Hang Seng increases HKD prime rate and savings rate starting 5 May

Amongst considerations in the adjustments is interbank rates.

Due to uncertain economic conditions, Hang Seng Bank declared that it will raise its Hong Kong dollar prime lending rate by 12.5 basis points from 5.625% p.a. To 5.75% p.a.

The changes will be effective starting 5 May 2023.

Diana Cesar, executive director and chief executive of Hang Seng, said the HKD rate will be adjusted due to the macroeconomic environment, cost of funding, interbank rates, and the aggregate balance in Hong Kong’s banking sector.

The Bank’s Hong Kong dollar savings deposit rates for an account balance of $5,000 or above will also grow from 0.625% p.a. to 0.75% p.a. 

Here are the revised savings rates:

Account Balance (HK$)  Interest Rate Per Annum

150,000 or above 0.75%

10,000 to 149,999 0.75%

5,000 to 9,999 0.75%

Below 5,000 0%

The bonus interest rate for Hong Kong dollar savings account balances under integrated accounts with a total relationship balance of HK$1 million or above will remain unchanged at 0.001% p.a.