Dongcheng reader Ms. Wang recently had a three-year deposit due at an interest rate of 4.8%.

Seeing that the rate of return on deposits and wealth management has been declining in recent years, Ms. Wang regretted not making a 4.9% five-year time deposit.

Having learned the lesson from three years ago, she thought that she must choose a five-year deposit this time.

After consulting several banks, Ms. Wang learned that the five-year fixed deposit interest rate is now lower than the three-year one.

She said she was really confused: "Isn't the longer the deposit period, the higher the interest rate? Why is it the other way around now. So who has a five-year deposit period?"

  A reporter from Beijing Youth Daily recently learned from a number of banks that the "inversion" phenomenon of the five-year deposit rate being lower than the three-year deposit rate reported by Ms. Wang has indeed appeared in many national banks, and it is likely to continue.

This reflects the bank's judgment on the future trend of long-term interest rates, and also poses a problem for investors: what should we do if we want to manage long-term wealth management?

  Big Four Banks

  All fixed deposit interest rates are "inverted"

  A reporter from Beiqing Daily inquired from ICBC's mobile banking that at present, the interest rate of the three-year and five-year term deposits for ICBC's lump-sum and lump-sum fixed deposits starting from 50 yuan is 2.75%.

However, if the deposit amount exceeds 10,000 yuan, the three-year fixed deposit interest rate can be raised to 3.15%. For special customer groups such as new customers or potential customers, this threshold can be reduced to 3,000 yuan.

However, for the five-year fixed deposit, there is no difference in treatment, no matter how much is deposited, it is equal to 2.75%.

Therefore, if you deposit 10,000 yuan in fixed deposit in ICBC now, the five-year interest rate is 0.4 percentage points lower than the three-year interest rate, and you will earn 40 yuan less interest in one year.

  The same phenomenon also exists in several other large state-owned banks.

Bank of China mobile banking shows that the current maximum interest rate for three-year time deposits is 3.15%, and the maximum interest rate for five-year time deposits is 2.75%.

The minimum deposit amount of more than 20,000 yuan can trigger the highest interest rate for three-year deposits.

  The three-year and five-year fixed deposit rates of ABC's 50 yuan deposit are both 2.75%.

If the deposit amount exceeds 20,000 yuan, 30,000 yuan and 50,000 yuan, you can enjoy higher three-year fixed deposit interest rates, which are 2.85%, 2.98% and 3.15% respectively.

However, the five-year fixed deposit interest rate is only 2.75%.

  The situation in China Construction Bank is basically similar.

A reporter from Beiqing Daily operated CCB online banking and found that there are four interest rates for three-year time deposits: 2.75% for deposits starting at 50 yuan; 2.92% for deposits starting at 20,000 yuan; 3.02% for deposits starting at 30,000 yuan; and 50,000 yuan deposits of 3.15%.

However, regardless of the size of the five-year time deposit, the interest rate is 2.75%.

  It is not difficult to see that the current five-year fixed deposit interest rate of the four major state-owned banks is 2.75%, but the three-year fixed deposit interest rate can reach up to 3.15% depending on the starting deposit amount or the type of customer.

  In addition to the four major state-owned banks, there are also some joint-stock banks that have also experienced interest rate inversion.

For example, the fixed deposit interest rate of China CITIC Bank is only 3% for the five-year term, starting from 50 yuan; for three-year terms, there are four levels, 3% from 50 yuan, 3.3% from 1,000 yuan, and 5,000 yuan. 3.35% of the starting deposit, 3.4% of the starting deposit of 10,000 yuan.

However, the fixed deposit interest rate of China CITIC Bank is obviously much higher than that of the four major banks.

  multiple banks

  Three-year and five-year fixed deposit rates are the same

  In addition to the inverted interest rate, there are many national banks whose three-year interest rate and five-year interest rate are the same, without showing the advantage of long term.

For example, the highest executable annual interest rate for three-year and five-year lump sum deposits and withdrawals of Bank of Communications is 2.80%; China Merchants Bank’s three-year and five-year lump-sum deposit and withdrawal rates are both 2.75%; The five-year fixed deposit interest rate is the same for all grades, 3.30% from 3,000 yuan, 3.35% from 5,000 yuan, and 3.40% from 10,000 yuan.

  an expert

  Banks find it uneconomical to solicit long-term deposits

  People in the industry generally believe that the current interest rate is in a downward cycle, and the phenomenon of interest rate inversion shows that banks do not encourage depositors to deposit five-year deposits and do not want to bear higher costs for five-year deposits.

  "The 'inversion' of the three-year and five-year fixed deposit rates reflects the bank's prediction of the future long-term interest rate trend to a certain extent." Liang Si, a researcher at the Bank of China Research Institute, pointed out that from the overall situation, interest rates may continue to exist in the future. The downside is that there is little demand for short-term acquisition of long-term liabilities, which reduces the incentive for banks to raise long-term interest rates.

Liang Si also believes that the "inversion" of three-year and five-year deposit interest rates will also encourage people to shorten the deposit period, which will not only help reduce the cost of bank liabilities, but also stimulate consumption to a certain extent.

  Zhou Maohua, a macro researcher at the Financial Market Department of China Everbright Bank, said that the three-year and five-year time deposit rates are "inverted", reflecting that some banks currently do not have strong demand for five-year long-term deposits and prefer deposit liabilities with relatively short terms.

In the context of giving profits to the real economy, domestic financial institutions are guided to further reduce the real economy loan interest rate. Under this expectation, banks are motivated to adjust the deposit term premium to reduce the bank's comprehensive liability cost, and to increase as much as possible by borrowing short-term loans and long-term loans. Bank earnings.

Three-year and five-year fixed deposit rates of the big four state-owned banks


  For deposits of more than 10,000 yuan, the three-year fixed deposit interest rate is 3.15%

  Bank of China:

  For deposits of more than 20,000 yuan, the three-year fixed deposit interest rate is 3.15%


  For deposits of more than 50,000 yuan, the three-year fixed deposit interest rate is 3.15%

  Construction Bank:

  For deposits of more than 50,000 yuan, the three-year fixed deposit interest rate is 3.15%

  The five-year fixed deposit interest rates of the above four state-owned banks are all 2.75%


  Three tips from experts to help long-term financial management

  It is understood that the fixed-term wealth management products currently sold by banks rarely exceed two-year terms, and even three-year large-denomination certificates of deposit are difficult to grab. If there are long-term idle funds, how to take care of it?

Industry insiders put forward three suggestions for everyone to consider in light of their actual situation.

  Suggestion 1: Find a local bank for a five-year time deposit

  Liu Yinping, an analyst at Rong 360 Digital Technology Research Institute, pointed out that the current phenomenon of "inversion" of three-year and five-year fixed deposit interest rates is mainly caused by national banks. A very important reason is that the sources of deposits of national banks are relatively stable. Storage is easier.

In contrast, the sources of deposits of local banks are not stable enough, and the difficulty of attracting deposits is higher than that of national banks. There is an upper limit on the fixed deposit interest rate within a three-year period, so it is impossible to widen the gap with national banks, and a higher five-year rate is often set. interest rates on term deposits to attract depositors.

  Suggestion 2: Buy pension wealth management products

  In September last year, the China Banking and Insurance Regulatory Commission decided to carry out pilot work on pension wealth management products for "four places and four institutions".

  Since March 1 this year, the pilot scope of pension wealth management products has been expanded from the original "four places and four institutions" to "ten places and ten institutions".

At present, the pilot areas cover ten cities including Beijing, Shenyang, Changchun, Shanghai, Wuhan, Guangzhou, Chongqing, Chengdu, Qingdao and Shenzhen. In addition to the first batch of four pilot institutions, ICBC Wealth Management, CCB Wealth Management, CMB Wealth Management and Everbright Wealth Management , and the Bank of Communications Wealth Management, Bank of China Wealth Management, Agricultural Bank of China Wealth Management, China Post Wealth Management, Industrial Bank Wealth Management and CNCB Wealth Management have been added.

In addition, BlackRock CCB Wealth Management, a joint venture wealth management company, has also been approved to participate in the pilot project of pension wealth management products.

  The purchase of pension wealth management products starts at 1 yuan, and the investment period is as long as five years or even ten years. Most of the risk levels are R2 (low to medium), and the performance comparison benchmark is concentrated in the range of 5.8% to 8%, which is significantly higher than the current bank wealth management products. .

  As of June 27, there were 27 pension wealth management products issued by wealth management subsidiaries of banks in the market.

The first phase of Everbright Wealth Management Yixiang Sunshine Pension Wealth Management Product Orange 2027, which ranked first in product net value, was officially launched on January 6 this year. On June 23, the net value was 1.0309, equivalent to an annualized rate of return of 5.69%.

  Yang Rong, chief analyst of China Securities Investment Banking Co., Ltd., believes that with the strong demand for pensions and the help of a series of policies, my country's third-pillar pension market will show a situation where various products will bloom in the future, including pension wealth management products, public pension FOF, pension insurance Products and other products will be divided into the third pillar pension market together, and pension wealth management products will become mainstream wealth management products in the future.

  It should be reminded that although the risk is low and it conforms to the policy direction, pension wealth management products cannot be bought casually.

  The Puyi Standard Research Report pointed out that although pension wealth management products have stable characteristics, they are not equal to rigid payment and still have risk attributes.

Investors should determine whether to make long-term pension investments based on their own risk tolerance, pension planning, investment philosophy, and capital status.

At the same time, the focus and characteristics of pension products of various institutions are different. Therefore, investors should pay attention to the risk-return characteristics of pension wealth management products according to their own needs, and choose pension wealth management products that are more suitable for them according to their risk preferences. product.

  Recommendation 3: Purchase relevant insurance products

  "The interest rates on wealth management and certificates of deposit have been going down recently. We now mainly recommend insurance with guaranteed minimum interest rates to customers, which are higher than bank deposit interest rates and are very popular." Miss Zhao, a customer manager at a branch in Dongcheng of a joint-stock bank, told Beiqing Daily reporter.

  It is understood that at present, the relationship managers of various banks have generally increased the recommendation of "principal-guaranteed" bancassurance products.

  A reporter from the Beiqing Daily compared the insurance products recommended by several account managers and found that most of these products are annual incremental whole life insurance or pension annuity insurance connected to a high-interest-settlement universal account.

The guaranteed minimum interest rate of the product is higher than the bank deposit interest rate, and the interest can also be compounded.

A few years ago, the "guaranteed" interest rate could reach a maximum of 4.9%. With the decline in interest rates, most of them have now dropped to 3.5%.

Some products can be withdrawn at maturity, or you can choose to continue to withdraw as you use them or receive a fixed payment for life, during which the guaranteed minimum interest rate remains unchanged.

There are also banks that recommend universal endowment insurance, with a one-time payment, a period of five or seven years, and an expected annualized rate of return of more than 4%, which can be withdrawn in advance for interest calculation.

  However, some insurance practitioners have reminded that the design of these insurance products is more complicated than that of ordinary bank wealth management products, and there will be some restrictions when using them. For example, there will be initial costs, which are suitable for different groups of people. Investors still need to comprehensively consider their actual needs. to make a selection.