Ping An Digital Bank Review: Account Features, Deposit Rates, Fees and the 20% Welcome Time Deposit

Ping An Digital Bank (International) Limited is a licensed bank authorised by the Hong Kong Monetary Authority and operates as a virtual bank. The HKMA granted a virtual banking licence to its predecessor, Ping An OneConnect Bank, in May 2019; the bank was renamed PAO Bank in May 2024 and took its current name on 25 March 2026, with its bank code 392 and SWIFT code unchanged. It is wholly owned by Lufax Holding and is a member of China's Ping An Group.

The bank is a member of the Deposit Protection Scheme. Hong Kong dollar, US dollar and renminbi deposits are all protected, up to HK$800,000 per depositor at each member bank. As at 30 June 2026, the bank had total assets of over HK$15.6 billion and deposits of about HK$13.7 billion.

Opening an account gives you Hong Kong dollar, US dollar and renminbi savings accounts. Hong Kong dollars can be transferred 24 hours a day through FPS and used to pay merchants that accept FPS; daily and per-transaction limits can be set in the app, and merchant payments share the same limit as transfers. Local US dollar and renminbi transfers are processed through the Real Time Gross Settlement system, and the cut-off time for CHATS transfers is 4 p.m. on business days. For cross-border payments, Hong Kong dollars, US dollars and renminbi can be remitted via SWIFT, and Hong Kong identity card holders may send up to RMB 80,000 a day to their own mainland accounts. The app also offers 24-hour currency exchange.

The bank does not offer ATM cards, debit cards, credit cards or cheques, nor joint accounts. If you need cash, you must first transfer the money to another bank via FPS. Electronic statements are issued in the first week of each month, and you can log in with fingerprint or facial recognition. Overall, it is better suited to being a savings and interest-earning account than a main account for everyday spending.

Hong Kong dollar and renminbi savings both earn 0.1% p.a. US dollar savings earn tiered interest by balance: 0.50% on the first US$14,999.99, 3.28% on US$15,000 to US$60,000, and 2.00% above US$60,000, which makes the account more attractive to customers who hold US dollars.

Savings Builder is a stepped savings account funded with a single lump-sum deposit. The rate has three stages of 30 days each: 1.00%, 1.50% and 6.00% for Hong Kong dollars, and 2.00%, 2.20% and 6.00% for US dollars. If the full amount stays for all 90 days, the average annual rate is about 2.83% for Hong Kong dollars and about 3.40% for US dollars. Funds can be transferred out at any time and the remaining balance continues to earn interest; only one Savings Builder may be held per currency at a time, and its rates are fixed when it is opened.

For time deposits, the Hong Kong dollar board rates listed on the bank's website on 10 October 2026 were 2.35% for one month, 3.00% for three months, 3.15% for six months and 3.45% for twelve months; the US dollar twelve-month rate was 4.30%. On the same day, the twelve-month Hong Kong dollar board rate was among the higher rates shown on virtual banks' official websites. The rate that applies is the one displayed in the app at the time of the transaction.

Money Safe is an anti-fraud measure promoted by the HKMA. Customers can instantly lock part of the funds in their savings or time deposits (in Hong Kong dollars, US dollars or renminbi) within the app; even if the account is used by someone else without authorisation, the locked funds cannot be used for transactions.

The trade-off is that unlocking is inconvenient: to reduce or remove the lock, you must apply in person at the bank's office on Hoi Bun Road, Kwun Tong, and the request is processed within three working days after your identity is verified; locked time deposits also cannot be withdrawn early. It suits reserves that will remain untouched for a long period, but is not advisable for money you might need urgently.

New customers who open an account through the referral programme can place the first HK$80,000 (HK$100 to HK$80,000) in a one-month Hong Kong dollar time deposit at 20% p.a. (base rate plus extra rate). The annual rate applies for one month only: on the basis of 30 days and a 365-day year, interest on HK$80,000 is about HK$1,315, or roughly 1.6% of the principal. If the deposit renews automatically at maturity, it earns the board rate prevailing at that time.

The promotion runs from 1 to 30 November 2026 and applies only to customers who have never held any account with the bank and who open a savings account with an invite code during the promotion period. Once the account is open, the offer appears in the time deposit section of the app; the deposit must be placed during the promotion period through the promotional slot marked with the preferential rate under 存款 > 定期存款 (Deposits > Time Deposits), as any other slot earns only the base rate. Places are limited and allocated on a first-come, first-served basis. Referred customers who deposit HK$20,000 into the savings account on or before 30 November receive an additional HK$200 cash rebate; the terms do not state when it is paid, and the account must remain in good standing through the promotion and reward payment period.

Simply enter the invite code D42I6H when opening the account. The new-customer time deposit terms also state that a customer who does not enter a referral code when opening the account does not receive the preferential rate, and the bank will not grant it afterwards. D42I6H is our referral code.

To open an account with a Hong Kong identity card, you must be aged 18 or over, hold the 2018 version of the smart identity card, have a Hong Kong or mainland mobile number and not be a US person; the bank does not accept passports, and accounts can be opened only through the app. Mainland residents may open an account with a second-generation Resident Identity Card, but must be in Hong Kong when applying and provide their immigration records for the last three months; anyone who holds a Hong Kong identity card must use it to open the account.

The process is to download the app, choose to open an account, scan your identity card and take a selfie for verification, entering the invite code along the way. The bank states that it can take as little as about five minutes, but it may request additional information; user reviews also include cases where approval took from one to several weeks, so if you intend to open an account before 30 November, allow sufficient time.

There are no account service fees and no minimum balance requirement; FPS, CHATS and transfers within the bank are free. Paper statements cost HK$100 each, and outward SWIFT remittances overseas cost HK$50 per transaction (US$10 for US dollars), applicable where the beneficiary pays other charges.

The point that most requires attention is early withdrawal of a time deposit: it is subject to the bank's discretionary approval, no interest is paid, and a charge of 1% of the principal or HK$1,000, whichever is higher, applies. On a HK$10,000 time deposit, for example, the charge already equals one tenth of the principal, far more than the roughly HK$164 of interest for one month. An account with no transfers or payments for 24 consecutive months is classified as dormant.

As at 10 October 2026, the app was rated 4.9 on the App Store (Hong Kong), from 360 ratings, and 2.0 on Google Play, from 406 reviews. The gap between the two platforms is wide, and the written reviews are predominantly negative.

Common complaints include being suspended until the following day after repeated failures in identity card scanning or selfie verification, approvals remaining "under review" for a long time, being unable to transfer funds out while the account is under review, and "system busy" messages at login. The bank operates a 24-hour hotline on (852) 3762 9900 as well as in-app customer service; if you notice suspicious transactions, you can also call the hotline to block the account.

The app offers trading in Hong Kong stocks, US stocks, funds and money market funds, with a flat US stock commission of US$0.88; the bank also distributes general and life insurance as an agent and offers premium financing. This review focuses mainly on the deposit accounts and the welcome offer. Investment involves risk, and past performance is not indicative of future performance.

Suitable for: people looking for a savings account with no monthly fee who want to compare time deposit rates; people who hold US dollars and can make use of the tiered savings rates; and new customers with Hong Kong dollar funds they are certain they will not need within a month, who can open the account and place the deposit before 30 November.

Not suitable for: people who need an ATM card, debit card or cheques for everyday use; people who may need their money at any time; those who hold only a passport or are US persons; or those who would rather not manage another account.