100,000 yuan is deposited for 5 years, and the interest difference is more than 8,000? Young people go to other places to "save money across provinces" is on fire

Let's calculate an account, let's say there is a principal of 100,000 yuan and want to deposit a fixed deposit: if there is a 3-year fixed deposit, if there is a Shinhan Bank with branches in Beijing, Shanghai, Shenzhen, Tianjin, Qingdao and other places, the interest rate can be 3,600 yuan higher than that of the four major state-owned banks. If it is a five-year fixed deposit, if there is a local bank with a high interest rate such as Guiyang Bank, the interest can be 8,500 yuan more than the existence of the four major state-owned banks, the same five-year fixed deposit.

Recently, the "special forces" of inter-provincial deposits have attracted everyone's attention. Times Finance reported that a young man made a special trip from Jiangsu to Hangzhou on the weekend to take a high-speed train to save 3.3% of the 150,000 yuan deposit. In this way, spending 330 yuan on a trip will cost 1,800 yuan more than the 2.9% interest rate of local banks.

On September 1, large state-owned banks and joint-stock banks lowered their fixed deposit rates, mainly for one-year, three-year and five-year fixed deposit rates, with a reduction of between 10 and 25 basis points.

In the face of such a situation, more and more people have begun to consider learning from the "deposit special forces" and going to the surrounding areas and even all parts of the country to find banks with relatively higher fixed deposit interest rates to obtain higher deposit returns.

There are fewer and fewer ways to make money

In the past two years, the return on investment has generally become less and less. As a result, everyone's financial preferences are more stable.

According to the Investor Sentiment Survey released by Cheung Kong Graduate School of Business in the third quarter of 2023, 73.2% of the respondents are willing to invest in bank wealth management and prudent funds, an increase of 6.8% from the previous quarter. 58.3% of those willing to invest in stocks and equity funds were 58.3%, down 5% from the previous quarter.

According to the "2022 Young People's Financial Management Survey" released by Tencent Research Institute, among the post-90s and post-00s, nearly eight adults have invested in stable wealth management products such as money market funds and bond funds, and the second is bank deposits, with more than five adults saving.

However, at present, the 7-day annualized rate of return of currency funds basically does not exceed 3%, and 60% of the returns are less than 2%. As for the returns of equity-biased funds, the returns in the past year have even been negative.

Returning to bank fixed deposits, the reality is that the four major state-owned banks, namely the Bank of China, the Industrial and Commercial Bank of China, the Agricultural Bank of China and the China Construction Bank, have been reducing their fixed deposit interest rates in recent years.

Since June this year, the highest five-year fixed deposit rate has been only 2.5%, and in September, the maximum interest rate has been reduced to 2.25%. At present, the five-year fixed deposit interest rate of the four major state-owned banks is only slightly higher than the one-year fixed deposit interest rate in April last year.

How much higher can the interest rate of inter-provincial deposits be?

Compared with the four major state-owned banks, some joint-stock banks, local banks and foreign banks do have higher interest rates.

As of October this year, the one-year interest rate of China CITIC Bank, which has a higher fixed deposit rate among joint-stock banks, was 0.3% higher than that of the four major state-owned banks, 0.35% higher for two-year and 0.4% higher for three-year and five-year terms.

Local banks will have higher interest rates on fixed deposits. For example, Shenyang-based Shengjing Bank has a one-year interest rate of 2.15%, a two-year interest rate of 2.5%, and a three-year and five-year interest rate of 3.2%. Bank of Guiyang has a three-year interest rate of 2.75%, and a five-year interest rate of 4%.

The five-year interest rate of the South Korean-owned Shinhan Bank is as high as 3.9%, but it will be adjusted to 3.6% from October 11.

Let's do the math, let's say there is a principal of 100,000 yuan that we want to deposit:

If there is a three-year fixed deposit, Shinhan Bank, which has branches in Beijing, Shanghai, Shenzhen, Tianjin, Qingdao and other places, can pay 3,600 yuan more than the interest rate of the four major state-owned banks.

If it is a five-year fixed deposit, if there is a local bank with a high interest rate such as Guiyang Bank, the interest can be 8,500 yuan more than the existence of the four major state-owned banks, the same five-year fixed deposit.

If it is a neighboring province (city), or go on a business trip or travel to save a little, it is indeed worth saving.

Others choose to go to Hong Kong to save money.

According to a report by the China Securities Journal in October, banks in Hong Kong are crowded even on weekdays, with queues taking at least one hour, many of which are from the mainland.

According to the latest statistics from the Hong Kong Monetary Authority, in August 2023, Hong Kong dollar deposits increased by 2.0% year-on-year, US dollar deposits increased by 4.6% year-on-year, and deposits in other currencies increased by 3.3% year-on-year. Although changes in deposits will be affected by multiple factors, it is true that the growth rate of Hong Kong dollar deposits is the highest in the past two years, and the growth rate of other currencies is also the highest since May 2022.

In fact, in Hong Kong, the interest rate of RMB fixed deposits of banks is not much different from that of the mainland. However, the interest rates on HKD and USD CDs are quite attractive. The highest interest rate is Bank of China (Hong Kong), for new fund fixed deposits, if it is a Hong Kong dollar fixed deposit, the 6-month interest rate can be 4.5%; If you deposit a US dollar CD, there is an interest rate of up to 5% for 6 months.

However, when going to Hong Kong to save money, you also need to consider the exchange rate, as well as the procedures for whether you can open an account smoothly, and the factors that need to be considered are more complex, the operation is relatively more cumbersome, and the threshold is higher.

According to a report by Yicai in September, the review of account opening in Hong Kong has become more stringent than in previous months. For mainland tourists who open a bank account just to manage their finances, some banks may not be able to successfully open an account.

Deposit the motivation of the special forces, and you can earn a little more

In the face of high interest rate fixed deposits, even if it will be troublesome, there are still many people who are tempted. There is a survey on Weibo, three adults said that if there is an opportunity for high-interest rate fixed deposit, they will have the idea of saving money across cities, and the other two adults feel that they can consider it.

In everyone's discussion, almost all the content of inter-provincial savings revolved around two issues: what is the interest rate and whether local banks are risky.

According to the first financial report, in order to obtain high interest rates, there are some depositors from different provinces such as Hubei, Guangdong, Shandong, and Anhui, and their deposits range from tens of thousands, hundreds of thousands to millions.

As for the inter-provincial journey, it seems to be the least important of them, and it will even be regarded as an opportunity to travel along the way. In the report of the Daily People, Pan Ling, a girl who works in the Beijing system, saw that the fixed deposit interest rate of the Bank of Sichuan was higher, so she simply took annual leave and took the train to Sichuan to save money. The amount of fixed deposit needs to be approved, and only half of the more than 400,000 yuan is deposited at an interest rate of 4.05%.

The latest situation is that in order to get a little more interest, the "deposit special forces" may have to make more than one trip. In a report by the National Business Daily at the end of October, some bank staff said that people from other provinces who are not in their place of residence, work and household registration can only open accounts over the counter. In addition, some banks will restrict online operations if there is no turnover for more than six months, so you may need to withdraw money over the counter when the deposit matures.

However, in the face of an uncertain future, everyone still wants to catch the last train of the 4%. The key is to find a destination where you can see the definite number for your little savings, in exchange for some peace of mind.

Author|Heather Design丨Dysprosium Lu Ruifeng Editor丨Chi Er Producer丨Tencent News Gu Yu Studio

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