Hong Kong bank offers without the trap: funding, lock-ins and cover
By JengDeal editor· Last verified: 9 October 2026 (HKT)· 7 min read
Before you open the account, write down when you need the cash. Split the annualised quote into interest over the term, then check new money, fees, early withdrawal and deposit protection.
Five dates to write down on opening day
- The opening date, and the cut-off written in the terms.
- When the money must arrive, in which currency, and whether it must be new money.
- The day interest starts and the day it ends. Opening day is not automatically day one.
- How long the minimum balance lasts, and the deadline for any required spend or transfer.
- The payout date, and whether a missed condition means the reward comes back.
Take the offer apart
| What the page says | Ask before you move money | The mistake |
|---|---|---|
| High annualised rate | How many days, which dates, and is it compounded? | Treating a full year of interest as this term's credit |
| Welcome cash | How much new money, how long, and what must you spend? | Rewriting a one-off as a continuing rate |
| No monthly fee | What keeps it free later, and what balance is required? | Reading an introductory waiver as permanent |
| Foreign-currency rate | What is the spread, and how does the rate move? | Treating a currency move as deposit interest |
| Protected | Is it an eligible deposit, and how is the same bank added up? | Treating an investment balance as deposit cover |
The cap is a total, not a fresh one on every account
The Deposit Protection Board says compensation is capped at HK$800,000 for each depositor if that scheme member fails. Eligible savings, current accounts and time deposits of up to five years are generally included, in Hong Kong dollars, renminbi or another currency, across personal, joint and company accounts. A joint account is normally split equally, and each person still sits under the same cap.
Overseas-office deposits, structured deposits, time deposits longer than five years, bonds, shares, funds, insurance, virtual assets and stored-value facilities are out. The target is payment within seven days in most cases. You do not file a claim yourself.
Two piles of money, two calculations
If this cash pays rent or a card next month, check withdrawals, transfers and fees before the rate that applies after the promotion. If the lock-in forces a loan, subtract that cost.
If the money can stay put, recalculate interest on the same principal, the same days and the same currency, then add a one-off welcome on its own line. Foreign exchange and investment returns stay on separate lines.
Live records: funding and clawback, kept apart
Provider
ZA Bank (眾安銀行)
Opening with PJ3Y13 is only the start: ZA Bank advertises a HK$2,000 voucher bundle, but each voucher needs its own qualifying transaction. Join in Hong Kong by 28 October 2026 and check the holding periods before moving money; the US$30 MU voucher also has conditions.
Requirement: Each voucher has its own transaction and holding conditions; the HK$780 fund voucher needs HK$500,000 subscribed and 39 consecutive holding days. Check the selected reward plan in the app.
Medium15-30 minutes to open an account online, plus any welcome tasksPayout Welcome rewards credit after you open a qualifying ZA Bank account and complete live welcome / invite tasks — timing follows ZA Bank T&Cs
Verified 9 October 2026 · Ends 28 October 2026
Provider
Standard Chartered Hong Kong (渣打銀行)
Already planning to move funds to SC? Compare Premium and Priority Banking before using A3872270. You receive the bank’s normal new-client welcome, while the referral reward goes to the referrer; new-fund amounts, holding dates and later account fees matter more than the headline cash.
Requirement: New funds of at least HK$100,000 (Premium Banking) or HK$1,000,000 (Priority Banking), kept until the bank's designated date
Hard20-30 minutes to register and apply, plus new funds held until the bank's designated datePayout Cash on or before 30 June 2027; Asia Miles 4-6 weeks after that, per Standard Chartered's welcome-offer terms
Verified 9 October 2026 · Ends 31 December 2026
Provider
Mox
Mox’s HK$2,200 headline has several jobs behind it. E6BZQ2 starts the HK$200 credit-card referral during 14 September–31 October 2026; the extra spend, savings and investment rewards have separate deadlines and base conditions, so choose only tasks that fit your finances. Credit involves repayment risk — 借定唔借？還得到先好借！
Requirement: HK$200 referral: Mox Credit approved within 30 days of opening and eligible spend within 30 days of approval. Additional rewards depend on Programme 25 credit/spend, savings and investment conditions.
Medium15-30 minutes to apply, plus card approval and qualifying tasksPayout After you successfully apply for a Mox Credit Card and complete the related welcome tasks under live Mox terms — cash rewards (if any) credit to your Mox account per the referral programme schedule
Verified 9 October 2026 · Ends 31 October 2026
Sources
- Deposit Protection Board: covered deposits, the cap, and products left out · Hong Kong Deposit Protection Board · accessed 9 October 2026
- Deposit Protection Board FAQs: the cap per person per member, and joint accounts · Hong Kong Deposit Protection Board · accessed 9 October 2026
- ZA Bank offer agreement: funding, balances and reward conditions · ZA Bank · accessed 9 October 2026
- Standard Chartered Hong Kong OneBank referral terms: new money and recovery · Standard Chartered · accessed 9 October 2026
- Mox Referral Programme 25: savings and investment tasks are not ordinary card spend · Mox · accessed 9 October 2026
FAQ
- Does 4% a year mean I receive 4% for a three-month hold?
- No. Recalculate with the principal and the actual days. The HK$50,000, 90-day illustration above is about HK$493 before the statement.
- Do extra accounts multiply the HK$800,000?
- Eligible deposits with the same scheme member are added together. The cap stays HK$800,000 per depositor. A joint account is normally shared in equal parts first.
- Are fund and share balances covered the same way?
- Shares, funds, bonds, structured deposits, insurance, virtual assets and stored-value facilities are outside this scheme. Confirm the balance is an eligible deposit.
- Is the biggest welcome the better deal?
- Price the extra new money, the lock-in, the spending and the fees first. If you did not need that cash, the bigger headline is not the higher net.
- Can a rising foreign currency count as interest?
- No. The rate can rise or fall. Keep the spread separate from Hong Kong dollar deposit interest.
Last updated 9 October 2026. Offers change frequently - always confirm details on the provider's site before applying. Not financial advice.