Bank of China Savings Accounts: A Great Introduction Into Saving

Bank of China Savings Accounts: A Great Introduction Into Saving

A Simple But Convenient Option For Both HK Dollar and Foreign Currency Deposits

Good for

  • Customers opening their first savings account
  • Customers who would like to earn interest at a low deposit threshold
  • Customers who frequently handle foreign currencies

Bad for

  • Customers looking for a more elaborate banking scheme
  • Customers who want bonus cash back and promotional offers

Editor's Rating

3.5/5.0

Bank of China's HK Dollar Savings Account is a good option for beginners and customers who are opening a savings account to begin building their financial profiles. The HK Dollar Savings Account is an especially attractive option for current Bank of China customers, who would prefer to continue banking with BOC to take advantage of its large physical presence and accessibility in Hong Kong. For high- income customers who intend to earn higher interest while accessing the convenience of a large bank such as Bank of China, this account is also a great option.

ProsCons
  • Convenience; large branch and ATM access
  • Internet and mobile banking services
  • Customers may receive a monthly statement listing all transactions
  • Maximum earned interest rate of 0.0020%
  • Foreign currency accounts support the most currencies of any HK bank
  • No promotions or cash back opportunities for Bank of China savings accounts
  • Access to higher interest rates (0.0020%) only after depositing a large amount
  • Separate application required for different Bank of China banking accounts/products
Promotion There are no direct promotional offers for Bank of China savings accounts, but there are promotions for some of Bank of China's other deposits and products. See below for more details.
Pros & Cons
Pros:
  • Convenience; large branch and ATM access
  • Internet and mobile banking services
  • Customers may receive a monthly statement listing all transactions
  • Maximum earned interest rate of 0.0020%
  • Foreign currency accounts support the most currencies of any HK bank
Cons:
  • No promotions or cash back opportunities for Bank of China savings accounts
  • Access to higher interest rates (0.0020%) only after depositing a large amount
  • Separate application required for different Bank of China banking accounts/products
  • Promotion There are no direct promotional offers for Bank of China savings accounts, but there are promotions for some of Bank of China's other deposits and products. See below for more details.

What Makes Bank of China Savings Accounts Stand Out?

In the case of Bank of China savings accounts, simplicity is a virtue. Indeed, Bank of China's savings accounts do not consist of some of the added services or features that Citi Priority or Standard Chartered Premium have. Still, the account is also not as restrictive when it comes to requirements and deposit thresholds. Likewise, Bank of China offers fewer promotions than some of its competitors, but counteracts this with a very functional and practical banking experience.

Furthermore, there are some clear benefits to banking with Bank of China. For instance, Bank of China's Foreign Currency Savings Account offers the highest number of available currencies (16) of any bank in Hong Kong, making deposits easier for global citizens. Although it is only available for deposits above HK$1,000,000, the maximum earned interest rate 0.0020% is also the highest offered by any large bank in Hong Kong. Finally, as a JETCO member, Bank of China allows customers access to over 2,600 ATMs operated by Bank of China, Standard Chartered, Citibank, and other JETCO banks. Click here to see more.

Bank of China Hong Kong Dollar Savings Account Interest Rates

Deposit AmountInterest Rate
Under HK$3,0000.0000%
HK$3,000 to HK$999,9990.0010%
HK$1,000,000+0.0020%

Bank of China Hong Kong Dollar Savings Account Interest Rates

Deposit Amount

Interest Rate
Under HK$3,0000.0000%
HK$3,000 to HK$999,9990.0010%
HK$1,000,000+0.0020%

Bank of China Foreign Currency Savings Account Interest Rates

Deposit AmountInterest Rate
Minimum/Base Rate0.0000%
Minimum deposit threshold varies by currency; check here to see0.0010%

Bank of China Foreign Currency Savings Account Interest Rates

Deposit Amount

Interest Rate
Minimum/Base Rate0.0000%
Minimum deposit threshold varies by currency; check here to see0.0010%

Bank of China Savings Accounts Details & Requirements

Details and Requirements
Minimum Age RequirementN/A
Proof of Identification / AddressHK identity card and proof of residence
Minimum Initial DepositHK$0
Minimum Balance RequirementN/A
Fall-Below FeeN/A
Currencies SupportedHKD, RMB, USD, GBP, JPY, SGD, AUD, NZD, CAD, EUR, CHF, DKK, NOK, SEK, THB, BND, and ZAR

Promotional Offers

Although there are no promotional opportunities offered for signing up for Bank of China's savings accounts, there are various promotions available when customers apply/use other Bank of China products. If you are opening a savings account and intend on doing most or all of your banking through BOC, we recommend that you consider some of their other products so that you may qualify for the following offers:

Payroll Service Promotion: From 2 January 2021 to 31 March 2021, Payroll Service customers who sign up for Bank of China's Wealth Management, Enrich Banking, and i-Free Banking services may earn up to HK$1,000 cash rebate. Click here for more details.

Mortgage Rewards: Customers may earn a HK$500 reward when they successfully apply for the Mortgage and Payroll service.

Time Deposit Rewards: Flexi-Time Deposit customers qualify for the Preferential Time Deposit Interest Rate and may withdraw anytime before the maturity date, while other selected Time Deposit customers can enjoy the Preferential Time Deposit Interest Rate.

Securities Rewards: Customers who deposit HK stocks or China A shares can enjoy up to HK$10,500 in rewards.

Life Insurance Plan Rewards: Customers who successfully enrol in a designated deferred annuity plan can enjoy up to a 12.5% first year premium discount and tax deduction.

Loan Rewards: Lenders can take advantage of the following rates:

  • BOC Express Cash Instalment Loan: APR as low as 1.98% + handling fee waiver
  • BOCHK iSmart Tax Loan: APR as low as 1.78% + handling fee waiver

How do Bank of China Savings Accounts Compare to Other Options?

Read our comparisons of Bank of China savings accounts with other savings accounts in Hong Kong and learn what makes each account unique in its own way. We compare and contrast each account to help you to identify which best suits your needs.

Bank of China Savings Accounts v. HSBC Savings Accounts

Consider this if you prefer a more integrated banking account or already bank with HSBC.

HSBC savings accounts are, compared to Bank of China savings accounts, another great option for no-minimum savings accounts. Both accounts should be considered widely accessible and convenient, as they allow customers to take advantage of both banks' large branch and ATM access, along with mobile banking capabilities. Moreover, both banks offer other products and services that can be coupled with your respective savings account.

However, HSBC offers an integrated account featuring all deposits known as the HSBC One Account through just one application. In contrast, Bank of China requires customers to apply for each account separately. In addition to this, HSBC is currently offering fantastic promotions for customers who sign up for the HSBC One Account and use the different services provided by the account. In this sense, if you are planning to use other accounts in addition to savings accounts, it may be worth your time to apply for the HSBC One Account in one sitting. However, if you bank with Bank of China or would enjoy a larger ATM network, stick with Bank of China's savings accounts.

Details & Requirements
Minimum Age Requirement
  • 18 to sign up for your own account
  • Customers aged 11-17 can apply with parental/guardian sponsorship
Proof of Identification / Address
  • Hong Kong citizens: HK identity card and residential address proof
  • HK non-permanent residents: HK identity card or valid travel document (e.g. passport), and current residential address proof
  • Non-HK residents: valid travel document and current residential address proof
Minimum Initial DepositHK$0
Minimum Balance RequirementN/A
Max EIR0.0010%
  • 0.000% (under HK$5,000)
  • 0.0010% (HK$5,000+)

Bank of China Savings Accounts v. DBS Savings Accounts

Consider this if you prefer banking with DBS and enjoy its convenience and reputation.

DBS savings accounts are very similar to Bank of China savings accounts, with a few caveats. For instance, both accounts have no minimum deposit requirement and should be viewed as relatively convenient due to DBS and Bank of China having large branch and cash machine presence. Because both banks are JETCO members, customers may use their ATMs interchangeably, making cash withdrawals equally convenient and this a matter of personal preference.

However, compared to Bank of China savings accounts, there are a few drawbacks to DBS depending on customers' level of specificity. For example, Bank of China's foreign currency accounts are compatible with the most currencies of any bank account in Hong Kong, while DBS does not boast this level of flexibility. Furthermore, high- income customers may benefit from a 0.0020% maximum earned interest rate for deposits over HK$1,000,000. You should view these bank accounts as relatively the same unless these features are particularly important to your needs.

Details and Requirements Minimum Age RequirementN/A
Proof of Identification / AddressHK permanent identity card or HK/foreign country identity card and valid travel document and proof of residence
Minimum Initial DepositHK$0
Minimum Average Daily BalanceN/A
Max EIR0.0010%
  • Minimum/Base Rate: 0.0010%

Bank of China Savings Accounts v. Citibank Savings Accounts

Consider this if you already use Citibank services or are interested in an integrated savings and cheque account, expansive no-fee ATM access, and attractive sign-up promotions.

Citibank savings accounts are comparable to DBS and Bank of China no minimum savings accounts in many ways. Regarding cash withdrawal, both banks are members of the JETCO ATM network, meaning that customers have no-fee access to each bank's respective ATMs and approximately 2,600 ATMs throughout Hong Kong. Likewise, each bank boasts a large presence in physical locations, making convenience a top feature to each account.

However, unlike Bank of China, Citibank allows customers to sign up for both a savings account and checking account with the same application, making Citi accounts attractive for new customers who desire a seamless process to get started with building a financial profile. Furthermore, Citi's more specified accounts, such as Citi Priority Banking and Citigold, offer compelling features such as investment compatibility and promotional rewards that may be attractive to higher- income customers.

Details & Requirements
Minimum Age RequirementN/A
Proof of Identification / Address
  • Hong Kong Citizens: HK identity card and residential address proof
  • HK Non-Permanent Residents: HK identity card or valid travel document (e.g. passport), and current residential address proof
  • Non-HK Residents: valid travel document and current residential address proof
Minimum Initial DepositHK$0 to HK$500,000 (for Citibank Priority Banking)
Minimum Average Daily BalanceHK$0 to HK$500,000 (for Citibank Priority Banking)
Max EIR0.0010% p.a.
  • Minimum/Base Rate: 0.0010%

Bank of China Savings Accounts v. Standard Chartered Premium Banking

Consider this if you are a high- income customer who would like to receive financial advice through your bank.

Standard Chartered Premium Banking and Bank of China savings accounts some important similarities but also provide very different features to customers. To begin, both Bank of China and Standard Chartered are considered banks the best in Hong Kong for customer convenience due to their expansive physical branch presence and interchangeable no-fee access to ATMs. In addition, both banks offer comprehensive mobile banking services that make personal financial management doable 24/7 and from your fingertips.

However, compared to Bank of China savings accounts, SCB Premium Banking has a much higher barrier to entry. With a minimum initial deposit of HK$200,000 and a monthly salary requirement of HK$20,000, SCB Premium is still an account intended only for higher-income customers. However, this requirement comes with exclusive features such as live financial assistance and integration to other SCB accounts.

Because Bank of China does not have such stringent requirements for its services, its savings accounts are a better option for customers who cannot meet the minimum requirements. For those with a higher income, however, customers will have to assess the value of a higher maximum earned interest rate (Bank of China) and the utility of SCB's so-called "premium services."

Details & Requirements
Minimum Age RequirementN/A
Proof of Identification / AddressHK identity card
Minimum Monthly SalaryHK$20,000+
Minimum Initial DepositHK$200,000
Minimum Balance RequirementHK$200,000
Mortgage RequirementMortgage outstanding amount = sum of HK$1,500,000+
Max EIR0.0010% p.a.
  • Minimum/Base Rate: 0.0010%
黄奭彤

黄奭彤 (Seaton Huang) is a Junior Research Analyst covering consumer finance products in Hong Kong. As an alumnus of Columbia University (M.A., 2020), Northeastern University (B.A., 2019), and a former Fulbright Fellow at Shaanxi Normal University (2018), he has significant academic and analytical expertise in the economic and political terrains of China, Hong Kong, and Asia Pacific. His past research has concerned the socioeconomic effects of mobile payment systems in China and the efficacy of China's Belt and Road Initiative in Central Asia, among other poignant topics in contemporary Asia.