On December 22, a number of large state-owned banks and some joint-stock banks announced that they would lower the listed interest rates of RMB deposits, and the listed interest rates of some one-year, two-year and three-year deposits entered the "1 era".
A reporter from the China Securities Journal visited and investigated a number of bank outlets in Beijing and found that during the "good start" of the New Year, many banks have raised their deposit interest rates in stages and given exquisite gifts. In addition, the deposit interest rates of some small and medium-sized banks still have great advantages.
Gift-giving + interest rate increases
Banks get off to a good start
"The 'good start' will continue for a few months, and now it will be deposited, and there will be rice and flour oil after application. "When entering the business outlets of a state-owned bank, exquisite gifts such as refrigerators, rice, noodles, and oil are placed in the most conspicuous position.
An account manager told reporters that there is currently a "good start" insurance product with a 5-year term and an expected yield of 3.9% to 4.1%.
Related booths in the lobby exhibition hall of a bank Image source: Photo by reporter Wu Yang
Image source: Courtesy of the interviewee
The reporter noticed that although some banks did not set up relevant booths in the hall, the marketing of "good start" related products has begun. The account manager said: "We didn't put the gifts directly in the hall, but there were gifts [to make a deposit]. In fact, when the daily deposit reaches a certain amount, there are also gifts, such as rice, noodles, etc., but the intensity will be a little greater during the 'good start' period. ”
Another share bank financial manager said that there are currently gifts with new funds, more than 50,000 yuan can accumulate points, points can be exchanged for corresponding gifts, 10,000 yuan is 2 points, gifts include rice, flour, oil, small household appliances, etc. In addition, there are also some small and medium-sized banks for specific products have gifts, such as the Shenzhen Pingshan Village Bank account manager said that now deposit 200,000 yuan of large deposit receipts, you can give more than 1,000 yuan in gifts.
In addition to gifts and point exchange, some banks have raised the interest rate of some term deposits in stages "against the trend". For example, Huaibin Rural Commercial Bank previously announced that it would raise the interest rate on new individual lump sum deposits and lump sum withdrawals in stages from December 12. If the initial deposit amount is less than 10,000 yuan, the original interest rate will be implemented, and if the initial deposit amount is greater than or equal to 10,000 yuan, the interest rate after the increase will be implemented.
Bancassurance products are still "fragrant and sweet"
In the survey, a number of bank wealth managers told reporters that the current deposit interest rate is still declining, if you want to lock in the future long-term income, bancassurance products can be a better choice, such as dividend insurance.
"A five-year bancassurance product, the annual interest rate is 3.2%, and the 3-year fixed large amount is 2.6%, it is not recommended to take it out in advance, the longer the time, the average rate of return can be increased, and it is recommended to plan for the long term. The financial manager of a large state-owned bank told reporters. In addition, the manager said that there is still a need for multiple allocations, and you can buy some PR2 level wealth management and another part of cash management wealth management.
A financial manager of a joint-stock bank recommended a participating insurance product. "The term of the product is 5 years, with a minimum deposit of 10,000 yuan, and the interest rate is between 3.4% and 3.6%. The wealth manager said that the product does not promise to invest after 5 years.
While obtaining stable income, some bank staff suggested diversifying the allocation and purchasing wealth management products with medium and low risk levels or above to obtain floating income.
"However, insurance products and bank wealth management products are not principal and interest guaranteed, and unlike deposits, there may be a situation where the income is not very good. The above-mentioned financial manager said.
It should be noted that some bank fixed deposits and bancassurance products still need to be registered in advance before they can be purchased. A wealth management manager of a city commercial bank said: "At present, the interest rate of our bank's 5-year time deposit is 4.0%, and it can only be purchased after the quota is available on January 1, 2024. Now you can only register, and after the quota is released, you will be the first to handle it for registered customers. ”
Deposit rates are trending downward
A consumer told reporters: "I just returned a bancassurance product, 120,000 yuan saved for 5 years, and currently withdraws about 150,000 yuan, and may never enjoy such a high interest rate again." ”
According to the analysis of industry insiders, bank deposit interest rates will still show a downward trend. This is the third time that a major state-owned bank has lowered the deposit interest rate this year, and the state-owned bank lowered the listed deposit interest rate in June and early September. Against the backdrop of pressure on interest margins and banks controlling the cost of liabilities, deposit rates of most banks will continue to show a downward trend.
Fan Xin, an analyst at Shanxi Securities, expects that the reduction of deposit interest rates can effectively reduce the cost of bank liabilities, improve net interest margins, and leave room for reducing the interest rates on loans to residents and enterprises, which is expected to promote household consumption and investment, and transfer residents' savings to consumption and other financial assets.
Lin Yingqi, an analyst at CICC, expects that from a longer-term perspective, there will still be downward pressure on interest margins for the whole of next year in the environment of weak credit demand, and whether the subsequent interest rate spreads can stabilize depends on the improvement of the trend of deposit regularization, the recovery of loan demand, the reduction of LPR, and the progress of urban investment bonds.
Reviewer: Zhao Bai Zhinan Editor: Yu Hongbo Producer: Song Zhaoqing Signed: Peng Yong