ZA Bank has rolled out “Savings Pot,” a new feature aimed at helping users manage their savings separately from their daily expenditures.
The introduction of this product comes in response to a rising demand for deposit options, as indicated by recent studies from the Hong Kong Deposit Protection Board and user engagement data from ZA Bank.
The bank states that “Savings Pot” allows users to access a higher savings rate of up to 4 percent per annum by completing specific monthly challenges. It is designed to offer flexibility, with no minimum deposit requirement, and users can add or withdraw funds instantly.
Further, “Savings Pot” functions as a sub-account, which the bank notes are covered by the Hong Kong Deposit Protection Scheme, aiming to provide a sense of security for users regarding their deposits.
Calvin Ng, Alternate Chief Executive of ZA Bank, said:
“While many recognise the significance of savings, it is often easier said than done to implement effective saving habits. As a forerunner of digital banking in Hong Kong, we are excited to introduce ‘Savings Pot’ to users in 2024. This innovative product is exclusively designed for savings, encouraging users to go back to the basics by separating their savings from their disposable income.”
“Savings Pot” is currently available to users, with the bank planning to update the ZA Bank App with new challenges on a monthly basis after the initial period ending in February.
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