ZA Bank, a virtual bank in Hong Kong, has introduced a new ‘Foreign Exchange Time Deposit’ option, allowing customers to place deposits in either USD or CNY with interest rates reaching up to 20% per annum.

The service is available through the ZA Bank app and offers time deposit options for periods ranging from 7 days to 3 months.

For USD deposits, the 7-day interest rate is 13%, with 6.8% for 1 month and 5% for 3 months.

The applicable deposit range is from US$ 5 to US$ 1,000,000.

For CNY, the 7-day rate is 20%, with 6.3% for 1 month and 2.3% for 3 months.  The CNY deposit range is from CNY 30 to CNY 7,200,000.

The process is fully handled through the ZA Bank app, with no new funds or handling fees required.

Interest is calculated on a 360-day basis, and exchange rates are confirmed during deposit setup.

Featured image credit: Edited from Freepik