"Going to the bank to save money" is one of the most common financial management methods.

In the past, at the end of the year and the beginning of the year, banks would appropriately raise deposit rates to attract depositors.

Since the end of last year, this situation has changed.

Except for a few banks that still have deposit discounts, more banks have chosen to keep interest rates unchanged or even further lower deposit rates.

  What is the reason for the decline in bank deposit income?

What are the effects?

What do depositors think?

In this regard, our reporter conducted a visit.

  Increased marketization of interest rates

  "When I go to the bank to save money, the interest paid is not as much as before." Recently, many netizens expressed such emotion.

  In January 2023, Bank of Xinjiang, Guangdong Nan'ao Rural Commercial Bank, Heilongjiang Wudalianchi Rural Commercial Bank and other local banks issued announcements to adjust deposit interest rates, lowering the interest rates of related deposit products, among which the five-year deposit interest rate fell relatively large .

  Large state-owned commercial banks also continued to keep deposit rates low.

Judging from the ordinary deposit information released by several large state-owned banks such as Industrial and Commercial Bank of China and China Construction Bank, in January 2023, the listed annual interest rate of one-year time deposit (lump deposit and withdrawal) is 1.65%, and that of three-year time deposit is 2.60%. %, and 2.65% for the five-year period.

In January 2022, the annual interest rate of one-year time deposits is still 1.75%, that of three-year term deposits is 2.75%, and that of five-year term deposits is 2.75%.

In contrast, the annual interest rates of these three types of deposit products have dropped by 0.1, 0.15, and 0.1 percentage points respectively.

In addition, although the maximum annual interest rate of some deposit products has an increase of 0.25 to 0.4 percentage points based on the listed annual interest rate, it is mainly for special groups such as large deposit certificates and newly registered customers.

Overall, the interest rates offered by large banks are not only lower than those of small and medium-sized banks, but also lower than their own levels a year or two ago.

  Why are bank deposit rates generally lower?

  According to Xuan Changneng, vice-governor of the People's Bank of China, in the case of major European and American economies raising interest rates sharply and rapidly, the dividends of China's loan market quote interest rate reform continue to be released. In 2022, the one-year loan market quote rate (LPR) and The one-year LPR decreased by 15 basis points and 35 basis points respectively, promoting the reduction of the comprehensive financing cost of the real economy.

In 2022, the weighted average interest rate of newly issued corporate loans will be 4.17%, 34 basis points lower than the previous year.

At the same time, the People's Bank of China has established a market-based adjustment mechanism for deposit interest rates to stabilize the cost of bank liabilities.

In 2022, the weighted average interest rate of new term deposits will be 11 basis points lower than that of the previous year.

  Zeng Gang, director of the Shanghai Finance and Development Laboratory, told our reporter that the marketization of bank deposit interest rates is an important part of the reform of interest rate liberalization.

Compared with the full marketization of loan interest rates, the marketization mechanism of deposit interest rates is not flexible enough.

Since last year, loan interest rates have fallen rapidly, but deposit interest rates have become more "sticky", leading to increased operating pressure on banks.

After the bank interest rate spread has narrowed to a certain extent, promoting the liberalization of deposit interest rates will help further reduce the financing costs of the real economy, better improve the efficiency of capital allocation, and create better conditions for the development of the real economy.

  "After the central bank established a market-based adjustment mechanism for deposit interest rates, large state-owned banks such as ICBC, China Construction, and Communications first adjusted their deposit interest rates. Recently, it is mainly small and medium-sized banks and rural commercial banks that have made adjustments to alleviate their high capital costs. Problem. Moderately lowering deposit interest rates and moderately expanding active liability business will help to better manage risks while ensuring liquidity.” Zeng Gang said.

 Demand from depositors remains high

  Despite lower bank deposit rates, savers' demand for bank deposits has not diminished.

Many deposit products with relatively flexible withdrawals or favorable interest rates were sold out as soon as they were launched.

  Why are people still optimistic about deposits?

  Some pictures are worry-free.

Uncle Li Cunfu, who lives in Xuzhou, Jiangsu Province, after his salary is paid every month, saves the balance in the bank except for daily expenses.

"Savings have to be saved! For most of us elderly, financial management knowledge is relatively limited, and they dare not try high-risk investments such as stocks and futures. Bank deposits are the most trustworthy financial management methods. Therefore, although the reduction in interest rates brings The interest income has decreased, but it is really reassuring." Li Cunfu said.

  Some seek security.

Han Xiangluo from Wuhan, Hubei said: "Even if interest rates are lowered and deposits are not as good as before, I will still consider bank savings. If I have more surplus funds in the future, I still want to put more of them in the bank, or buy Some funds with relatively stable income." In Han Xiangluo's view, the fluctuation of stock investment is beyond his tolerance, so now about half of his monthly income is kept in the salary card in the form of current savings for future use. A rainy day.

  Faced with the decline in bank deposit interest rates, many depositors think it is understandable.

"In recent years, affected by various factors such as the impact of the epidemic and the global economic downturn, the overall income of economic activities has weakened. It is normal for bank deposits to undergo periodic adjustments against this background. I believe that as the economy continues to recover, bank deposits will continue to recover. And the income of related products can pick up.” The attitude of Lu Pengyuan, a Beijing citizen, is quite representative.

  "In 2022, the Bank of Beijing has lowered the deposit interest rate several times. At present, the annual interest rate of the three-year lump sum deposit and withdrawal product is basically the same as that of the industry, and the product pricing can basically meet customer needs. Investors can diversify their assets. Combining the long and the short term, we can obtain more income while ensuring the liquidity of funds.” The person in charge of relevant business of the Bank of Beijing told our reporter that under the influence of the deposit rate marketization mechanism, driven by the decline of loan interest rates, the deposit rate of commercial banks has dropped in tandem , which is also an important content of the market-oriented reform of China's deposit interest rate.

  The person in charge said that on the one hand, the decline in deposit interest rates, especially the decline in medium and long-term deposit interest rates, will help banks reduce their debt costs and provide room for further reductions in loan interest rates, thereby increasing support for the real economy; The decline in income levels will also reduce residents' willingness to save to some extent, allowing more funds to flow to the consumer market and other investment fields, which is conducive to boosting the economy and invigorating the market.

  More financial choices

  The deposit interest rate has been lowered, how should residents who are more sensitive to bank deposit income choose?

  Dong Ximiao, chief researcher of China Merchants Union Finance, analyzed that Chinese residents have long had a strong awareness of savings, and the savings rate has been relatively high.

In recent years, resident deposits have grown rapidly. In particular, in 2022, the risk preference of residents for investment and financial management will drop significantly, and the growth rate of resident deposits will accelerate significantly, and the proportion of renminbi deposits will continue to increase.

"At the same time, affected by factors such as the previous epidemic, the banking system has more funds but insufficient effective financing demand, which is also one of the reasons for the decline in deposit interest rates." He said.

  "From a global perspective, the decline in market risk-free interest rates is the general trend. For individual residents, if there are more medium- and long-term deposits in asset allocation, the rate of return may decline. Residents should balance the relationship between risk and return. If you pursue Stable income, in addition to deposits, some cash management wealth management products and monetary funds can be properly allocated.” Dong Ximiao told our reporter that in 2023, with the recovery of China’s macro economy and the recovery of effective financing demand, the banking system’s demand for funds will increase. Will increase, deposit interest rate is expected to remain basically stable.

  Zeng Gang believes that for ordinary savers, bank deposits are still a good choice from the perspective of safety; if they want higher returns, they can consider bank wealth management, funds or even stocks.

"In any market, volatility is the norm. The decline in bank deposit interest rates is not one-way and invariable, and needs to be viewed rationally." He said.

  The person in charge of related businesses of the Bank of Beijing said that the decline in deposit interest rates, the growth of residents' disposable income and wealth, and the increasing demand for financial management of residents will promote the development of the entire wealth management market.

It can also be seen from international experience that the wealth management market has a very broad room for growth.

For example, a bank's wealth management subsidiary not only has a bank shareholder background, but also can actively create long-term stable returns for customers through multi-asset and multi-strategy asset allocation.

  "For short-term funds, you can consider investing in low-risk financial products with good liquidity and stable returns; for medium- and long-term funds, you can consider investing in medium-risk financial products to obtain certain return flexibility; for ultra-long-term pension funds, you can allocate Pension funds, pension financial management, etc., to achieve long-term wealth preservation and appreciation.” The person in charge suggested that residents can invest and allocate funds in a diversified manner according to their own risk preferences and the use of funds, and meet daily liquidity needs. Under the premise of obtaining medium and long-term stable returns.

Wang Junling