Types of Savings Accounts Available in HK

Types of Savings Accounts Available to Migrants Living in Hong Kong

 

Savings Account (Bank)

Contractual savings (AIA, Prudential etc)

Savings  Acct (AMCU)

HK

Abroad

1. Can you make withdrawals at any time?

24 hrs/day (from ATM)

No

No

2 to 4 working days

2. What is the interest rate?

~0%

~0%

Varies (about 2% per annum for a 5 year investment)

Dividends decided by Board

3. May you take out loans against your savings?

No

No

No

YES, at 1% per month.

4. Is the savings schedule flexible?

Yes

Yes

No

Yes

5.  Is there a minimum deposit?

HKD 500

(Bank of China and Hang Seng)

PHP 10,000

N/A

HKD 5

6. Are there fees for breaking the rules?

- Min. deposit penalties 

- various servicing fees

- Min. deposit penalties

- various servicing fees

- No interest earned for late installments

- various servicing fees

Dormant fee after 2 years w/o saving

7. How would people use this type of account?

For short-term needs and emergency fund

Accumulate savings in home currency

Long-term financial targets

For short-term  needs and long-term financial targets

8.  Comments

- Documents required. May be difficult to open an account

- Bank of China and Hang Seng Bank are more popular with domestic workers.

 

 

 

- Cannot access from HK unless access is given to a third party (usually a relative)

- Difficult to obtain a bank statement

- Make sure you know the interest rate per annum

- Is the issuer reputable? Does it have a long history of serving migrant workers?

- A co-op that is of and for the migrants.  Officers are all volunteers.

- One member one vote.

- Financial workshop and advisory.

 

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