5 Best Savings Accounts in Hong Kong [2024]

Need a safe spot to build an emergency fund or keep short-term savings in Hong Kong? A savings account is a great place to start. You can earn interest as your money sits and withdraw when needed (conditions may apply depending on bank policy).

With so many options, we've done the research to help you decide. 

Let’s find the best savings account in Hong Kong and what to consider when choosing one.

Key Factors to Consider When Choosing a Savings Account

While savings accounts offer a secure option for storing funds without significant risk, ones that don’t match your spending conditions may still hurt your savings. 

To maximize benefits, we recommend you consider these factors.

Minimum Balance

You may have heard of the minimum initial deposit, the smallest amount needed to open an account. This amount is not too high for most banks or may not even exist.

However, another minimum requirement plays a more significant role—the minimum balance requirement. 

Some savings accounts require maintaining a minimum balance to use the account, earn interest, or avoid fees. This minimum varies by bank and account type. If your balance falls below the requirement, you may lose interest or pay fees that reduce your savings.

Therefore, it’s a good idea to check the minimum balance and make sure you can comfortably meet it ongoing. 

Consider how often and how much you expect to withdraw funds, as it could impact the maintenance of the minimum balance required. 

🔎 Insight: Inactivity can cause account freezing or account closure, so it's best to keep funds active, even without a minimum balance requirement.

Preferred Currency

Whether you’re doing business or are a frequent traveler, or want to save in a different currency than the one you use, you may want to look for a savings account that allows you to deposit and withdraw money in your preferred currency. 

However, consider currency conversion fees, exchange rate fluctuations that affect your savings, and regulations regarding foreign holdings in your country.

🔎 Insight: Foreign or multi-currency savings accounts may have higher fees and lower interest rates than domestic currency savings accounts.

Interest Rate

Savings accounts’ interest rate is the percentage of your deposit that the banks reward you for keeping the money with them. To simplify the concept, banks lend your deposited funds to other customers, charge loan borrowers, then pay some interest back to you.

Saving interest is easy to earn since you don't have to do anything extra - leave your money there. However, the rates are usually low and varying depending on factors such as account balances.

Even with low rates, it's worth comparing options, as small returns can increase over the long run. Look for

• How often is interest calculated and paid - Some banks do so annually, others quarterly. Some banks calculate daily but pay monthly. These small differences can result in earning more or less at the end of the day.
• Annual Percentage Yield (APY) - APY tells you what kind of annual return you can expect from an investment or bank account. It gives a fuller picture of how much your money could grow over a year.
• High-yield savings accounts - High-yield savings accounts offer higher interest rates than traditional savings accounts, typically from online banks or credit unions, with lower operating costs than brick-and-mortar banks.

Fees

Banks may impose fees on saving accounts, namely a monthly fee, foreign exchange fees, out-of-network ATM fees, and more. Those fees can eat into your savings and reduce your interest earnings depending on how much and often.

So, it's important to understand all applicable fees at the outset. Look for ways to minimize them, like limiting transactions, using your bank's ATM network, or online banking. 

Many banks don’t charge a monthly fee, while many will offer a waiver if you can keep the minimum balance.

Some banks may waive the monthly fee if you link your existing checking account to a savings account. This is because a checking account already has its fees.

Withdrawal Policies

While most savings accounts allow flexible withdrawals, some banks impose limitations like daily or monthly withdrawal amounts or frequencies.

Reviewing a bank's withdrawal policies to ensure they align with your needs is best.

Deposit Protection

One of the primary factors influencing people's decision to deposit money in banks is they believe banks are secure. But unfortunate events, like banks going bankrupt or facing fraud, do happen.  

To safeguard yourself from such risks,  look for an account covered by deposit protection, a scheme that guarantees you will get back some or all of your money if your bank fails. 

Fortunately, all licensed banks operating in Hong Kong are members of the Deposit Protection Scheme (DPS) unless exempted. 

The DPS protects depositors by providing compensation of up to HKD 500,000 in the case of bank failure. Most deposits, whether denominated in Hong Kong dollars, Renminbi, or other currencies, are typically eligible for protection. 

However, certain deposit types may not be covered. So reviewing the bank's deposit insurance terms and conditions remains prudent.

🔎 Tip: Visit the official website of the Hong Kong Deposit Protection Board to learn more

Weighing all these aspects should point you toward the saving accounts that fit your need. Alternatively, here are our top selections and what each provides.

🔎 Note: All information provided below is dated 10 August 2023 and may have been updated since. Please check each bank’s website for the latest information.

1. HSBC HKD Savings Account

HSBC Hong Kong, being the largest bank in the region, offers a choice of 5 savings account types. 

One popular option is the HSBC Hong Kong Dollar Savings Account, commonly called the HSBC HKD Savings Account. This is among the most widely accessible savings accounts for individuals in Hong Kong.

💡 Tip: Explore HSBC’s Range of Savings Accounts Options 

HSBC HKD Savings Account Key Offerings

With HSBC HKD Savings Account, you can 

• Access your funds anytime through ATM withdrawals, mobile/online banking
• Send money to accounts in Hong Kong or abroad fast and securely
• Get a comprehensive monthly report outlining all your account activity.
• HSBC personal savings accounts do not charge monthly service, annual, and counter transaction fees.
• Start earning interest with just HKD 5,000
• The deposit interest rate for HKD currency in a saving account with a balance starting from HKD 5,000 is 0.8750%. Read the HSBC guide on HSBC Deposit Rate to learn more.

HSBC HKD Savings Account Eligibility

The eligibility varies on your residency status in Hong Kong, which are as follows:

Other Conditions

• For aged 11 - 17, HSBC will ask for parent guidance and additional information.
• Information about the minimum initial deposit amount is unavailable. Consider contacting the bank directly. 
• HSBC savings accounts do not have minimum balance requirements or below-balance fees. Contact the bank directly for specific information regarding HSBC HKD Savings Account. 

To Apply For HSBC HKD Savings Account

• Prepare the required documents
• Find your local HSBC branch
• Make an appointment or visit the branch

To learn more, please visit:

HSBC Account Application Note
HSBC Account Fees & Charges 
HSBC Currency Exchange Rates

💡 Tip: If you are interested in looking at credit cards in Hong Kong, we have compared the 5 best ones for you to choose from. 

2. Standard Chartered Sustainable Savings Account

Standard Chartered Hong Kong is another major player in the banking sector. It offers five saving account varieties for customers to choose from. A noteworthy option is the Sustainable Savings Account, a unique account that lets you save green - both your money and the planet.

💡 Tip: Explore Standard Charted’s Range of Savings Accounts Options

Standard Chartered Sustainable Savings Account Key Offerings

• Available in 3 major currencies (HKD, RMB, USD)
• Account holders can contribute to sustainable development activity funded by Standard Chartered and earn Sustainable Balance.
• Sustainable Savings Interest rewards Sustainable Balance.
• Statements are manageable through Standard Chartered Online Banking and SC Mobile.
• Standard chartered non-package customers can enjoy a low balance of monthly fees. The monthly payment is waived if you keep a balance of less than HKD 10,000 per month.
• The interest earned depends on the currency and the account balance. Hong Kong Dollar rate is 0.875% per annum. Learn more here Standard Chartered Board Rates.

SC Savings Account Eligibility

The eligibility varies on your residency status in Hong Kong, which will be as follows:

Other Conditions

• A non-US Resident, non-US citizen
• Not possessing a US Permanent Resident Card (Green Card)
• Intending to use the account for personal use
• SC Savings account requires HKD 1,000 as an initial deposit

To Apply for Standard Chartered Sustainable Savings Account

• If you are a new customer, visit a Standard Chartered branch
• If you are an existing customer, apply via myRM 

To learn more, please visit:

Standard Chartered Sustainable Savings Account Terms and Conditions
Standard Chartered Service Charges 

3. Citi Plus® Savings Account

Citibank (Hong Kong) Limited is a subsidiary of Citigroup that is licensed and incorporated as a bank in Hong Kong. It provides a wide range of various banking services. 

One notable offering is the "Citi Plus®" account, which is more than just a regular savings account. The Citi Plus® account combines wealth management features, including investment services and credit card applications. 

Citi Plus® Savings Account Key Offerings

• No minimum deposit requirement.
• No minimum balance requirements to maintain the account.
• Waived monthly fee.
• The base interest rate is 1.05% pa with the possibility of step-up interest of 2.55% pa.
• Debit and Credit cards come with many rewards, from cash rebates to bonus interest rates.

🔎 Tip: Exploring payment cards? Check out our selection of Best Debit Cards in Hong Kong, Best Credit Cards in Hong Kong, and Best Virtual Cards in Hong Kong 

Citi Plus® Savings Account Eligibility

Other Conditions

• Reside in Hong Kong
• Information about other resident statuses is unavailable. Please get in touch with the bank directly.

You can apply for Citi Plus® through the Citi Plus® website

To learn more, please visit:

Citi Fee and Charges
Citi Plus® FAQs

4. Bank Of China Foreign Currency Savings Account

Bank of China, another well-known commercial bank in Hong Kong, offers two types of savings accounts: the Hong Kong Dollar Savings Account and the Foreign Currency Savings Account. Let’s explore the Foreign Currency Savings Account in this list, as it provides greater versatility.

💡Tips: Explore Bank of China’s Range of Savings Accounts Options

BOC Savings Account Key Offerings

• Convenient management of the Renminbi and various foreign currencies in a single account. 
• Interest is calculated daily, meaning you earn a portion each day but are paid monthly.
• A monthly statement summarizing all account activity
• Foreign currency exchanges at any Bank of China Hong Kong (BOCHK) branch, through phone banking services, or online banking platforms.
• The deposit interest rate varies based on the deposit currency and amount. Find out in BOCHK Deposit Rates. 

BOC Savings Account Eligibility

To learn more, please visit: 

BOC General Banking Service Charges

5. DBS Multi-Currency Savings Accounts

DBS Bank (Hong Kong) Limited, a licensed Hong Kong bank, is a subsidiary of Singapore-based DBS Bank. It is one of the top 10 largest banks in Hong Kong based on assets. 

Among their many products are the DBS Multi-Currency Savings Accounts, designed for flexibility and convenience when handling foreign currency and exchanges.

💡 Tip: Explore DBS’s Range of Savings Accounts Options

DBS Multi-Currency Savings Account Key Offerings

• 14 currencies are available, including AUD, CAD, CNH, CHF, DKK, EUR, GBP, HKD, JPY, NOK, NZD, SEK, SGD & USD.
• See all your holdings and exchanges across currencies summed up in a single electronic statement
• Check account balances and activity from anywhere using DBS iBanking, DBS Digibank HK app, and Phone Banking.
• No additional fees for monthly statements, Autopay Services, and ATM. 

Eligibility

DBS account opening minimum requirement, and minimum balance is HKD 200,000 or equivalent in foreign currency. If your average monthly balance falls below this amount, you will be charged an HKD 100 maintenance fee for that month.

To apply, you must make an appointment before visiting any DBS branches or contact the bank's customer service team by phone. 

To learn more, please visit:

DBS Bank Accounts and Services Terms and Conditions
DBS Customer Acceptance Policies for Account Opening Service

Best Savings Account For Non-Permanent Residents

For a non-permanent resident, HSBC Savings Accounts are popular choices as they are widely accessible. If you are a non-permanent resident, you can apply for HSBC HKD Savings Account or opt for HSBC Foreign Currency Savings Account, where you get more flexibility regarding currencies and can enjoy the following benefits:

• 10 major global currencies, including AUD, CAD, EUR, JPY, NZD, GBP, SGD, CHF, THB and USD
• Attractive interest and exchange rates between currencies
• Access all transactions via monthly statement
• Manage your account via branches, phone, mobile and online banking
• Open an account with the equivalent of USD 1,000

To learn more, please visit:

HSBC Fees and Charges
HSBC Currency Exchange Rates

Final Thoughts

The best savings account ultimately depends on whether the benefits and eligibility fit your needs and conditions. Consider minimum balance, preferred currency, interest rate, fees, and deposit insurance.