rates both upwards and downwards).
China Construction Bank’s super high rates of 5.88% + 6.88% in the final push
In the fourth week of March, this week did not break any new high rates, but the high-rate rankings still saw some movement, as Futu replaced Xiaomi as the major shareholder of Airstar, aggressively competing for long-term money, suddenly raising the 1-year rate to 2.8%, closely following Dah Sing’s double crown. However, these numbers in banks fluctuate frequently, having been observed to change at different times of the day.
Airstar’s threshold is only HKD 1,000, and there is no deposit limit; depositing HKD 1 million secures an interest of HKD 28,000.
However, guaranteed profit fixed deposits underperform compared to buying property for rental income, reflecting the latest data from the Rating and Valuation Department showing that private residential property prices have risen for nine consecutive months, with a year-on-year increase of 7.7% as of the end of February; rents have also risen by 4.04% year-on-year.
Speculators bet on oil prices reaching $150 by the end of April
Interbank rates have risen across the board for two consecutive days, with overnight rates increasing for four days to 2.57%; the 1-month interbank rate also rose for three consecutive days, reporting at 2.44%, and the 1-year rate surpassed 3.18%, hitting a high since December 1 last year, with total bank system balances remaining at HKD 53.7 billion. The Hong Kong dollar exchange rate is currently reported at 7.8241 to 7.8317, with the U.S. dollar continuing to fall below 100, reported at 99.866.
Additionally, five IPOs rushed to meet the quarter’s end, with one eventually withdrawing (Tongrentang Medical’s delayed listing), while four others collectively froze over HKD 100 billion in capital, soon to be released, namely:
As for the much-watched oil prices, Gulf conflicts have led to limited openings in the Strait of Hormuz, continuously obstructing crude oil supplies, with traders buying crude oil options, betting that Brent crude oil will soar to at least $150 per barrel by the end of April. Data from the Intercontinental Exchange (ICE) shows that options expiring at the end of April, allowing holders to buy June Brent crude oil futures at $150 (i.e., call options), have seen positions grow nearly tenfold from a month ago. Additionally, Macquarie noted that if the Iran conflict continues into June, and the “blockade” persists, oil prices could reach record highs of $200. High oil prices may trigger inflation, with the market betting that the Federal Reserve will pivot to raise rates in September.
Review of the three issuing banks in the first quarter with reductions but no increases
Furthermore, when measuring against the four major banks, all chose to stay on the sidelines amid market chaos this week. Looking at the first quarter, without considering selected customers and only using public advertised rates, three issuing banks reduced rates without any increases; HSBC has taken the lead in rate cuts as it approaches 2026, while Bank of China Hong Kong and Standard Chartered have both seen their half-year rates drop below 2%. In contrast, Hang Seng Bank surprised with high rates, having previously offered a two-month rate of 5% on January 19, which has since been withdrawn as it matured at the end of February.
HSBC 7% (limited to eligible new funds, via branch or phone banking), 6% (liquid investment offer)
Standard Chartered 5% (reduced by 2% on February 10)
Bank of China Hong Kong, Hang Seng 5%
HSBC 10% (stock reward plan), 3% (for new funds)
Hang Seng 3% (launched on January 2, threshold HKD 1 million), 2.5% (threshold HKD 10,000)
Bank of China 2%
HSBC 2.2% (reduced by 0.2% on March 2)
Standard Chartered 2.1% (reduced by 0.1% on March 2)
Bank of China 2.1% (reduced by 0.3% on February 4)
Hang Seng 2% (reduced by 0.2% on March 16)
HSBC 2% (reduced by 0.1% on March 2)
Standard Chartered 1.95% (reduced by 0.05% on March 2)
Hang Seng 1.9% (reduced by 0.2% on February 9)
Bank of China 1.9% (reduced by 0.2% on February 4)
Standard Chartered 2% (reduced by 0.2% on February 10)
Airstar aggressively competes for long-term funds, increasing 1-year rates to 2.8%, crowned as the high-rate king
On the other hand, this week three digital banks (formerly known as virtual banks) made their moves: Fusion Bank shortened some terms while increasing others, Airstar (AirStar Bank) had mixed changes, and Huijin Bank raised its rates.
Additionally, it should be noted that PAObank, which had not been around for two years, has changed its name again; it is now called Ping An Digital Bank (PingAnDB); this digital bank was renamed from “Ping An Yi Zhang Tong Bank” to “PAOBank” in May 2024, and has now changed its name once more. As of the 15th of this month, the total customer deposits in its personal banking division have exceeded HKD 12 billion.
Ping An Digital Bank explores new territories, suddenly launching an 8% interest rate for demand deposits
Furthermore, Ping An Digital Bank is exploring new lines to attract demand deposits, launching a new offer for new customers using the referral code 【PR01】 to successfully open an account within the first 30 days, with the first HKD 50,000 earning an annual interest rate of 8% for Hong Kong dollar demand deposits, hoping customers will earn interest before deploying investments.
Fusion Bank announces “Flash Monday” with rates from 8.8% to 25% continuing the “extended competition”
Fusion Bank has made advanced preparations, announcing that on Monday (March 30) there will be a “Flash Monday” with four major offers, including the highest rate in the city at 25%, and 18 months at 2.7% “extended competition!” Depositors must deposit money in the morning, with the event starting at noon on Monday and ending at midnight on Sunday.
“Flash Monday” Offers:
*14 days at 25%: New customers who open an account using the invitation code “FLASH2026” before May 3 (exclusive to new customers, not applicable to mainland visitors to Hong Kong), and deposit new funds of HKD 50,000, with a total of 1,000 spots available. Each customer is limited to one spot, with a limit of HKD 50,000, earning approximately HKD 479 in interest.
*1 week at 8.8%: Total of 100 spots; each person is limited to one spot, with a threshold of HKD 10,000, quickly earning HKD 16.8 in interest.
*18 months at 2.7% (second only to Dah Sing’s 2.8% for the second-highest rate): Total of 1,000 spots, each person limited to 60 spots, with a threshold of HKD 50,000, earning a total of HKD 2,025 in interest. If limited to 60 spots per person and a maximum deposit of HKD 3 million, the maximum interest earned could exceed HKD 121,000.
*USD 3 months at 3.7% (increased by 0.1%): Total of 1,000 spots, with a threshold of USD 5,000, earning USD 46.25 in interest. If limited to 60 spots per person and a maximum of USD 3 million, the maximum interest earned could exceed USD 27,000 (or over HKD 216,000).