Many banks have adjusted their deposit interest rates. How can it be more cost-effective to deposit year-end bonuses?

　　Chinanews.com, January 7th (Zhongxin Finance Gong Hongyu) Has your year-end bonus been issued yet?

how much is it?

What is the year-end bonus going to be used for?

Are you planning to save it?

　　The interest rate of ordinary deposits is not worth it, how should I save the year-end bonus I just got?

In the context of the decline in the attractiveness of ordinary time deposit interest rates and the fluctuation of the bank's wealth management net worth, in the new spring of this year, large deposit certificates, insurance and principal-guaranteed wealth management products have become the highlight of bank marketing.

Data map: Bank outlets.

Photo by Gao Lei

Small and medium-sized banks have adjusted deposit rates

　　At the end of each year and the beginning of the year, accompanied by the issuance of year-end bonuses, it is usually the golden time for banks to vigorously "acquire savings".

Recently, many small and medium-sized banks, including Hami City Commercial Bank, Bank of Urumqi, and Bank of Xinjiang, have lowered their time deposit interest rates one after another.

　　For example, a few days ago, Urumqi Bank issued an announcement saying that in terms of personal deposits, the interest rate of current deposits has been adjusted from 0.3% to 0.25%; the interest rates of one-day and seven-day call deposits have been adjusted from 1.04% and 1.755% to 1% and 1.65%; The two-year, three-year, and five-year interest rates were adjusted from 2.73%, 3.5%, and 3.85% to 2.7%, 3.35%, and 3.7%.

　　Heilongjiang Wudalianchi Rural Commercial Bank also issued an announcement saying that starting from January 1, 2023, the fixed deposit interest rate will be adjusted, and the three-month to five-year lump-sum deposit and withdrawal interest rate will be lowered by 5 to 25 basis points compared with the previous one.

　　However, although some banks chose to lower interest rates, more banks still raised deposit rates to attract new year savings, including Shanxi Liulin Rural Commercial Bank, Henan Yiyang Rural Commercial Bank, and Henan Yima Rural Commercial Bank.

　　For example, Henan Yiyang Rural Commercial Bank raised the one-year, two-year, and three-year time deposit rates from 1.50%, 2.10%, and 2.75% to 2.25%, 2.7%, and 3.3%, respectively.

Announcement of Henan Yiyang Rural Commercial Bank.

　　Compared with previous years, this year's fixed deposit interest rate is still relatively flat and not very attractive.

The interest rates of major state-owned banks such as ICBC have remained at a relatively stable level, and no major adjustments have been made especially for the "good start" to collect reserves.

Large-denomination certificates of deposit are hotly snatched up, stable financial management is concerned

　　The interest rate of ordinary deposits is not worth it, how should I save the year-end bonus I just got?

　　Xiaoli (pseudonym), a teller at a branch of China Merchants Bank in Beijing, told Zhongxin Finance and Economics that one of the most popular products among customers this year is the large-denomination certificate of deposit.

China New Finance and Economics also noticed that many banks have recently launched special large-denomination certificates of deposit for the Spring Festival, and the interest rate is usually 0.05 to 0.1 percentage points higher than the interest rate of their ordinary deposits.

　　"For large-denomination certificates of deposit with an interest rate of 3.25%, the amount released regularly every week is usually sold out in a few seconds." Xiaoli said.

　　An employee of an ICBC sub-branch in Xicheng District, Beijing also mentioned that if

, which is the first choice of many customers.

　　"Stable wealth management products are more popular this year." An employee of China CITIC Bank said that due to the considerable income fluctuations of some bank wealth management products in 2022, based on the consideration of asset preservation, this year customers tend to choose low-risk capital preservation or allow short-term investment. For the redeemed wealth management products, banks have also launched corresponding products to attract customers.

　　In addition, financial investment related to personal pensions is still a hot business that banks are vying for.

In addition to receiving account opening rewards, customers can also purchase funds, insurance and fixed deposits through pension accounts.

　　Under the new year marketing situation, some banks ushered in the new year performance jackpot as scheduled.

For example, the official account of Shanxi Liulin Rural Commercial Bank issued a happy report on January 3, saying that in just two days on New Year's Day in 2023, various deposits increased by 71.42 million yuan compared with the beginning of the year, and various loans increased by 35.8532 million yuan compared with the beginning of the year.

　　At the same time, many bank tellers also reported to Zhongxin Finance that the performance growth in the Spring Festival this year is not easy, and front-line employees are under great pressure.

　　"The deposit interest rate is low, the income from low-wave wealth management is unstable, and the insurance period is relatively long. It is too difficult to attract customers this year." Xiaoli said.

Data map: RMB.

Photo by Zhongxin Finance Gong Hongyu

The downward trend of risk-free interest rate will be a long-term trend

　　In response to the "rise and fall" of deposit interest rates, Dong Ximiao, chief researcher of China Merchants Union, pointed out in an interview with China News Finance that as my country's macroeconomic recovery and corporate financing needs pick up, banks will increase credit extension and deposit absorption. The deposit rate of domestic residents is expected to remain stable.

But generally speaking, the downward trend of the risk-free interest rate in my country's market will be a long-term trend.

　　"In the case of intensified market competition, the cost of liabilities of small and medium-sized banks has increased significantly in recent years. When deposits are priced based on the benchmark interest rate, lowering the benchmark deposit rate can directly reduce the cost of liabilities of banks, especially small and medium-sized banks." Dong Ximiao said.

　　Dong Ximiao also reminded that for the majority of residents, if there are more medium and long-term deposits and cash management wealth management products in asset allocation, the rate of return may decline.

The relationship between risk and return should be balanced, and diversified asset allocation should be done based on one's own risk tolerance and investment and financial management needs.

(use up)