- Bank account - 0.3%, instant access
- Term deposits - range of interest rates, presumably waive the interest on early withdrawal
https://www.hsbc.com.cn/en-cn/deposits/ ... rtificate/
which look like standard CDs. Their interest rates are at least 0.5% higher than term deposits and early withdrawal is supported where at least some of the accrued interest is kept. Aside from the minimum deposit requirement, it seems this is clearly better than term deposits. It is higher than comparable to US treasury rates, even though USD and CNY tend to track each other generally so one can do something useful with onshore CNY funds.
T&Cs at https://www.hsbc.com.cn/content/dam/hsb ... en-tnc.pdf
The overview highlights:
Hopefully boglehead expertise can flag up if there is any catch compared to international markets or if I missed a detail.CDs refer to RMB-denominated book-entry large-denomination deposit vouchers issued electronically by HSBC China to individual customers.
CDs adopt standard terms and minimum deposit amounts, while the interest rate for the issue of CDs is determined by a market-oriented method.
Subject to regulations issued by the People's Bank of China (PBoC). CDs are a financial product in the category of general deposits, which falls within the area of deposit insurance. The minimum deposit amount for an individual subscription is RMB200,000.