HSBC cuts its Hong Kong dollar best lending rate from 5.875% to 5.625%
The Hongkong and Shanghai Banking Corporation Limited has announced that it will, with effect from 20 September 2024 (Friday), cut its Hong Kong dollar best lending rate by 25 basis points to 5.625% per annum from the 5.875% per annum set on 28 July 2023, when it was raised by 12.5 basis points.
Meanwhile, the Bank will cut the HSBC Savings Rate for its Hong Kong dollar savings deposits1 by 25 basis points. The HSBC Savings Rate was last changed on 28 July 2023, when it was raised by 12.5 basis points.
| Account balance (HKD) | Interest rate per annum |
|---|---|
| 150,000 and above | 0.625% |
| 10,000 - <150,000 | 0.625% |
| 5,000 - <10,000 | 0.625% |
| Below 5,000 | 0% |
HSBC’s bonus interest rate2 for total relationship balances of HKD1 million and above remains at 0.001% per annum.
Luanne LIM, Chief Executive Officer, Hong Kong, HSBC, said, “Our decision to reduce our Hong Kong dollar interest rates reflects both the US Federal Reserve’s announcement and the steady softening of HIBOR since the beginning of this year. Having considered the macro-economic environment and HIBOR trends, we concluded that a reduction is appropriate. We will continue to monitor the evolving macro-outlook and developments in the financial markets, ready to adjust our rates as needed.”
Note to editors:
- HSBC’s tiered interest rate structure is applied to the Hong Kong dollar savings deposit rates offered under HSBC Premier Elite, HSBC Premier, HSBC One, Personal Integrated Accounts, Hong Kong Dollar Passbook/Statement Savings, University Student and Cash Card accounts, Super Ease and Business Integrated Accounts.
- HSBC’s bonus interest rate is only applicable to personal customers.
The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 60 countries and territories. With assets of US$2,975bn at 30 June 2024, HSBC is one of the world’s largest banking and financial services organisations.