5 Best Savings Accounts in Hong Kong [2024]

With so many savings accounts available in Hong Kong, finding the right one can feel like a challenge. Which one offers the best interest rates? Which has the fewest hidden fees? Which one can you open as a foreigner? That’s why we’ve taken the time to review and narrow down the best options for you. 

In this guide, you’ll find the 5 best savings accounts in Hong Kong, chosen to make your decision easier, whether you’re looking to grow your savings or manage day-to-day transactions. To top it off, we’ll also share key tips to consider when choosing the account that fits your needs. 

The HSBC Hong Kong Dollar (HKD) Savings Account offers flexible access to your savings, allowing for transactions and cash withdrawals while also offering interest on your balance. This makes it a convenient choice for managing and growing your HKD funds. 

As one of the largest banks in Asia, HSBC also offers other savings account options to personal banking clients, including Renminbi (RMB) Savings Accounts, Foreign Currency Savings Accounts, and Children's Savings Accounts. 

Key Details About HSBC HKD Savings Account

• Interest Rates: 0.3750% for deposits from HKD 5,000 and above
• Deposit Requirement: HKD 5,000
• Monthly Fee: No monthly service fees, annual fees, or counter-transaction fees. 
• Account Features: Detailed monthly statements for Integrated and Statement Savings Accounts, secure and fast local and international find transfers, and 24/7 access to your account via ATM card, phone banking, and the mobile app.

Opening an HSBC HKD Savings Account

Individuals aged 18 or above who are permanent, non-permanent, or non-residents of Hong Kong can open an HSBC HKD Savings Account by visiting a branch with the following required documents:

• For Hong Kong permanent residents: A Hong Kong identity card (HKID) and proof of residential address.
• For Hong Kong non-permanent residents: A HKID or valid travel document and proof of current address.
• For non-Hong Kong residents: A valid travel document and proof of address. 

You can also make an appointment in advance by filling out an online form or calling 2233 3000.

Pros and Cons of the HSBC HKD Savings Account

Mox Bank, backed by Standard Chartered, is a virtual bank that offers various financial products, including savings and time deposit accounts, with an initial deposit amount of as low as HKD 1 or USD 1. 

Mox Bank Smart Saving is a virtual bank account that earns daily interest on your deposit balance. As a virtual bank, Mox Bank operates without physical branches and offers services, including customer support, exclusively online. 

Key Details About Mox Bank Account

• Interest Rates: 0.75% p.a. for savings deposits up to HKD 249,999.99 and 1.00% p.a. for deposits of HKD 250,000 or more.
• Deposit Requirement: No minimum balance requirements.
• Monthly Fee: No monthly fees. 
• Account Features: Separate Goals sub-accounts for setting aside funds for different purposes, instant notifications for all account activities, 24/7 foreign exchange services, and a range of welcome offers.

Opening a Mox Bank Account 

To open a Mox Bank account, you must be at least 18 years old, have an HKID, and have a valid Hong Kong residential address. If you meet these requirements, download the Mox mobile app by scanning the QR code on their website and completing the application form within the app.

Citi Plus® is Citibank Hong Kong's all-in-one online banking and wealth management solution. It offers a combination of banking services and products, such as savings, investments, and insurance. A key feature is the Citi Plus® Interest Booster Account, which allows clients to enhance their interest rates by completing simple missions like "Fund In," "Maintain Balance," and "Spend."

In addition to earning interest on savings account balances, Citi Plus® clients can invest in suggested mutual fund portfolios starting from HKD 100. Moreover, the Citi Plus debit and credit cards offer various perks and rewards, including extra interest, cashback, and points. 

Key Details About Citi Plus® Interest Booster

• Interest Rates: A base savings interest rate of 0.67% p.a., which can go up to 2.17% p.a. after completing missions.
• Deposit Requirement: No minimum balance requirements.
• Monthly Fee: No monthly fees. 
• Account Features: Citi Plus® Debit Mastercard® for cash withdrawals and purchases, various rewards, in-app customer support, and foreign currency exchange services.

Opening a Citi Plus® Interest Booster Account

Hong Kong residents with a permanent identity card and address aged between 18 and 64 years old can open a Citi Plus account. To open an account, simply follow these steps:

1. Download and open the Citi Mobile® App
2. Select “Open a bank account”, then follow the instructions
3. Take a photo of yourself, your HKID, proof of address (such as a recent utility bill), signature sample, and income proof (if you’re applying for a credit card, too). 
4. Create your username and password.
5. Get your account details in as fast as 10 minutes. 

Pros and Cons of the Citi Plus® Interest Booster Account

Bank of China (Hong Kong), or BOCHK, offers two types of savings accounts: HKD Savings Accounts and Foreign Currency Savings Accounts.

The Foreign Currency Savings Account is a multi-currency account that supports RMB as well as other foreign currencies, including USD and SGD, offering the flexibility to convert between currencies while managing exchange rate fluctuations effectively. This account is available for individuals and as a business account. 

Key Details About BOCHK Foreign Currency Savings Account

• Interest Rates: Vary by deposit currency. 0.10% for deposits between RMB 5,000 and RMB 199,999 and 0.15% for deposits of RMB 200,000 or more. 
• Deposit Requirement: The amount required to earn interest varies by currency. RMB: 5,000, SGD: 500, USD: 1,000.
• Monthly Fee: Waived if the average monthly balance is below RMB 5,000 (corporate customers only). 
• Account Features: Daily interest calculation with monthly deposits, detailed monthly statements, and foreign exchange services available through branches, phone, and internet banking.

Opening a BOCHK Foreign Currency Savings Account

Individuals and corporate entities can open a BOCHK Foreign Currency Savings Account. Existing customers can apply online, while new customers can schedule an appointment online and apply at a branch. 

The BOCHK website does not detail specific eligibility requirements for opening an account. For precise information, we recommend contacting BOCHK directly through their customer service hotline at +852 3988 2388 or visiting a local branch. 

Pros and Cons of the BOCHK Foreign Currency Savings Account

Hang Seng Bank is a local, Hong Kong-based bank that offers both personal and corporate banking services. For business clients, it offers HKD Savings Accounts and Foreign Currency Savings Accounts, with a choice of 11 deposit currencies and tenors ranging from one day to three years. 

Additionally, Hang Seng Bank offers an Integrated Business Solutions Account, which combines the features of savings, time deposits, and current accounts into a single account, streamlining business financial management. 

Key Details About Hang Seng Bank HKD Savings Account

• Interest Rates: 0.3750% on deposits above HKD 5,000. 
• Deposit Requirement: HKD 5,000 to earn interest. 
• Monthly Fee: HKD 50 if the monthly balance falls below HKD 25,000
• Account Features: Choose between HKD Statement or ATM Statement Savings Accounts and access preferential banking privileges, including discounted fees and promotional welcome offers, such as cash rebates.

Opening a Hang Seng Bank HKD Savings Account

Sole proprietorships, limited companies, and partnerships can apply for a savings account with Hang Seng Bank if they are registered in Hong Kong, the People’s Republic of China, or overseas and can provide the requested documents, such as:

• Certificate of Incorporation
• Business Registration Certificates
• Identification Documents of all authorised singers
• Residential address proof

However, additional documents will be required based on where your business is incorporated and its nature. You can visit the Hang Seng Bank website for online account opening. 

Pros and Cons of the Hang Seng Bank HKD Savings Account

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 an HSBC HKD Savings Account or opt for an 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
• Manage your account via branches, phone, mobile and online banking

While savings accounts provide a secure way to grow your funds, choosing one that doesn’t align with your financial needs can limit your savings potential.

To maximise the benefits, we recommend considering these factors when choosing a savings account.

Minimum Balance

You may have heard of the minimum initial deposit, which is the smallest amount needed to open an account. For most banks, this amount is not too high 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 have to pay fees that reduce your savings.

Therefore, it’s a good idea to check the minimum balance requirement and make sure you can comfortably maintain it over time. 

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

Preferred Currency

Whether you’re doing business, are a frequent traveller, 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.

Interest Rate

The interest rate on a savings account is the percentage of your money that the bank pays you for keeping it with them. To simplify the concept, banks use your deposited funds to lend to other customers, charge borrowers interest, and share a portion of that interest with you.

Saving interest is easy to earn since you don't have to do anything extra, just leave your money in the account. However, the rates are usually low and vary 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 calculate and pay interest annually, while others monthly or even daily. 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 minimise 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 800,000 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 it's important to review the bank's deposit insurance terms and conditions carefully.

The best savings account ultimately depends on whether the benefits and eligibility fit your needs and conditions. Consider factors like minimum balance, preferred currency, interest rate, fees, and deposit insurance to make an informed choice. Taking the time to compare options will help you find an account that aligns with your financial goals.