USD time deposits | The latest list of the highest interest rates in July! 3-month term: 8.88% per annum; 6-month and 1-year terms: up to 4% per annum

After the new chair of the U.S. Federal Reserve, Wash, took office, hawks and doves were hard to predict. At present, the market generally expects rate hikes this year, but some economists have begun to sing against the trend, arguing that the current hawkish pricing is wrong and that the interest rate outlook is difficult to gauge. Entering July, banks’ pricing for USD time deposits also remains relatively restrained. Unlike Hong Kong dollar rates hitting new highs again, USD rates are kept at around 4%, and the interest-rate spread versus HKD deposits narrows.

USD time deposit annual interest rates: big comparison

USD time deposits vs Hong Kong-dollar deposits

In July, the USD time-deposit offers are similar to last month. The 12-month and 6-month USD time deposits keep the maximum at 4% unchanged. In contrast, the HKD time deposits for these two tenors in July rise to 3.3%, leading to a narrower interest-rate spread versus USD.

More notably, China Construction Bank (Asia) has a fresh 3-month offer at 8.88%, which is another rate hike compared with the previous month.

3-month USD time deposit 8.88%

China Construction Bank (Asia)’s new-customer privilege: this month is topped up further—3-month USD time deposits go up to a maximum of 8.88%. Note that the terms differ across different accounts.

For new “Private Wealth” customers, the first 15% of new USD funds enjoys a fixed annual interest rate of 8.88%; the remaining 85% receives a daily floating rate, with the latest rate at 3.9%. The “Private Wealth” account has a higher threshold: opening assets must be HK$8 million or more, or its equivalent in other currencies. For this promotion, the deposit amount is capped at an equivalent of new funds ranging from HK$1 million to HK$5 million.

For new “VIP Wealth Management” customers, the account opening threshold is lower, and the structure is the same: the first 15% of new funds at 8.88%, while the remaining 85% has a latest rate of 3.9%. The “VIP Wealth Management” account requires opening assets of HK$1 million or its equivalent in other currencies, and the 8.88% fixed-deposit promotion applies to a deposit amount capped at an equivalent of new funds ranging from HK$1 million to HK$3 million.

Beyond China Construction Bank (Asia)’s 8.88%, there are multiple USD time-deposit offers above 4% for 3 months, but most are exchange-fund promotions (e.g., Ping An at 4.4%, Nanyang Commercial Bank and ZhongAn at 4.0%) or new-account opening promotions (e.g., Citibank and Fuhong at 4.0%).

Fubon Bank’s 4.1% and Mox Bank’s 4.0% are neither for new account openings nor exchange-fund promotions; they are simply time deposits on new funds only, so they can be considered the highest in the city.

12-month USD time deposit: maximum 4%

For 12-month USD long-tenor deposits, the maximum is 4% annual interest rate. Currently, there are three banks offering this: Overseas Chinese Banking Corporation, Fuhong Bank, and Nanyang Commercial Bank.

• Overseas Chinese Banking Corporation’s 4% is a new-funds privilege for wealth management customers, with a minimum initial deposit of the equivalent of HK$100k.

• Fuhong Bank’s 4% is this week’s new-funds flash promotion, with 2,000 USD per offer.

• Nanyang Commercial Bank’s 4% is an exchange-fund promotion, with a minimum initial deposit of the equivalent of HK$1,000.

If you have existing funds, note Fubon Bank currently offers 3.9%, which is the highest in the city.

6-month USD time deposit: maximum 4%

For the other main tenor—6 months—there are also two 4% high-interest offers. The first is the Nanyang Commercial Bank exchange-funds promotion mentioned above; with the equivalent of HK$1,000, you can open it.

The other is a specified-customer offer from DBS, applicable to eligible DBS Account or DBS Treasures account customers. It is tentatively set to expire at the end of July. If customers successfully register for the promotion and open an online time deposit of 4 or 6 months using eligible new funds of USD65k or above, the annual interest rate is 4%.

Note that this is a product that includes the base annual interest rate plus an additional reward. Customers first receive the base interest, and then only receive the additional interest at the end of March 2027 or earlier.

Important notes for USD time deposits

When making USD time deposits, watch out for issues such as FX rate fluctuations, bid-ask spreads, and fees. Since the USD interest-rate spread is not large at the moment, if you do not have USD deposits and want to convert HKD to USD for a time deposit, you must pay attention to the following risks:

• Although HKD is pegged to the USD, the USD/HKD exchange rate still fluctuates between 7.75 and 7.85, meaning there is about 1.3% FX risk when converting HKD into USD.

• High-interest time deposits from banks sometimes require new funds or exchange funds, and may even require converting from a specified currency into USD in order to receive the specified annual interest rate.

• When banks exchange foreign currencies, you may be subject to the bid-ask spread. Watch out for whether there is a “earn interest but lose on FX spread” problem.

• The “FPS” system has not yet covered USD, so you must use the settlement agent’s automatic transfer system (CHATS). Individual banks may charge a fee.

Last updated: July 8, 2026

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