ZA Bank launches ‘Savings Pot’ with up to 4% p.a. interest rate

ZA Bank has rolled out a new savings product “Savings Pot” for users to separate their savings from daily expenses, making financial management more convenient and effortless. By completing the designated monthly challenges, users can unlock a bonus savings rate of up to 4% p.a.

Hongkongers’ demand for deposits has increased significantly due to the macro-environmental impact. A survey conducted by the Hong Kong Deposit Protection Board found that the average monthly savings per person had reached a record high last year1. ZA Bank’s user data also reflects the same trend. The “Rate-up Tuesday” programme, which offers rate-up coupons for time deposits every week, has received overwhelming responses from over 120,000 users since its launch, demonstrating a strong demand for saving money. In response to this demand, ZA Bank has introduced “Savings Pot”, enabling users to save money with high interest in a hassle-free manner.

Compared with other banks’ savings products, ZA Bank’s “Savings Pot” offers even more value to users. With a 4% p.a. interest rate on an HKD100,000 deposit, ZA Bank users can earn over HKD3,000 more in interest every year compared to the prevailing interest rate offered by other banks2.

Calvin Ng, Alternate Chief Executive of ZA Bank, said: “While many recognise the significance of savings, it is often easier said than done to implement effective saving habits. As a forerunner of digital banking in Hong Kong, we are excited to introduce ‘Savings Pot’ to users in 2024. This innovative product is exclusively designed for savings, encouraging users to go back to the basics by separating their savings from their disposable income. We have also added a fun element by incorporating a series of challenges, where users can unlock an impressive interest rate of up to 4% p.a. on their savings. Our aspiration for ‘Savings Pot’ is to make saving easier, enabling users to quickly grow their wealth and move closer to their financial goals.”

From now until end-February, users can enjoy up to 4% p.a. savings rate by completing the following challenges. Future challenges will be updated in the ZA Bank App every month going forwards.