Hong Kong’s Mox Bank launch time deposit products with up to 10% interest

New customers who open an account in February will avail an additional 9.7% time deposit rate.

Hong Kong’s Mox Bank has launched new time deposit products alongside a time deposit promotion.

Customers can place a time deposit with as little as HK$1, and can maintain up to 5 time deposits at the same time. The service is open 24/7, including weekends and public holidays, the bank said.

There will be no charges or any early withdrawal fee in case customers withdraw their funds before the maturity date, Mox Bank said.

From 6 to 28 February 2023, new customers who open a Mox Account with the invitation code “MOXSAVE” and set up a 1-month HKD Time Deposit within seven days upon account opening. They will also enjoy an additional 9.7% per annum time deposit rate of up to HK$50,000. Coupled with the 1-month time deposit base rate of 0.3% p.a., new customers can enjoy 10% p.a. on their related time deposits, according to Mox Bank.

Mox Bank is one of Hong Kong's eight new digital banks, launching in September 2020. In September 2021, the bank appointed Barbaros Uygun as its new CEO.