[Hong Kong Dollar Fixed Deposit] April Hong Kong Dollar fixed deposit offers a maximum interest rate of 21%, with another one-month term providing an ultra-high interest rate of 4%.

Trump applies maximum pressure to Iran, and the world is watching the Middle East political situation ahead of the “deadline” around 8:00 tomorrow morning, but after the quarter-end, no Hong Kong banks actively absorb safe-haven inflows. In just the first two trading days of April, as many as 9 large and small banks cut and not increased their Hong Kong-dollar time deposit rates. Only 3 Hong Kong banks have raised rates across the board. Under these “flooded” conditions, market expectations are that the industry currently lacks incentives to attract deposits with high interest rates.

By using the chart 👇👇👇👇 to compare Hong Kong-dollar fixed deposit interest rates

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Citigroup pushes back its Fed rate-cut forecast, expecting actions in September, October, and December instead of the previously expected June, July, and September. However, it maintains the forecast of three rate cuts this year. The main reason is concerns that risks of a downturn in the U.S. labor market are intensifying.

Latest situation for April Hong Kong-dollar time deposits:

Newly launched:

• WeLab Bank has 1-month fixed deposits at 4%: minimum threshold is HK$280k. Launched on April 1 as “WeLab Bank Welcome-the-Adult Double New Customer Bonus,” running until April 30. How it works: new customers (who have not held any account with the bank within the past 12 months) open an account using the designated referral code “WL5000,” then successfully open a “Core Account.” Cash bonus includes a fixed-deposit interest rebate of 920 yuan and a HK$4,000 cash bonus for investment funds, totaling about HK$5,000 in rewards; new customers also open two separate 1-month Hong Kong-dollar fixed deposit “GoSave 2.0” deposits at a 4% annual interest rate, with amounts of HK$80k and HK$200k respectively, and receive an interest rebate of 920.55 yuan; cash bonus for fund transactions: the investment amount is at least HK$40k (or its equivalent in foreign currency), and upon successful subscription of any fund through the customer’s selected fund or GoWealth smart investment adviser

A race to the front: East Asia and DBS roll out time deposit rate increases across the board

Rate increases:

• East Asia leads off: just after entering April 1, it increases short-, medium-, and long-term rates across the board; rarely does it see a strong jump of 0.4 percentage points for 1 year to 2.5%. It also raises 3-month and 6-month by 0.1 percentage point: 3-month is now 2.2%, and 6-month is 2.4%
• Fusion Bank increases 1-year by 0.1 percentage point to 2.7%, narrowly beating Ping An Digital Bank’s 2.65%, earning the title of “King of Long Rates”
• DBS increased across the board at the start of April: the largest increase is for 3 months, raising it by 0.1 percentage point to 2.1%

Both increase and decrease:

• AirStar Bank decreases then increases again: at the start of April it first trimmed 1-year by 0.05 percentage point to 2.65%, but the next day it reversed and raised it by 0.05 percentage point to 2.7%, catching up with Fusion Bank and creating a “double crown.” In addition, it raised 9-month by 0.05 percentage point to 2.6%, continuing to ask and remain the “High-Interest King”
• Bank of Communications Hong Kong increases then decreases: at the start of April it increased 1-year by 0.1 percentage point to 2.1%, but the next day it cut 1-month by 0.1 percentage point to 1.75%
• Short-cut, long-rise: it previews a strong increase tomorrow (April 8) of 1-year by 0.3 percentage point to 1.93%; with slight increases for 1 month and 6 months by 0.05 percentage point each, reporting 1.48 and 2.28 respectively. But it slightly cuts 3 months by 0.05 percentage point to 2.03%

After quarter-end, 9 major and smaller banks turn and cut rates

Rate cuts:

• BOC International reduces rates for two consecutive days. Among them, 1-month and 2-month fall below 2% and 2.0%, cumulatively cutting 0.25 percentage point to 1.75%
• New World reduces for two consecutive sessions, cumulatively cutting 3-month by 0.2 percentage point to 2.1%, and also reducing 6-month by 0.1 percentage point to 2.5%
• Dazhong Bank reduces for two consecutive sessions: the largest cut is for 1 month, sharply cutting 0.3 percentage point to 1.7%
• Industrial and Commercial Bank of Asia sharply cuts 3-month (mobile e-opening) from 0.92 percentage point to 2.88%; it also slightly reduces (for big-money new customers) 3 months, 98 days, and 188 days by 0.05 percentage point each. This results in 3 months now at 2.48%, and 98 days and 188 days at 2.42%. It also significantly raises the thresholds for 98 days and 188 days from HK$800k to require HK$3M in new money
• Fubon cuts 0.1 percentage point for 1 month, 3 months, 4 months, and 6 months, leaving 1 month at only 1.95%; 3 months, 4 months, and 6 months all show 2.35%
• CCB Asia reduces short-, medium-, and long-term rates comprehensively. The largest cut is for 1 month, trimming by 0.25 percentage point to 1.6%; it also cuts 3 months, 6 months, and 1 year by 0.15 percentage point, all reporting 2.1%
• Chow Sang reduces 3-month by 0.1 percentage point to 2.2%
• Chuang Hing reduces 3-month by 0.1 percentage point to 2.25%
• Li Hui (livi bank) reduces 3-month, 4-month, and 6-month by 0.2 percentage point to narrowly stay above 2%

9 Hong Kong banks extend special rates; Citi’s 3-month 4.1% ends Saturday

Extended high-interest promotions:

Extended to April 5:

• Fusion Bank: 14 days at 25%, 7 days at 8.8%, 18 months at 2.7%

Extended to April 11 (Saturday):

• Citi 3-month 3.1%: the range for new funds deposit amounts is from HK$500k to HK$8M. In addition, for all-new or existing Citi credit card customers, opening a Citigold Private Client 3-month time deposit promotion offers 4.1%, and Citigold 3.9%

Extended to April 30:

• Fubon: 7 days 6.88%, 1 month 3.38%
• Ping An Digital Bank: 3 months 2.55%, 6 months and 1 year 2.65%

Extended to May 27:

• ZA Bank: 7 days 10% and 20%

Extended to May 31:

• Fusion Bank: 7 days 21%
• Standard Chartered: 3 months 2.1%, 6 months 1.95%, 1 year 2.0%

Extended to June 30:

• CCB Asia: 3 months 6.88% and 5.88%
• Hang Seng: 7 days 5%, 1 month 3%
• Chow Sang: 7 days 5%, 1 month 2.08%

Cancelled special rates:

• Ping An Digital Bank: 1 month 15% and 12%
• CCB Asia: 1 month 12%
• DBS: two months 6%
• New World: 1 year, 18 months, and 24 months at 2.8%

Citi expert Liao Jiahao expects 3-month Brent and WTI to break $100

In addition, expectations of a ceasefire between the U.S. and Iran are helping the dollar fall through the 100 level. Liao Jiahao, head of investment strategy and asset allocation at Citibank, said that core inflation in the U.S. is expected to rise 2.6% in both the first and second quarters, ease slightly to 2.3% in the third quarter, and then rise slightly again to 2.4% in the fourth quarter. As for CPI, it is expected to rise in the fourth quarter sequentially by 3.3% and 3.6%, and both in the third quarter and the end quarter to be 3.1%. For Brent crude, the 3-month forecast is $120; the 6-to-12-month forecast is $80. For New York oil, the 3-month forecast is $108; and the 6-month-to-1-year forecast is $74

The U.S. Dollar Index has a 3-month forecast of 103.29, and a 6-to-12-month forecast of 100.47; the Federal Reserve is expected to cut rates by a total of 75 basis points this year.

Trump issued a final ultimatum to Iran to the U.S. East Coast time of Tuesday evening 8:00, which is 8:00 a.m. Hong Kong time on Wednesday (April 8). International oil prices rose significantly after the U.S. long weekend resumed trading. Brent jumped by as much as 2% to around $111 per barrel; WTI surged even faster by 2.6% to as high as $114. However, the market reported yesterday that parties are working to mediate, and oil prices then quickly fell again.

7 major and smaller Hong Kong banks compete to attract long money by raising 1-year tenors

Looking at April as well, among newly launched deposits, the top is 3-month 2.88% via Industrial and Commercial Bank of Asia’s mobile e-opening; but when taking into account the “bonus for time on stage” promotions, Fusion Bank’s 7 days at 21% temporarily takes the title “High-Interest King.”

Since the end of last month up to now, the industry has increased 1-year tenors:

• Short-cut, long-rise by Shanghang Bank: it previews an increase on April 8 of 1 year by 0.3 percentage point to 1.93%
• AirStar Bank increases 1 year slightly on April 4 by 0.05 percentage point to 2.7%
• Fusion Bank increases 1 year on April 2 by 0.1 percentage point to 2.7%
• Bank of Communications Hong Kong increases 1 year on April 1 by 0.1 percentage point to 2.1%
• DBS increases 1 year slightly on April 1 by 0.05 percentage point to 1.95%
• Industrial and Commercial Bank of Asia increases 1 year on April 1 by 0.15 percentage point to 2.1%
• *WeLaB Bank: it micro-raised 1 year on March 31 by 0.03 percentage point to 2.45%

Fusion Bank’s “Flash Monday” offer: choose any rate from 8.8% to 25%

By the way, Fusion Bank’s “Flash Monday” includes four major offers: topping the city with “High-Interest King” at 25%, as well as 18 months at 2.7% with “bonus time on stage.” Customers must deposit money in the morning; the event starts at 12:00 noon on Monday, and ends at 12:00 midnight on Sunday night.

“Flash Monday” offers:

• 14 days 25%: new customers open an account using the invitation code “FLASH2026” by May 3 (exclusive to new customers, but not applicable to Mainland visitors to Hong Kong), and deposit new funds of HK$50k. There are 1,000 quota slots in total. Each customer can claim only 1 offer. Based on a deposit cap of HK$50k, they earn about 479 yuan in interest

• 1 week 8.8%: total quota of 100 slots; each person can claim only 1 offer; with a threshold of HK$10k, earn 16.8 yuan in interest for a short deposit

• 18 months 2.7% (leaving WeLaB Bank’s 2.25% behind, the “High-Interest King”): total quota of 600 slots; each person can claim up to 60 offers; threshold of HK$50k. Earn 2,025 yuan in interest for the full period. If limited to 60 offers per person, and based on the deposit cap of HK$3M, they can earn more than 121k yuan in interest

• 3 months USD 3.7%

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