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livi Bank liviSave: Consistently High Savings and Great Mobile Features

Attractive Savings Rate and Mobile Banking Platform

livi Bank liviSave: Consistently High Savings and Great Mobile Features

Attractive Savings Rate and Mobile Banking Platform

4.0/5.0

ValueChampion Rating ValueChampion Icon

Good for

  • Customers who primarily seek to earn high interest from savings
  • Customers interested in mobile and online banking
  • Customers who will mostly be making low-to-medium deposit amounts

Bad for

  • Customers who foresee themselves frequently withdrawing money
  • Customers who prefer to bank only using one bank or one integrated account
  • Customers who need more specified banking services such as investing platforms

liviSave by livi Bank is a fully mobile savings account option that offers fantastic interest rates and versatile spending options throughout Hong Kong. livi Bank's mobile interface is easy to use, supports QR/mobile payments to applicable vendors, and provides a free physical debit card option for all livi customers who sign up. However, the most attractive feature of the account is the stellar savings rate. At a minimum, the savings rate is 100-times higher than the average of physical banks in Hong Kong. Additionally,the promotional and small-deposit interest rates can be even higher. This account is great for those seeking to maximize their earning potential from interest.

ProsCons
  • High interest rates across all deposit amounts, including promotional rate
  • Easy to use mobile interface
  • Can be paired with the livi Debit Mastercard to facilitate physical purchases
  • Account is not compatible with foreign currencies
  • Platform does not support additional banking features such as cheque and time deposit
  • Requisite fees for cash withdrawals and foreign exchange fees applied
Promotion From 1 February to 31 May 2021, new customers who make one QR payment within the first month while using the livi bank mobile app can upgrade their first HK$50,000 interest rate from 1.00% to 3.00%.
Pros & Cons
Pros:
  • High interest rates across all deposit amounts, including promotional rate
  • Easy to use mobile interface
  • Can be paired with the livi Debit Mastercard to facilitate physical purchases
Cons:
  • Account is not compatible with foreign currencies
  • Platform does not support additional banking features such as cheque and time deposit
  • Requisite fees for cash withdrawals and foreign exchange fees applied
Promotion From 1 February to 31 May 2021, new customers who make one QR payment within the first month while using the livi bank mobile app can upgrade their first HK$50,000 interest rate from 1.00% to 3.00%.

What Makes livi Bank liviSave Stand Out?

The livi Bank livi Save account is very easy to sign up for and to use. Not only are there no minimum deposit or balance requirements to the account, but the entire application process can also be done entirely on the livi Bank mobile app and be approved on the same day. All banking functions can similarly be done on your mobile device, including even mobile and QR payments at participating retailers. Customers who would also like to make physical card purchases can also sign up for a free livi Bank Mastercard debit card.

The main appeal to using livi Bank for your savings needs is the outstanding interest rate that it offers across all deposit levels. The savings interest rate for account balance of HK$50,000 and below is 1000-times higher than the average across most traditional banks in Hong Kong. Meanwhile, deposits between HK$50,000 to HK$500,000 feature a 0.50% interest rate and 0.10% rate for balances over HK$500,000. While these rates do decrease significantly across brackets, they are still much higher than most other competitor rates in Hong Kong. In addition, livi Bank offers a promotional rate of 3% for applicable new customers' initial savings.

However, livi Bank liviSave contains some inconveniences as well. Unless you intend to make all of your purchases with a livi debit card or through mobile banking, you will need to have a bank account with another bank if you wish to withdraw cash with no fee. Furthermore, some banking options such as time deposits, current accounts, currency exchange, and investing are not supported by livi Save. It is recommended that you pair your livi account with another existing bank account to take advantage of more features.

livi Bank liviSave Interest Rates
Deposit AmountInterest Rate
First HK$50,000 or below1.00%
Above HK$50,000 and under HK$500,0000.50%
Above HK$500,0000.10%
From 1 February to 31 May 2021, new customers who make one QR payment within the first month while using the livi bank mobile app can upgrade their first HK$50,000 interest rate from 1.00% to 3.00%.
livi Bank liviSave Interest Rates
Deposit AmountInterest Rate
First HK$50,000 or below1.00%
Above HK$50,000 and under HK$500,0000.50%
Above HK$500,0000.10%
From 1 February to 31 May 2021, new customers who make one QR payment within the first month while using the livi bank mobile app can upgrade their first HK$50,000 interest rate from 1.00% to 3.00%.

livi Bank liviSave Details & Requirements

Details and Requirements
Minimum Age Requirement18
Proof of Identification / Address
  • Must be a Hong Kong resident with a valid Smart Hong Kong Identity Card, Hong Kong address, and Hong Kong mobile number
  • Must currently be in Hong Kong
Minimum Initial DepositHK$0
Minimum Balance RequirementHK$0
Fall-Below FeeN/A

How Does the livi Bank liviSave Account Compare to Other Accounts?

Read our comparisons of the livi Account 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.

livi Bank liviSave vs. Airstar Savings Account

Consider this if you desire both mobile banking and a high promotional savings rate.

Airstar Savings Account and the livi bank livi Save both offer comparable rates for all customers' deposits below HK$500,000. However, between the range of HK$500,000 and HK$1,000,000, Airstar offers a higher rate at 0.50%. Thus, if you are a high-income customer seeking to maximize earning potential from interest, Airstar should be more appealing to you than livi Bank.

Aside from the difference in savings rates, livi Bank liviSave and the Airstar Savings Account are very similar in nature. Both banks require customers to have existing accounts with other banks to facilitate cash withdrawals and other banking features. livi Bank does offer a free Mastercard debit card for liviSave customers to make purchases, but cash withdrawals made with the card accrue applicable transaction fees.

Details & Requirements
Minimum Age Requirement18
Proof of Identification / AddressValid Hong Kong identity card and permanent Hong Kong residence proof
Minimum Initial DepositHK$0
Minimum Balance RequirementHK$0
Fall-Below FeeN/A
  • First HK$20,000: 3.60%
  • Above HK$20,000 and under HK$1,000,000: 0.50%
  • Above HK$1,000,000: 0.10%

livi Bank liviSave vs. ZA Savings Go

Consider this if you desire a consistently a high savings rate for a mobile banking account.

ZA Savings Go and livi Bank liviSave make a good comparison as two of the most appealing mobile banking options in Hong Kong. However, their interest rate schemes differ quite significantly. ZA's savings rate is higher for account balances under HK$500,000, at 1% compared to livi Bank's 0.50% from HK$50,000 to HK$500,000. livi Bank's 3% savings rate for the first HK$50,000 deposited may appeal to you if your intended account balance is on the lower end. On the other hand, high-income customers who want to earn a higher interest rate might find livi Bank's 0.10% rate for deposits over HK$500,000 more attractive than ZA's 0.010%.

Another difference between these two accounts comes in their accompanying debit/cash cards. Even though both of these mobile banks, unlike competitor Airstar, for instance, offer customers free cards to facilitate in-person transactions, they are not quite the same. In fact, ZA's card is more convenient as it is compatible for no-fee cash withdrawals at over 3,000 ATMs in Hong Kong, whereas livi Bank's Mastercard bears transaction fees.

Details & Requirements
Minimum Age Requirement18
Proof of Identification / AddressValid Hong Kong identity card and permanent Hong Kong residence proof
Minimum Initial DepositHK$0
Minimum Balance RequirementHK$0
Fall-Below FeeN/A
  • HK$500,000 and under: 1.000%
  • Above HK$500,000: 0.010%

livi Bank liviSave vs. CNCBI inMotion

Consider this if if you are value a mobile banking platform as well as the reputation of a major JETCO bank.

CNCBI inMotion is an attractive mobile banking option that combines the benefits of relying on a major bank in Hong Kong while also benefiting from the convenience of mobile and online services. Compared to livi Bank liviSave, the CNCBI inMotion account offers more flexibility for customers in terms of account types—cheque, savings, investment, among others—as well as promotional offers, including a high promotional interest rate for new customers. However, unlike livi Bank and other fully mobile banks such as ZA and Airstar, CNCBI and other more traditional banks are unable to offer high savings rates as consistently. Customers will need to evaluate whether they value high interest or more banking services/features when they decide between these accounts.

Details & Requirements
Minimum Age Requirement18
Proof of Identification / AddressValid Hong Kong identity card and permanent Hong Kong residence proof
Minimum Initial DepositHK$0
Minimum Balance RequirementHK$0
Fall-Below FeeN/A
  • Deposit under HK$4,999.99: 0.0000% p.a.
  • Deposit over HK$5,000: 0.0010% p.a.

livi Bank liviSave vs. HSBC One Account

Consider this if if you are value a mobile banking platform as well as the reputation of a major ETC bank.

HSBC One Account is another integrated account option that emphasises mobile banking services. Compared to livi Bank liviSave, the HSBC One Account offers a wide variety of different banking accounts and services, all accessible through one application. Furthermore, the account affords customers access to HSBC's expansive network of ATMs and physical branches in addition to its mobile banking services, making addressing customers' banking needs and cash deposits and withdrawals easily accessible.

However, as with all comparisons between online-only banks and large banks such as HSBC, the main differences are the accounts' interest rates. HSBC One Account does not offer nearly as high of savings rates as livi Bank liviSave. For this reason, customers must evaluate which of the contrasting benefits offered by either account are more appealing to them.

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 RequirementHK$0
Fall-Below FeeN/A
  • Deposit under HK$5,000: 0.000%
  • HK$5,000 and above: 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.