5 Best Savings Accounts in Hong Kong [2025]

Looking for the best savings account in Hong Kong? With so many options, it can be tricky to choose the right one for your needs. To help you out, we’ve reviewed the top savings accounts for 2025, comparing interest rates, fees, and features. This guide will help you find an account that aligns with your financial goals.

PAO Bank Limited (PAObank) is one of the 8 digital banks in Hong Kong. It is a wholly-owned subsidiary of Lufax Holding Ltd. and part of the Ping An Insurance Group. PAObank offers digital banking services, including personal savings accounts and time deposits.

Both the savings account and time deposits support HKD, USD, and CNY. Time deposits offer flexible fixed terms ranging from 1 to 12 months and can be managed 24/7, anytime and anywhere.

Citi Plus® is Citibank Hong Kong’s wealth management account, equipped with digital banking tools and a range of banking services and products, including savings, investments, and insurance.

A key savings account is the Citi Plus® Interest Booster Account, which lets clients earn higher interest by completing everyday “missions,” such as maintaining a minimum balance, making purchases, and investing with Citi. All bonus interest rates earned during the current month will be applied to your account balance in the following calendar month.

DBS Bank (Hong Kong), a licensed bank and subsidiary of Singapore-based DBS Bank, offers a wide range of banking products and services. These include savings accounts, multi-currency savings with up to 14 currencies, and the ProSaver Account.

The DBS ProSaver allows you to deposit and withdraw funds freely while helping you set clear savings goals. You can choose a term of 6 to 18 months. During this period, you earn basic interest, and once you reach your savings goal, you receive bonus interest on top of that. If you make an early withdrawal, you will still receive the basic interest, but not the bonus interest. Interest is calculated daily. 

*While there is no specific public information on fees for the DBS ProSaver account, standard DBS accounts in Hong Kong generally charge a monthly fee of HKD 200.

Mox Bank, backed by Standard Chartered, is a virtual bank that operates entirely online without physical branches, providing all services, including customer support, digitally. They offer various financial products, including savings accounts and time deposits.

With Mox Bank Smart Saving, you can earn interest on deposits in both domestic and foreign currencies. Interest is calculated daily. There’s no limit to how much interest you can earn, and the rate is the same no matter how much money is in your account. On top of that, you receive instant rewards, either cash or Asia Miles, when you make a deposit.

China Construction Bank (Asia) offers a range of savings products, including regular savings, premier savings, and time deposits. Regular savings accounts typically offer low interest rates, from around 0.01% (for HKD 5,000) up to 0.4% (for HKD 200 million). However, the Step Up Savings Account is a special product that offers more attractive rates.

The Step Up Savings Account allows customers to earn progressively higher interest over a three-month period on deposits in HKD, USD, or RMB. The interest is credited to the account at the end of each month. 

The table below ranks our top pick for five savings accounts in Hong Kong by their recent maximum possible savings interest rate.

Savings accounts are a secure way to grow your money. While interest rates are often a key consideration, there are other important factors to check to ensure the account meets your needs.

Some banks require you to maintain a certain deposit amount, minimum balance or certain total relationship balance to earn interest. Falling below this can even cost you a service fee for maintaining the account. These can cost more than expected, either in fees or lost interest.

Many banks also pay higher interest once your balance reaches certain tiers, such as HKD 1,000, HKD 50,000 or HKD 100,000. 

It’s a good idea to set balance alerts or automatic transfers to keep your account above the minimum.  Accounts with no minimum balance can be useful if you need flexibility, but the best minimum balance is one you can maintain comfortably while still getting solid returns.

Many banks offer tiered interest rates. This means different portions of your balance earn different rates. For example, the first HKD 100,000 might earn 1.0% p.a., while the next HKD 100,000 earns 0.5% p.a., and anything above HKD 200,000 earns 0.05% p.a.

Understanding these tiers is critical. If your bank offers a good rate on the first HKD 50,000 but then drops significantly, it might be wise to keep that initial amount there and move excess funds to another account with a better rate for higher balances.

How often your bank calculates and pays interest matters, whether it’s daily, monthly, quarterly, or annually. The more often interest is added to your balance, the faster your money grows because each payment starts earning interest right away. This affects your actual earnings over time.

Even though banks are generally safe, failures and fraud can happen. Deposit protection schemes safeguard your money if a bank collapses.

In Hong Kong, most banks participate in the Deposit Protection Scheme (DPS), covering up to HKD 800,000 per depositor. Note that certain deposit types, such as some foreign currency deposits or structured products, may not be eligible. Always verify whether your account type is under the deposit protection and read the Risk Disclosure, usually displayed at the bottom of the page.

Promotional rates can provide a significant short-term boost to your returns, often much higher than regular savings rates. However, it’s important to read the fine print carefully. Take note of:

• The promotional period and what happens once it ends
• Minimum balance requirements
• Deposit limits, as the special rate may only apply up to a certain amount
• Eligibility conditions, since some offers are limited to new customers, new funds, specific opening balance or specific deposit types. In some cases, banks may also provide higher bonus interest rates if you use their other products, typically spending on cards and subscribing to insurance plans. 

For example, PAO Bank offers up to 18% p.a. on a 1-month time deposit for new customers using a referral code. DBS have previously offered rates as high as 4.9%–6%. Both are limited-time promotions.

Many savings accounts in Hong Kong offer savings options not only in Hong Kong Dollar (HKD) but also in Renminbi (CNY) and US Dollar (USD). Some even go further, allowing deposits in other foreign currencies such as GBP or AUD. Consider what you actually need as accounts that support multiple currencies may come with additional fees.

Consider additional services offered by the account or bank, such as internet banking, cash withdrawal via ATMs, linked debit cards and credit cards with cash rebate programs, integration with a current account plus overdraft, phone banking, cheque. travel insurance, and more. 

From high-yield options to flexible accounts, Hong Kong offers savings accounts for every type of saver. Fundamentally, a savings account should protect your funds, allow them to grow, and ensure you can access them when needed.

Before choosing an account, consider your financial goals. Are you saving for a home down payment in two years, an emergency fund for six months, or building long-term wealth? Short-term goals often benefit from accessible, high-interest accounts (often promotional offers) while long-term goals may call for time deposits or investment products.

Ultimately, the best savings account is the one that fits your goals.