Best Savings Accounts in Hong Kong 2021

Although savings accounts are a low-risk way to earn more while storing your money, there are many factors you should consider. After studying dozens of savings accounts offered by Hong Kong's biggest banks, our expert analysts identified the best options for a range of needs. Whether you want to maximise your interest or open an account with low minimums, let our guide help you find the best savings account for you.

Best High Interest Savings Accounts: Best No Minimum Savings Account: Best Savings Accounts for Easy Cash Withdrawal: Best Savings Accounts for High-Income Earners: Best Savings Accounts for Foreign Currency:
Best Online Savings Accounts:

How We Compare the Best Savings Accounts

We understand that choosing the best savings accounts is not an easy task, so we have developed a methodology of making the decision-making process easier for you. Taking into account the mostly equivalent interest rates of most large banks in Hong Kong, we factored in considerations such as income level, access to ATM networks, and ongoing promotions. For your convenience, we have partitioned this guide based on these considerations, so that you can find the right savings account based on your accessibility and needs.

Best High Interest Savings Accounts:

Best No Minimum Savings Account: Best Savings Accounts for Easy Cash Withdrawal: Best Savings Accounts for High-Income Earners: Best Savings Accounts for Foreign Currency:
Best Online Savings Accounts:

How We Compare the Best Savings Accounts

We understand that choosing the best savings accounts is not an easy task, so we have developed a methodology of making the decision-making process easier for you. Taking into account the mostly equivalent interest rates of most large banks in Hong Kong, we factored in considerations such as income level, access to ATM networks, and ongoing promotions. For your convenience, we have partitioned this guide based on these considerations, so that you can find the right savings account based on your accessibility and needs.

Best High Interest Savings Accounts

Since 2009, deposit interest rates for savings accounts in Hong Kong have remained close to zero. However, if you intend to earn some money through storing your savings at a bank, you may still choose your account based on the maximum earned interest rate (EIR). However, you should be aware that most of the monetary benefits you may receive from a savings account may come in the form of promotional packages and bonuses outside of just rates. These savings accounts offer the highest potential effective interest rates and promotional rates:

CNCBI inMotion

  • Description: With Great Account Features, Convenience, and Promotions, This Savings Account is Truly One of Hong Kong's Best
  • Promotions: From now until 31 December 2020, new signees will receive a 3.8% savings interest rate (up to HK$1888 in rewards) for successfully applying for a Savings Account, One Account, and Motion Virtual Credit Card.
  • Minimum Initial Deposit: HK$0
  • Minimum Average Daily Balance: N/A
  • Max EIR: 3.8% p.a. (for the first three months)
  • 0.000% (under HK$4,999.99)
  • 0.0010% (HK $5,000+)

Upon signup, the CNCBI (China CITIC Bank International) inMotion account offers a fantastic 3.8% interest rate for the first three months when you maintain a minimum daily balance of HK$100,000. After the three month period, the interest rate reverts to 0.0010% (assuming a balance of above HK$5,000), consistent with savings account rates offered by most major banks in Hong Kong.

Beyond the inMotion account's exceptional promotion and comparability with other banks' interest rates, however, you should consider CNCBI's membership in the JETCO consortium as a relevant perk. As the largest network of ATMs and cash machines in Hong Kong and Macau, JETCO member banks offer their customers the easiest access to cash deposits and withdrawals of funds.

Finally, note that when you successfully apply for a CNCBI inMotion account through MoneyHero from now until 31 December 2020, you can earn up to HK$1,888 in rewards as well as a HK$50 Deliveroo voucher.

  • Description: With Great Account Features, Convenience, and Promotions, This Savings Account is Truly One of Hong Kong's Best
  • Promotions: From now until 31 December 2020, new signees will receive a 3.8% savings interest rate (up to HK$1888 in rewards) for successfully applying for a Savings Account, One Account, and Motion Virtual Credit Card.
  • Minimum Initial Deposit: HK$0
  • Minimum Average Daily Balance: N/A
  • Max EIR: 3.8% p.a. (for the first three months)
  • 0.000% (under HK$4,999.99)
  • 0.0010% (HK $5,000+)

Upon signup, the CNCBI (China CITIC Bank International) inMotion account offers a fantastic 3.8% interest rate for the first three months when you maintain a minimum daily balance of HK$100,000. After the three month period, the interest rate reverts to 0.0010% (assuming a balance of above HK$5,000), consistent with savings account rates offered by most major banks in Hong Kong.

Beyond the inMotion account's exceptional promotion and comparability with other banks' interest rates, however, you should consider CNCBI's membership in the JETCO consortium as a relevant perk. As the largest network of ATMs and cash machines in Hong Kong and Macau, JETCO member banks offer their customers the easiest access to cash deposits and withdrawals of funds.

Finally, note that when you successfully apply for a CNCBI inMotion account through MoneyHero from now until 31 December 2020, you can earn up to HK$1,888 in rewards as well as a HK$50 Deliveroo voucher.

livi bank liviSave

  • Description: Attractive Savings Rate and Mobile Banking Platform
  • Minimum Initial Deposit: HK$0
  • Minimum Average Daily Balance: N/A
  • Max EIR: 0.50% p.a. for the first HK$500,000 deposited
  • 0.500% for the first HK$500,000 deposited
  • 0.0100% for remaining balance(s)

A fully virtual experience, livi bank's livi Save savings account stands out in comparison to traditional banks' saving account schemes in several ways. For one, the livi offers an outstanding base rate of 0.010% (ten times the 0.0010% most commonly found in large banks' savings accounts) as well as a 0.50% interest rate for the first HK$500,000 deposited. If your intention is to maximise your earnings via interest in the long term, this account will surely appeal to you.

However, you should note that as a new player in Hong Kong, Iivi cannot offer the same name recognition as traditional banks. Moreover, only deposits up to HK$500,000 (including both principal and interest) are protected by the Deposit Protection Scheme. livi bank also does not currently offer ATM cards. This means that all banking needs must be conducted digitally on the livi bank app, limiting the availability of cash withdrawals but offering customers substantially higher interest for keeping your savings in a livi Save account.

Click here to find out more about the best virtual savings accounts available in Hong Kong

  • Description: Attractive Savings Rate and Mobile Banking Platform
  • Minimum Initial Deposit: HK$0
  • Minimum Average Daily Balance: N/A
  • Max EIR: 0.50% p.a. for the first HK$500,000 deposited
  • 0.500% for the first HK$500,000 deposited
  • 0.0100% for remaining balance(s)

A fully virtual experience, livi bank's livi Save savings account stands out in comparison to traditional banks' saving account schemes in several ways. For one, the livi offers an outstanding base rate of 0.010% (ten times the 0.0010% most commonly found in large banks' savings accounts) as well as a 0.50% interest rate for the first HK$500,000 deposited. If your intention is to maximise your earnings via interest in the long term, this account will surely appeal to you.

However, you should note that as a new player in Hong Kong, Iivi cannot offer the same name recognition as traditional banks. Moreover, only deposits up to HK$500,000 (including both principal and interest) are protected by the Deposit Protection Scheme. livi bank also does not currently offer ATM cards. This means that all banking needs must be conducted digitally on the livi bank app, limiting the availability of cash withdrawals but offering customers substantially higher interest for keeping your savings in a livi Save account.

Click here to find out more about the best virtual savings accounts available in Hong Kong

Best No Minimum Savings Account

Savings accounts with low minimum deposits and average daily balance requirements are a great option if avoiding bank fees is important to you. These accounts may be most appropriate for people with low income and young people such as children, teens, young adults, and students.

Bank of China Hong Kong Dollar Savings Account

  • Description: A Simple But Convenient Option For Both HK Dollar and Foreign Currency Deposits
  • Minimum Initial Deposit: HK$0
  • Minimum Average Daily Balance: N/A
  • Max EIR: 0.0020% p.a.
  • 0.000% (under HK$3,000)
  • 0.0010% (HK$3,000 - HK$999,999)
  • 0.0020% (HK$1,000,000+)

With no minimum initial deposit, minimum average daily balance, or monthly fees, Bank of China's Hong Kong Dollar Savings Account is the most accessible savings plan we found. The account does not carry a base per annum (p.a.) interest rate, but can be up to 0.0010% for those who deposit from HK$3,000 to HK$999,999. The interest for this account increases to 0.0020% p.a. when over HK$1,000,000 is deposited.

Contrast this to HSBC's HK Dollar Savings Account, which also does not have a minimum initial deposit, but only offers a maximum rate of 0.0010% on deposits above HK$5,000. For new savers, the BOC Hong Kong Dollar Savings Account is an easy-to-qualify plan at a reputable bank, and can help you safeguard your money while earning some interest as well.

Moreover, as a member of the JETCO consortium, BOC will grant you no-fee access to over 2,600 ATMs and cash machines in Hong Kong and Macau, as opposed to the 1,000 ATMs of the ETC network (Hang Seng and HSBC) or AEON.

  • Description: A Simple But Convenient Option For Both HK Dollar and Foreign Currency Deposits
  • Minimum Initial Deposit: HK$0
  • Minimum Average Daily Balance: N/A
  • Max EIR: 0.0020% p.a.
  • 0.000% (under HK$3,000)
  • 0.0010% (HK$3,000 - HK$999,999)
  • 0.0020% (HK$1,000,000+)

With no minimum initial deposit, minimum average daily balance, or monthly fees, Bank of China's Hong Kong Dollar Savings Account is the most accessible savings plan we found. The account does not carry a base per annum (p.a.) interest rate, but can be up to 0.0010% for those who deposit from HK$3,000 to HK$999,999. The interest for this account increases to 0.0020% p.a. when over HK$1,000,000 is deposited.

Contrast this to HSBC's HK Dollar Savings Account, which also does not have a minimum initial deposit, but only offers a maximum rate of 0.0010% on deposits above HK$5,000. For new savers, the BOC Hong Kong Dollar Savings Account is an easy-to-qualify plan at a reputable bank, and can help you safeguard your money while earning some interest as well.

Moreover, as a member of the JETCO consortium, BOC will grant you no-fee access to over 2,600 ATMs and cash machines in Hong Kong and Macau, as opposed to the 1,000 ATMs of the ETC network (Hang Seng and HSBC) or AEON.

Best Savings Accounts for Easy Cash Withdrawal

If you're looking for savings accounts that offer easy access to cash withdrawals, you'll have to consider the banks' network of no-fee ATMs and whether the bank you choose lets you access other banks' ATMs. In Hong Kong, there are two main networks that operate thousands of ATMs throughout the region: JETCO and ETC. JETCO consists of Citibank, Bank of China, DBS, Standard Chartered, and others. Click here for the entire list of JETCO-affiliated banks. On the other hand, ETC consists of HSBC and Hang Seng. Also available, but less prevalent, are AEON network banks. For the sake of simplicity, we've identified the best saving accounts for each of the two major ATM consortiums in Hong Kong: JETCO and ETC.

Best JETCO Savings Account for Easy Cash Withdrawal

Bank of China Hong Kong Dollar Savings Account

  • Description: A Simple But Convenient Option For Both HK Dollar and Foreign Currency Deposits
  • Minimum Initial Deposit: HK$0
  • Minimum Average Daily Balance: N/A
  • Max EIR: 0.0020% p.a.
  • 0.000% (under HK$3,000)
  • 0.0010% (HK$3,000 - HK$999,999)
  • 0.0020% (HK$1,000,000+)

Click here to read our previous assessment of this product.

  • Description: A Simple But Convenient Option For Both HK Dollar and Foreign Currency Deposits
  • Minimum Initial Deposit: HK$0
  • Minimum Average Daily Balance: N/A
  • Max EIR: 0.0020% p.a.
  • 0.000% (under HK$3,000)
  • 0.0010% (HK$3,000 - HK$999,999)
  • 0.0020% (HK$1,000,000+)

Click here to read our previous assessment of this product.

Best ETC Savings Accounts for Easy Cash Withdrawal

Hang Seng Savings / Current Account

  • Description: An Easy, Reliable Savings Account for All Customers
  • Minimum Initial Deposit: HK$0
  • Minimum Average Daily Balance: N/A
  • Max EIR: 0.0010% p.a.
  • 0.000% (under HK$5,000)
  • 0.0010% (HK$5,000+)
  • Description: An Easy, Reliable Savings Account for All Customers
  • Minimum Initial Deposit: HK$0
  • Minimum Average Daily Balance: N/A
  • Max EIR: 0.0010% p.a.
  • 0.000% (under HK$5,000)
  • 0.0010% (HK$5,000+)

HSBC Hong Kong Dollar Savings Account

  • Description: A Top Choice for Convenience, Brand Reputation, and Attractive Promotional Offers
  • Minimum Initial Deposit: HK$0
  • Minimum Average Daily Balance: N/A
  • Max EIR:
  • 0.000% (under HK$5,000)
  • 0.0010% (HK$5,000+)
  • Bonus interest can be earned if your Total Relationship Balance is or exceeds HK$1,000,000)

With equal interest rates across the board and access to either bank's ATMs through their ETC affiliation, the Hang Seng Savings / Current Account and the HSBC Hong Kong Dollar Savings Account are essentially the same product. Both accounts also qualify you for a free ATM card, making cash withdrawals easy and seamless.

If you find yourself trying to decide between these two options, simply consider whether you find HSBC or Hang Seng more convenient when it comes to the rest of your finances. For instance, people who already have an HSBC current account or mortgage will probably find it easier to put their savings there as well.

  • Description: A Top Choice for Convenience, Brand Reputation, and Attractive Promotional Offers
  • Minimum Initial Deposit: HK$0
  • Minimum Average Daily Balance: N/A
  • Max EIR: 0.0010% p.a.
  • 0.000% (under HK$5,000)
  • 0.0010% (HK$5,000+)
  • Bonus interest can be earned if your Total Relationship Balance is or exceeds HK$1,000,000)

With equal interest rates across the board and access to either bank's ATMs through their ETC affiliation, the Hang Seng Savings / Current Account and the HSBC Hong Kong Dollar Savings Account are essentially the same product. Both accounts also qualify you for a free ATM card, making cash withdrawals easy and seamless.

If you find yourself trying to decide between these two options, simply consider whether you find HSBC or Hang Seng more convenient when it comes to the rest of your finances. For instance, people who already have an HSBC current account or mortgage will probably find it easier to put their savings there as well.

Best Savings Accounts for High-Income Earners

These savings accounts may require a higher minimum deposit or average daily balance, but can help to maximise your earnings while keeping your money secure.

Citibank Priority Account

  • Description: Building Wealth Through Investing Made Easy
  • Minimum Initial Deposit: HK$500,000
  • Minimum Average Daily Balance: HK$500,000
  • Max EIR: 0.0010% p.a.
  • Minimum/Base Rate: 0.0010%

The Citibank Priority Account is a great option for high-earning customers looking for a more personalized banking experience. The Citibank Priority Account gives users access to investment resources, 24/7 and global currency exchange services, a 24-hour customer hotline, along with other customizable tools.

Cash rebates are another attractive component to this account. When you successfully apply for a Citibank Priority Account through MoneyHero, you can earn up to HK$1,700 cash rebate as well as a HK$200 supermarket cash coupon. You may also receive an HK and US stock buy fee waiver for the first three months after enrollment.

  • Description: Building Wealth Through Investing Made Easy
  • Minimum Initial Deposit: HK$500,000
  • Minimum Average Daily Balance: HK$500,000
  • Max EIR: 0.0010% p.a.
  • Minimum/Base Rate: 0.0010%

The Citibank Priority Account is a great option for high-earning customers looking for a more personalized banking experience. The Citibank Priority Account gives users access to investment resources, 24/7 and global currency exchange services, a 24-hour customer hotline, along with other customizable tools.

Cash rebates are another attractive component to this account. When you successfully apply for a Citibank Priority Account through MoneyHero, you can earn up to HK$1,700 cash rebate as well as a HK$200 supermarket cash coupon. You may also receive an HK and US stock buy fee waiver for the first three months after enrollment.

Standard Chartered Premium Banking Account

  • Description: Premium Features and Promotions Attractive to High-Income Customers
  • Promotions: New SCB Premium clients are eligible for a cash rebate up to HK$900, and can earn an extra HK$200 rebate when they open an account with the SCB mobile app.
  • Until 31 December 2020, you can earn a HK$100 cash reward when you try the Foreign Exchange program in SCB online banking or the SCB mobile app.
  • Premium clients who sign up for the Securities Account can receive a $0 brokerage commission offer for BUY securities transactions during the sign-up month and following 3 months.
  • You can enjoy a 0% subscription fee your first 6 months of online trading with an SCB Premium Investment Fund Account.
  • Minimum Monthly Salary: HK$20,000+
  • Minimum Initial Deposit: HK$200,000
  • Minimum Average Daily Balance: HK$200,000
  • Mortgage Requirement: Mortgage outstanding amount = sum of HK$1,500,000+
  • Max EIR: 0.0010% p.a.
  • Minimum/Base Rate: 0.0010%

Like the Citibank Priority Account, the Standard Chartered Premium Banking Account offers insights and other useful financial tools:

  • Wealth management advice
  • 24-hour financial assistance
  • Premium Banking 360* rewards: up to 490 Asia Miles, 7,000 points, or HK$35 cash back every - month when using select SCB products
  • Double Premium Banking 360* rewards for customers who maintain a monthly Total Relationship - - Balance of HK$500,000 and above

New SCB Premium clients are eligible to receive an HK$900 cash rebate, along with an additional HK$200 cash rebate when applying via the Standard Chartered mobile app. New users that sign up for an Investment Fund Account can also enjoy 6 months of online trading at a 0% subscription fee. Until 31 December 2020, enrollees can also receive a 40% discount on Allianz insurance products, upon successful application.

  • Description: Premium Features and Promotions Attractive to High-Income Customers
  • Promotions: New SCB Premium clients are eligible for a cash rebate up to HK$900, and can earn an extra HK$200 rebate when they open an account with the SCB mobile app.
  • Until 31 December 2020, you can earn a HK$100 cash reward when you try the Foreign Exchange program in SCB online banking or the SCB mobile app.
  • Premium clients who sign up for the Securities Account can receive a $0 brokerage commission offer for BUY securities transactions during the sign-up month and following 3 months.
  • You can enjoy a 0% subscription fee your first 6 months of online trading with an SCB Premium Investment Fund Account.
  • Minimum Monthly Salary: HK$20,000+
  • Minimum Initial Deposit: HK$200,000
  • Minimum Average Daily Balance: HK$200,000
  • Mortgage Requirement: Mortgage outstanding amount = sum of HK$1,500,000+
  • Max EIR: 0.0010% p.a.
  • Minimum/Base Rate: 0.0010%

Like the Citibank Priority Account, the Standard Chartered Premium Banking Account offers insights and other useful financial tools:

  • Wealth management advice
  • 24-hour financial assistance
  • Premium Banking 360* rewards: up to 490 Asia Miles, 7,000 points, or HK$35 cash back every - month when using select SCB products
  • Double Premium Banking 360* rewards for customers who maintain a monthly Total Relationship - - Balance of HK$500,000 and above

New SCB Premium clients are eligible to receive an HK$900 cash rebate, along with an additional HK$200 cash rebate when applying via the Standard Chartered mobile app. New users that sign up for an Investment Fund Account can also enjoy 6 months of online trading at a 0% subscription fee. Until 31 December 2020, enrollees can also receive a 40% discount on Allianz insurance products, upon successful application.

Best Savings Accounts for Foreign Currency

If you frequently deal with foreign currencies, whether you have family in Mainland China or do business in other countries, you might want a savings account with competitive rates for foreign currencies. Most banks in Hong Kong have savings interest rates for both RMB and HK$, along with other global currencies.

Best RMB/CNY Savings Account

HSBC Renminbi (RMB) Savings Account

  • Description: Offering the same rates for their RMB/CNY accounts as HK$ savings accounts, HSBC offers a safe and reputable way to store your Renminbi holdings.
  • Minimum Initial Deposit: CNY /RMB 0
  • Minimum Average Daily Balance: N/A
  • Max EIR: 0.0010% p.a.
  • Minimum/Base Rate: 0.0000%
  • 0.0010% (CNY/RMB 5,000+)

Given the 0.0010% interest rates for both HK$ and RMB/CNY deposits that are consistent with most major banks in Hong Kong, HSBC's RMB Savings Account stands out due to having no minimum initial deposit. Contrast this to other options, such as Standard Chartered and China Construction Bank, which require a minimum deposit of RMB 1,000 in order to even open an account.

Keep in mind, however, that deposits in the HSBC RMB Savings Account will only start to earn interest once the account has over RMB 5,000 deposited. Your RMB savings in the HSBC RMB Savings Account will also count toward the calculation of the Total Relationship Balance, which will earn bonus interest when your balance is at and/or exceeding HK$1,000,000.

  • Description: Offering the same rates for their RMB/CNY accounts as HK$ savings accounts, HSBC offers a safe and reputable way to store your Renminbi holdings.
  • Minimum Initial Deposit: CNY /RMB 0
  • Minimum Average Daily Balance: N/A
  • Max EIR: 0.0010% p.a.
  • Minimum/Base Rate: 0.0000%
  • 0.0010% (CNY/RMB 5,000+)

Given the 0.0010% interest rates for both HK$ and RMB/CNY deposits that are consistent with most major banks in Hong Kong, HSBC's RMB Savings Account stands out due to having no minimum initial deposit. Contrast this to other options, such as Standard Chartered and China Construction Bank, which require a minimum deposit of RMB 1,000 in order to even open an account.

Keep in mind, however, that deposits in the HSBC RMB Savings Account will only start to earn interest once the account has over RMB 5,000 deposited. Your RMB savings in the HSBC RMB Savings Account will also count toward the calculation of the Total Relationship Balance, which will earn bonus interest when your balance is at and/or exceeding HK$1,000,000.

Savings Account Supporting the Most Currencies

Bank of China Foreign Currency Savings Account

  • Description: With a whopping 16 currencies supported, Bank of China's Foreign Currency Savings Account offers the most flexibility for customers who frequently deal with foreign currencies.
  • Currencies Supported: 16 (RMB, USD, GBP, JPY, SGD, AUD, NZD, CAD, EUR, CHF, DKK, NOK, SEK, THB, BND, and ZAR)
  • Minimum Initial Deposit: 0 (currencies of choice)
  • Minimum Average Daily Balance: N/A
  • Max EIR: 0.0010% p.a.
  • Minimum/Base Rate: 0.0000%
  • Minimum deposit to earn 0.0010% interest varies by currency; check here to see exact thresholds.

Bank of China's Foreign Currency Savings Account allows the most versatility for your savings because it supports the most foreign currencies of banks in Hong Kong. Moreover, your funds will be easily accessible through Bank of China's and other JETCO members' ATMs and cash machines.

This option is ideal for those who prefer to diversify their savings into several foreign currency holdings, and would like the assurance and security presented by banking with a reputable name. For instance, if you love to travel to or do business in various countries, you may be attracted to the amount of currencies supported by the Bank of China Foreign Currency Savings Account.

  • Description: With a whopping 16 currencies supported, Bank of China's Foreign Currency Savings Account offers the most flexibility for customers who frequently deal with foreign currencies.
  • Currencies Supported: 16 (RMB, USD, GBP, JPY, SGD, AUD, NZD, CAD, EUR, CHF, DKK, NOK, SEK, THB, BND, and ZAR)
  • Minimum Initial Deposit: 0 (currencies of choice)
  • Minimum Average Daily Balance: N/A
  • Max EIR: 0.0010% p.a.
  • Minimum/Base Rate: 0.0000%
  • Minimum deposit to earn 0.0010% interest varies by currency; check here to see exact thresholds.

Bank of China's Foreign Currency Savings Account allows the most versatility for your savings because it supports the most foreign currencies of banks in Hong Kong. Moreover, your funds will be easily accessible through Bank of China's and other JETCO members' ATMs and cash machines.

This option is ideal for those who prefer to diversify their savings into several foreign currency holdings, and would like the assurance and security presented by banking with a reputable name. For instance, if you love to travel to or do business in various countries, you may be attracted to the amount of currencies supported by the Bank of China Foreign Currency Savings Account.

Best Online Savings Accounts

Online savings accounts offer an exciting opportunity for customers to save money while earning interest rates higher than those earned by storing money at traditional banks. Although they may be less convenient than traditional banks in that they have less physical locations or no-fee cash machines, their high returns are certainly worth your consideration.

ZA Savings Go

  • Description: Best Savings Rate for Mobile Banking Platforms in Hong Kong
  • Minimum Initial Deposit: HK$0
  • Minimum Average Daily Balance: N/A
  • Max EIR: 1.00% p.a. for account balance of HK$500,000 or below
  • 1.00% (under HK$500,000)
  • 0.010% (HK$500,000+)

Online bank ZA's Savings Go account offers a fantastic 1.00% interest rate for balances under HK$500,000, while the 0.010% interest rate for amounts higher than HK$500,000 is consistent with most other banks' savings rates. In other words, this account is excellent for people hoping to maximise earnings from bank-accrued interest. You can calculate an estimate of how much you will earn from interest on the ZA Savings Go website.

Unlike its fellow virtual bank livi, the ZA Savings Go account can be paired with a ZA Visa Card that you can use at retailers and use for no-free cash withdrawals at ATMs or cash machines in Hong Kong and throughout the world. However, ZA Bank does not have physical branches, so customer service and banking inquiries must be handled online or over the phone.

  • Description: Best Savings Rate for Mobile Banking Platforms in Hong Kong
  • Minimum Initial Deposit: HK$0
  • Minimum Average Daily Balance: N/A
  • Max EIR: 1.00% p.a. for account balance of HK$500,000 or below
  • 1.00% (under HK$500,000)
  • 0.010% (HK$500,000+)

Online bank ZA's Savings Go account offers a fantastic 1.00% interest rate for balances under HK$500,000, while the 0.010% interest rate for amounts higher than HK$500,000 is consistent with most other banks' savings rates. In other words, this account is excellent for people hoping to maximise earnings from bank-accrued interest. You can calculate an estimate of how much you will earn from interest on the ZA Savings Go website.

Unlike its fellow virtual bank livi, the ZA Savings Go account can be paired with a ZA Visa Card that you can use at retailers and use for no-free cash withdrawals at ATMs or cash machines in Hong Kong and throughout the world. However, ZA Bank does not have physical branches, so customer service and banking inquiries must be handled online or over the phone.

Airstar Savings Account

  • Description: A Great Promotional Savings Rate And Easy To Use Mobile Platform
  • Promotions: From 8 November 2020 to 31 December 2020, enjoy a 5% interest rate for the first HK$20,000 deposited into your Airstar Savings Account.
  • Minimum Initial Deposit: HK$0
  • Minimum Average Daily Balance: N/A
  • Max EIR: 5.0% p.a.
  • First HK$20,000: 5.00% (from 8 November 2020 to 31 December 2020)
  • Above HK$20,000 to HK$1,000,000: 0.50%
  • Above HK$1,000,000: 0.10%

The Airstar savings account is another fantastic option for virtual banking. Like other virtual banks livi and ZA, Airstar offers high interest rates regardless of your total deposit amount.

Moreover, Airstar's promotional 5.00% rate for the first HK$20,000 deposit in your savings account (check promotional period) is undoubtedly the best interest rate available for any savings account in Hong Kong. Although Airstar does not have its own ATM cards or physical branches, you can address all of your needs by contacting them by phone, email, mobile app, or mail.

  • Description: A Great Promotional Savings Rate And Easy To Use Mobile Platform
  • Promotions: From 8 November 2020 to 31 December 2020, enjoy a 5% interest rate for the first HK$20,000 deposited into your Airstar Savings Account.
  • Minimum Initial Deposit: HK$0
  • Minimum Average Daily Balance: N/A
  • Max EIR: 5.0% p.a.
  • First HK$20,000: 5.00% (from 8 November 2020 to 31 December 2020)
  • Above HK$20,000 to HK$1,000,000: 0.50%
  • Above HK$1,000,000: 0.10%

The Airstar savings account is another fantastic option for virtual banking. Like other virtual banks livi and ZA, Airstar offers high interest rates regardless of your total deposit amount.

Moreover, Airstar's promotional 5.00% rate for the first HK$20,000 deposit in your savings account (check promotional period) is undoubtedly the best interest rate available for any savings account in Hong Kong. Although Airstar does not have its own ATM cards or physical branches, you can address all of your needs by contacting them by phone, email, mobile app, or mail.

FAQs

Although they are connected, there are two primary differences between a current account or cheque account and a savings account. A cheque account is typically associated more with daily transactions, such as payroll deposits and withdrawals from your ATM card. It is appropriate to view a cheque account as your daily 'spending' account. A savings account, on the other hand, is designed to be less accessible (many banks will have monthly withdrawal limits) with the intention of storage of money. Savings accounts are typically associated with emergency funds and money that is not to be spent unless absolutely necessary. Another great quality of savings accounts is interest, meaning that you will actually earn money for the longer time or more money you store into the account.

Although you don't necessarily need to keep all of your savings in a savings account, it is a good general practice to allot a portion of every one of your paychecks to savings. Doing so will position yourself for a more seamless retirement and a fund just in case you are to experience any financial difficulties in the future.

The short answer is to invest your money. You can do this by participating in the stock exchange, or by purchasing assets such as real estate that will grow your money faster than interest from savings accounts will. Alternatively, you may also want to consider time deposit accounts or other bank products that garner higher interest than savings accounts.

While a savings account typically accrues interest based on the total value of deposits in the account, a time deposit account accrues interest at increasing levels the longer money is stored in the account. Although time deposit accounts typically bear higher interest rates, they may also reach a point in maturity where interest rates will plateau.

Although not all banks require minimum deposits to open savings accounts, most will not earn you interest until a certain deposit threshold is reached. There are a few reasons for this. Firstly, minimum deposits are a way for banks to cover the operational costs of your account and storage of your money. Secondly, banks like to have a sense of assurance that you will be a cooperative client and do so by implementing financial requirements in order to access their services.

Besides savings accounts, there are a number of ways you can maximise your savings. For instance, certain credit cards can help you earn back part of what you spend on travel and shopping. You can find more ideas in some of our other guides below.

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.