[BenderBends]

I was told by my HK co-worker that interest rates are daily.
i am familiar with US interest rates where it must say "annual percentage yield" and etc etc etc.....which helps understand the rates a lil better.

here...Citibank is offering time deposits ranging from 7 days and up...

starting at around 2.20 %...but it doesnt say if that is a daily interest rate, or a monthly or yearly rate.

can anyone help?

does it mean if i deposit 10000 dollars into 1 month time deposit at 2.35% (+ bonus .5% = 2.40%) then at end of month i will have?????

[nivantj]

Err... All interest rates are ANNUAL here unless otherwise specified..

[BenderBends]

thats what i would have thought...but my co-worker (a HK girl) said its based daily...


so its definitly annual?

[Mat]

Annual.
If you are not sure just ask your Citibank officer.

[freeier]

rates can be daily rates but quoted on a p.a. basis.
and rates can change daily...

[discobay]

Annual. What she might mean is that the interest is calculated daily which is normal.
By the way a one month HKD time deposit should be giving you more than that. I'm getting 3.4% for 500,000.

[seamale]

Use this calculator
http://www.senghengbank.com/eng/tools/calc_td.html

I agree that the interest rate is annual but interest is calculated daily.

[nivantj]

Yeah DB.. Thats because its HKD *500000*...
Time deposit rate is almost the same as savings rate for small amount..

[discobay]

True most banks are offering low rates but ICBC are offering 3.1225 for sums under HKD 500,000 - I just double-checked.

[100yrs]

let me offer you guys 10% or more for 5-7 years term..Haha