Hang Seng Bank raises prime rate to 5.625%

The bank will also be raising its savings rate by 0.625% per annum.

Hang Seng Bank has announced that it will be raising its prime lending rate by 25 basis points from 5.375% per annum (p.a). to 5.625% p.a.

The decision to adjust the rate was because of various market factors, including the macroeconomic environment, cost of funding, interbank rate levels and aggregate balance in Hong Kong’s banking sector, Diana Cesar, Executive Director and Chief Executive of Hang Seng said.

The bank’s Hong Kong dollar savings deposit rates for an account balance of $5k or above will also be increased from 0.375% p.a. to 0.625% p.a. 

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

The rate changes take effect on 16 December.