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Should You Open a Hang Seng Savings Account in 2021?

An Easy, Reliable Savings Account for All Customers

Should You Open a Hang Seng Savings Account in 2021?

An Easy, Reliable Savings Account for All Customers

3.5/5.0

ValueChampion Rating ValueChampion Icon

Good for

  • Easy access to funds and cash
  • Customers who frequently use Chinese RMB/CNY or other foreign currencies
  • Customers who value the brand reputation of Hang Seng

Bad for

  • Investors hoping to use the account as a trading platform
  • Customers who hope to earn from high interest
  • Customers enticed by attractive sign-up bonuses

Hang Seng's savings accounts' features are similar to those of most savings account options offered by major banks in Hong Kong. With an interest rate of 0.0010%, the account's potential for growth equals that of HSBC, Standard Chartered, and Citi, among others. Likewise, with no minimum deposit requirement and access to no-fee cash withdrawals at over 1,000 ATMs across Hong Kong, the account is certainly convenient and handy for most customers. Hang Seng's savings accounts are also compatible with their current accounts and foreign currency deposits, making the transfer of your funds simple and easy.

ProsCons
  • No minimum deposit requirement
  • No-fee cash withdrawals at Hang Seng, HSBC, and other ETC member ATMs
  • Foreign currency deposits available
  • No promotional offers for Hong Kong Dollar savings or current accounts
  • No potential for higher interest rate earnings
  • Separate applications required for Hang Seng time deposits and investment accounts
Promotion: Although there are no promotional offers currently available for Hang Seng's basic HK Dollar and Foreign Currency savings accounts, there are currently attractive offers for other Hang Seng accounts described below.
Pros & Cons
Pros
  • No minimum deposit requirement
  • No-fee cash withdrawals at Hang Seng, HSBC, and other ETC member ATMs
  • Foreign currency deposits available
Cons
  • No promotional offers for Hong Kong Dollar savings or current accounts
  • No potential for higher interest rate earnings
  • Separate applications required for Hang Seng time deposits and investment accounts
  • Promotion: Although there are no promotional offers currently available for Hang Seng's basic HK Dollar and Foreign Currency savings accounts, there are currently attractive offers for other Hang Seng accounts described below.

What Makes Hang Seng Savings Accounts Stand Out?

Hang Seng's savings accounts, which support HK Dollar as well as RMB and foreign currency deposits, are relatively unremarkable compared to other savings accounts offered in Hong Kong. With that being said, they are not a bad option for customers either, especially those who are familiar with Hang Seng or HSBC. Indeed, Hang Seng's interest rates, minimum requirements, and mobile banking services are uniform with other major banks in Hong Kong, such as Citibank, DBS, Bank of China.

Although Hang Seng does not boast an equal number of cash machines throughout Hong Kong as the aforementioned banks, the 1,000+ ATMs operated by Hang Seng, HSBC, and other ETC member banks still make cash withdrawals accessible and convenient. Mobile banking services similarly allow customers to analyze and direct their funds as needed. Moreover, when coupling the Hang Seng savings account with the Hang Seng current account, the banking process can be both transparent and reliable for customers.

Hang Seng HK Dollar Savings Account Interest Rates

Deposit AmountInterest Rate
Under HK$5,0000.0000%
HK$5,000 and above0.0010%

Hang Seng HK Dollar Savings Account Interest Rates

Deposit Amount

Interest Rate
Under HK$5,0000.0000%
HK$5,000 and above0.0010%

HSBC Savings Accounts Details & Requirements

Details and Requirements
Minimum Age RequirementN/A
Proof of Identification / Address
  • Hong Kong Residents: HK Identity Card or Certificate of Exemption issued by HK Government AND residential address proof
  • For foreigners' requirements and more details, visit Hang Seng's website
Minimum Initial DepositHK$0
Minimum Balance RequirementN/A
Fall-Below FeeN/A

Promotional Offers for Other Hang Seng Accounts

Although there are currently no promotions available for signing up for a regular Hang Seng savings and current account, customers may earn rewards if they successfully enrol in Hang Seng's other banking products. Hang Seng's Prestige, Preferred, Signature, and Green Banking, among other accounts, all offer enticing rewards for new customers:

Signature Banking: Until 31 March 2021, new Signature customers can earn a HK$10,000 cash reward when their Total Relationship Balance reaches HK$8,000,000. Customers who reach this amount can also choose a reward of either a two-day-one-night family vacation at a 3-bedroom garden duplex at the Hong Kong Gold and Tennis Academy or a family one-day sports pass and a HK$500 dining voucher. Click here for more details. Prestige Banking: Until 31 March 2021, new Prestige Banking customers can earn up to HK$6,000 from the Total Relationship Balance Reward when they fulfill the following specifications.Learn more here.

Total Relationship Balance AmountCash Back Reward
HK$5,000,000 and aboveHK$6,000
HK$3,000,000 to HK$4,999,999HK$4,000
HK$1,000,000 to HK$2,999,999HK$2,000
HK$500,000HK$300 (see footnote)
HK$300 reward only available when you upgrade from an existing Hang Seng HK Dollar or Foreign Currency savings, current, time deposit, or integrated account.

Preferred Banking: New Preferred Banking customers can earn rewards for enrolment in payroll services, investment accounts, and new fund time deposits. Visit Hang Seng's website for more information.

Green Banking: Hang Seng Green Banking, intended for young adults, university students, and post-graduates, offers customers a free integrated account with a range of different financial tools. New customers may also receive benefits such as travel insurance discounts, six months of $0 brokerage fees and IPO handling fee waivers for investments, and 2.4% cash rebates when paying tuition fees. Click here for more information.

M.I. Kid AssetBuilder: Customers interested in investing in the future by setting up a children's savings account with Hang Seng can enjoy exclusive rewards such as cancer protection, eyecare benefits, and tax deductions on health insurance enrolment. Visit Hang Seng's children's accounts website for more information.

How do Hang Seng Savings Accounts Compare to Other Options?

Read our comparisons of Hang Seng 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.

Hang Seng Savings Accounts v. Bank of China Savings Accounts

Consider this if you want a higher maximum earned interest rate on large deposits.

Bank of China Savings Accounts offer customers a marginally higher earning potential from interest than Hang Seng savings accounts do, with its 0.0020% maximum earned interest rate for deposits over HK$1,000,000 among the highest in Hong Kong. Furthermore, with a total of 16 foreign currencies supported on the platform compared to the 12 supported by Hang Seng, Bank of China's savings accounts are slightly more flexible for frequent travelers or people conducting business in various countries.

However, aside from these main caveats, the accounts are mostly identical. Both accounts are incredibly accessible and convenient, allowing customers the ability to set up accounts without a minimum deposit requirement, along with access to each respective bank's large ATM network and mobile banking services. Unless the higher interest rate applies to your future deposits, both accounts would be good savings options.

Details and Requirements Minimum Age RequirementN/A
Proof of Identification / AddressHK identity card and proof of residence
Minimum Initial DepositHK$0
Minimum Average Daily BalanceN/A
Max EIR0.0020% p.a.
  • 0.000% (under HK$3,000)
  • 0.0010% (HK$3,000 - HK$999,999)
  • 0.0020% (HK$1,000,000+)

Hang Seng Savings Accounts v. HSBC Savings Accounts

Consider this if you want to enjoy more banking features while maintaining no minimum balance requirement and no-fee ATM access.

HSBC Savings Accounts and Hang Seng savings accounts are almost entirely identical. Both accounts have the same features shared by many of Hong Kong's major banks: no minimum deposit or balance requirement, maximum earned interest rate of 0.0010%, mobile banking services, and even access to the same no-fee ATM network (ETC).

There is, however, one caveat: HSBC allows customers to create combined accounts with just one application through its HSBC One Account. Whereas a customer would have to sign up separately for different Hang Seng banking products, the HSBC One Account allows customers to conduct all of their banking needs, such as time deposits, investments, or cheques, with just one application and account. The HSBC One Account also offers exclusive rewards for new customers, detailed extensively in our review of HSBC 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+)

Hang Seng Savings Accounts v. DBS Savings Accounts

Consider this if you value DBS's brand reputation while using a similarly convenient banking account.

DBS Savings Account offers the same market average interest rate of 0.0010%, but wider no-fee ATM access than Hang Seng. Compared to the roughly 1,000 ATMs belonging to Hang Seng, HSBC, and fellow ETC banks, DBS and other JETCO banks boast over 2,600 cash machines throughout Hong Kong. Both banks offer mobile banking services. Aside from this difference in physical locations to withdraw cash, both accounts are incredibly convenient and accessible for account openings and continued use. When deciding between these two accounts, the considerations you should take will be primarily based on preference or affiliation of existing accounts.

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%

Hang Seng 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, compared to Hang Seng savings accounts, have much more stringent requirements for enrolment. For instance, whereas Hang Seng allows any deposit amount to open an account, Standard Chartered's Premium Banking service not only has a high deposit threshold of HK$200,000, but additional salary, minimum balance, and mortgage requirements.

With this in mind, it is clear that these two accounts contain different features and do not target the same demographic. In addition to the regular banking services offered by Hang Seng, Standard Chartered Premium Banking offers customers with additional 24-hour financial assistance and additional account forms. Furthermore, the account offers customers the ability to earn additional rewards for using various account features. While it's maximum earned interest rate is the same as that of Hang Seng, high-income customers should consider this account when looking at possible savings account options.

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.