Mox Bank Revises Savings Base Rate for HKD and USD Depositsby Fintech News Hong Kong February 1, 2024
Mox Bank announces an update to its savings base rate, now offering a rate of 1.5 percent per annum for Hong Kong Dollar (HKD) deposits.
This updated rate, which is 170 percent of the typical savings base rates of most local banks, applies to any amount of HKD deposits across all customer savings accounts at Mox, including Mox Accounts and Mox Invest Accounts.
Mox has also introduced a tiered savings rate structure, allowing customers to earn up to a three percent per annum savings rate on HKD deposits up to HK$3 million.
“We aspire to be ‘the Best Savings Bank in Hong Kong’ by setting a new industry standard and offering an attractive savings base rate that is significantly higher than other banks. This empowers customers to accumulate their wealth with interest on their deposits, faster and smarter,”
said Barbaros Uygun, Chief Executive Officer of Mox Bank.
This enhanced rate is available to customers who invest in stocks or funds with Mox Invest or engage in foreign exchange transactions of at least HK$10,000 (or its equivalent) within a calendar month.
Additionally, recognising the growing interest in US deposits, Mox has increased the USD savings base rate to 1.5 percent per annum for deposits up to US$300,000.