How to compare Hong Kong bank value: rates, funding, access and protection
By Perk editor· Last verified: 9 October 2026 (HKT)· 7 min read
Compare Hong Kong deposits and bank offers against the cash you actually need. Separate an annualised quote from interest over the term, then put funding, fees, access and deposit protection on one table.
Split the headline
| Item | Question to check | Do not assume |
|---|---|---|
| Rate | Annualised, interest over the term, or a one-off reward? | Multiply an annual percentage by the number of years |
| Principal | New money, a set currency, or staged deposits? | Every balance qualifies |
| Term | When does interest start, when does it end, and can you withdraw? | Three months always starts on account opening |
| Cost | Monthly fees, withdrawals, FX spreads and clawbacks? | A higher rate offsets every charge |
| Protection | Is it an eligible deposit, and how is the same member aggregated? | Investments and e-wallet balances are deposits |
Coverage and the cap come from the Deposit Protection Board's public pages on 9 October 2026. Product rates and welcomes still follow that bank's current terms.
Use a calculation you can audit
Take HK$50,000 held for 90 days at an annualised rate r. The simplified gross interest is 50,000 × r × 90 ÷ 365. At 4%, that illustration is about HK$493. Crediting dates, rounding, compounding and the product terms can change what is actually paid, so the statement controls.
List a one-off welcome on its own line. Do not rewrite it as a continuing rate. If the lock-in forces you to borrow or miss another payment, the quoted rate has not priced that cost.
Check a bank offer item by item
- Save the terms and the cut-off, then write down opening, funding, minimum balance, required transactions and payout dates.
- Compare the same principal, holding period and currency. Do not merge Hong Kong dollar interest, foreign-exchange movement and investment returns.
- Check whether early withdrawal removes interest, the welcome or a fee waiver, and keep the statements.
- Confirm scheme membership and how your existing eligible deposits with that member are added together.
Protection is aggregated, not a fresh cap on every account
The Deposit Protection Board says that if a scheme member fails, compensation is capped at HK$800,000 for each depositor of that member. Eligible savings, current accounts and time deposits of up to five years are generally covered, in Hong Kong dollars, renminbi or another currency, and in personal, joint and company accounts.
Holders of a joint account are normally treated as owning equal shares, and each person remains under the same cap. Deposits at overseas offices, structured deposits, time deposits longer than five years, bonds, shares, funds, insurance, virtual assets and stored-value facilities are not covered. The target is payment within seven days in most cases. Depositors do not file a claim.
Read ongoing use separately from a welcome
| What you need | How to check it | What the reading shows |
|---|---|---|
| Somewhere to park cash briefly | Compare access, transfers and withdrawal cost, then the rate after the promotion | An account that still fits daily use |
| Existing regular payments | Check direct debits, minimum balances and monthly fees | Do not rebuild payments around a welcome |
| A foreign currency | List the spread, cross-border fees and exchange movement separately | A currency move is not deposit interest |
| An investment | Confirm whether it is a deposit or an investment, and whether it can fall | Cover, risk and access are different |
Check funding and clawback on the live records
Provider
ZA Bank (眾安銀行)
Open a new ZA Bank savings account in Hong Kong with PJ3Y13 by 28 October 2026. The advertised HK$2,000 is voucher value with transaction and holding thresholds, rather than cash; the US$30 MU stock voucher is a conditional reward, not a draw.
Requirement: Each voucher has its own transaction and holding conditions; the HK$780 fund voucher needs HK$500,000 subscribed and 39 consecutive holding days. Check the selected reward plan in the app.
Medium15-30 minutes to open an account online, plus any welcome tasksPayout Welcome rewards credit after you open a qualifying ZA Bank account and complete live welcome / invite tasks — timing follows ZA Bank T&Cs
Verified 9 October 2026 · Ends 28 October 2026
Provider
Standard Chartered Hong Kong (渣打銀行)
Use the SC referral route for the bank’s October–December 2026 Premium or Priority Banking welcome, with new funds starting at HK$100,000 or HK$1 million respectively. The referee receives the ordinary welcome offer, not an extra referral payment; deposit deadlines and balance-holding requirements apply.
Requirement: New funds of at least HK$100,000 (Premium Banking) or HK$1,000,000 (Priority Banking), kept until the bank's designated date
Hard20-30 minutes to register and apply, plus new funds held until the bank's designated datePayout Cash on or before 30 June 2027; Asia Miles 4-6 weeks after that, per Standard Chartered's welcome-offer terms
Verified 9 October 2026 · Ends 31 December 2026
Provider
Mox
Use E6BZQ2 during 14 September–31 October 2026 for HK$200 after timely Mox Credit approval and an eligible card purchase. Up to HK$2,000 more requires the programme’s card-spend, savings and investment conditions; the headline total is HK$2,200, and credit and investment carry risk. Credit involves repayment risk — 借定唔借？還得到先好借！
Requirement: HK$200 referral: Mox Credit approved within 30 days of opening and eligible spend within 30 days of approval. Additional rewards depend on Programme 25 credit/spend, savings and investment conditions.
Medium15-30 minutes to apply, plus card approval and qualifying tasksPayout After you successfully apply for a Mox Credit Card and complete the related welcome tasks under live Mox terms — cash rewards (if any) credit to your Mox account per the referral programme schedule
Verified 9 October 2026 · Ends 31 October 2026
Sources
- Deposit Protection Board: what is covered, the cap, and products outside the scheme · Hong Kong Deposit Protection Board · accessed 9 October 2026
- Deposit Protection Board FAQs: the per-depositor, per-member cap and joint accounts · Hong Kong Deposit Protection Board · accessed 9 October 2026
- ZA Bank offer agreement: funding, balances and reward conditions · ZA Bank · accessed 9 October 2026
- Standard Chartered Hong Kong OneBank referral terms: new money and recovery · Standard Chartered · accessed 9 October 2026
- Mox Referral Programme 25: savings and investment tasks kept separate from card spend · Mox · accessed 9 October 2026
FAQ
- Is an annualised rate the amount I will receive?
- No. It is a comparison measure. Recalculate the term from the principal, the days, the crediting date and the product terms, then check the statement.
- Does each account have its own HK$800,000 of cover?
- No. The Deposit Protection Board aggregates eligible deposits per depositor for each scheme member. A joint account is normally split into equal shares.
- Is an investment balance covered in the same way?
- Structured deposits, shares, funds, bonds, insurance, virtual assets and stored-value facilities are outside this scheme. Confirm that the balance is an eligible deposit first.
- Can I rank welcomes by the largest headline?
- Separate the funding, lock-in, spending and fees first. If you did not need the product or the new money, the largest headline is not the higher net value.
- Can a rise in a foreign currency be treated as interest?
- No. The exchange rate can rise or fall. Keep the spread and fees separate from Hong Kong dollar deposit interest.
Last updated 9 October 2026. Offers change frequently - always confirm details on the provider's site before applying. Not financial advice.