Hang Seng Bank raises HKD prime lending rate to 5.875% per annum

Its savings deposit rate is also being increased.

Hang Seng Bank is raising its Hong Kong dollar prime lending rate by 12.5 basis points to 5.875% per annum (pa) from 5.75% pa.

Its Hong Kong dollar savings deposit rates for an account balance of HK$5,000 or above will also be increased to 0.875% pa.

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“After due consideration of factors including macroeconomic conditions, cost of funding, interbank rate levels and aggregate balance in Hong Kong’s banking sector, we have decided to adjust our Hong Kong dollar prime rate,” said Diana Cesar, executive director and chief executive of Hang Seng Bank.

The bonus interest rate for Hong Kong dollar savings account balances under integrated accounts with a total relationship balance of HK$1m or above will remain unchanged at 0.001% p.a.