Dongcheng reader Ms. Wang recently had a three-year deposit mature, with an interest rate of 4.8%. Seeing the rate of return on deposits and financial management declining over the past few years, Ms. Wang has always regretted not making a 4.9% five-year fixed deposit. With the lessons learned three years ago, she thought she must choose a five-year deposit this time. After consulting several banks, Ms. Wang learned that the current five-year fixed deposit interest rate is lower than that of a three-year term. She said she was really confused: "Isn't it true that the longer the deposit period, the higher the interest rate? Why is it the other way around now? Who can still deposit for five years?"
Beijing Youth Daily Reporters from many banks recently It is understood that the "inversion" phenomenon in which the five-year deposit interest rate is lower than the three-year deposit interest rate reported by Ms. Wang has indeed appeared in many national banks and is likely to continue. This reflects the bank's judgment on the future trend of long-term interest rates, and also poses a difficult problem for investors: What should they do if they want to manage their finances in the long term?
The four major banks
fixed deposit interest rates are all "upside down"
Beiqing Daily reporter inquired from ICBC mobile banking that ICBC currently offers lump sum time deposits with a minimum deposit of 50 yuan, with three-year and five-year terms. The interest rates are all 2.75%. However, if the deposit amount reaches more than 10,000 yuan, the three-year fixed deposit interest rate can rise to 3.15%. For special customer groups such as new customers or potential customers, this threshold can be lowered to 3,000 yuan. But for five-year time deposits, there is no difference in treatment. No matter how much is deposited, it is 2.75% for everyone. Therefore, if you deposit 10,000 yuan in time deposit with ICBC now, the five-year interest rate will be 0.4 percentage points lower than the three-year interest rate, and you will earn 40 yuan less interest in a year.
The same phenomenon also exists in several other major state-owned banks. Bank of China mobile banking shows that the current maximum interest rate for three-year time deposits of Bank of China is 3.15%, and the maximum interest rate for five-year time deposits is 2.75%. When the minimum deposit amount reaches more than 20,000 yuan, the highest three-year deposit interest rate can be triggered.
Agricultural Bank of China html The three-year and five-year time deposit interest rates for deposits starting from 350 yuan are both 2.75%. If the deposit amount reaches more than 20,000 yuan, 30,000 yuan and 50,000 yuan, you can enjoy higher three-year fixed deposit interest rates, which are 2.85%, 2.98% and 3.15% respectively. But the five-year time deposit interest rate is only 2.75%. The situation of
CCB is basically similar. A reporter from Beiqing Daily used CCB's online banking and found that there are four levels of three-year fixed deposit interest rates: 2.75% for a minimum deposit of 50 yuan; 2.92% for a minimum deposit of 20,000 yuan; 3.02% for a minimum deposit of 30,000 yuan; and 3.02% for a minimum deposit of 50,000 yuan. 3.15%. However, the interest rate for five-year time deposits is 2.75% regardless of the amount.
It is not difficult to see that the current five-year fixed deposit interest rate of the four major state-owned banks is 2.75%, but the three-year fixed deposit interest rate can reach a maximum of 3.15% depending on the minimum deposit amount or customer type.
In addition to the four major state-owned banks, some joint-stock banks also have the phenomenon of interest rates inverting . For example, the fixed deposit interest rate of China CITIC Bank is only 3% for five-year terms, with a minimum deposit of 50 yuan; there are four three-year terms, 3% for a minimum deposit of 50 yuan, and 3.3% for a minimum deposit of 1,000 yuan. 3.35% for deposits starting from 5,000 yuan and 3.4% for deposits starting from 10,000 yuan. However, CITIC Bank’s fixed deposit interest rate is obviously much higher than that of the four major banks.
Many banks
The three-year and five-year fixed deposit interest rates are the same
In addition to the inverted interest rates, there are also many national banks whose three-year interest rates are consistent with the five-year interest rates, without showing the advantage of a long term. For example, the highest executable annual interest rate for Bank of Communications three-year and five-year lump sum deposits and withdrawals is 2.80%; China Merchants Bank three-year and five-year lump sum deposit and withdrawal interest rates are both 2.75%; Ping An Bank 's three-year and five-year fixed deposit interest rates are the same for all grades, 3.30% for deposits starting from 3,000 yuan, 3.35% for deposits starting from 5,000 yuan, and 3.40% for deposits starting from 10,000 yuan.
Industry insiders
Banks feel that soliciting long-term deposits is uneconomical.
Industry insiders generally believe that interest rates are currently in a downward cycle, and the phenomenon of interest rate inversion shows that banks do not encourage depositors to deposit five-year deposits because they do not want to bear higher costs for five-year deposits. .
"The "inversion" of three-year and five-year time deposit interest rates reflects the bank's prediction of future long-term interest rate trends to a certain extent."Liang Si, a researcher at the Bank of China Research Institute, pointed out that from the overall situation, interest rates may continue to decline in the future, and there is not much demand for long-term liabilities in the short term, which reduces banks' motivation to increase long-term interest rates. Liang Si also believes that three The "inversion" of the one-year and five-year deposit interest rates will also encourage people to shorten the deposit period, which will not only help reduce bank liability costs, but also bring some stimulation to consumption
Zhou Maohua, a macro researcher at the Financial Market Department of China Everbright Bank, said, The "inversion" of three-year and five-year time deposit interest rates reflects that some banks currently have no strong demand for five-year long-term deposits and prefer deposit liabilities with relatively short maturities. In the context of benefiting the real economy, domestic financial institutions are guiding further reductions. Real economy loan interest rates, under this expectation, banks have the incentive to reduce the bank's comprehensive liability cost by adjusting the deposit term premium, and increase the bank's income as much as possible by borrowing short and lending long
The four major state-owned banks in three and five years. Fixed deposit interest rate
Industrial and Commercial Bank of China :
For deposits of more than 10,000 yuan, the three-year fixed deposit interest rate is 3.15%
Bank of China:
For deposits of more than 20,000 yuan, the three-year fixed deposit interest rate is 3.15%
Agricultural Bank of China:
For deposits of more than 50,000 yuan, the three-year fixed deposit interest rate is 3.15%
Construction Bank:
For deposits of more than 50,000 yuan, the three-year fixed deposit interest rate is 3.15%
The five-year fixed deposit interest rates of the four major state-owned banks mentioned above Both are 2.75%
recommends
Experts recommend three tips to help with long-term financial management
It is understood that the fixed-term financial products currently sold by banks rarely exceed two years, and even three-year large-denomination certificates of deposit are difficult to grab. In addition, the five-year deposit interest rate has lost its advantage. If investors have long-term idle funds, how should they manage it? Industry insiders have put forward three suggestions for everyone to consider based on their actual situation.
Suggestion 1: Find a loan. Liu Yinping, an analyst at the Rong360 Digital Technology Research Institute of five-year time deposits issued by local banks, pointed out that the current "inversion" phenomenon of three-year and five-year time deposit interest rates is mainly caused by national banks. This is a very important reason. That is, the deposit sources of national banks are relatively stable, and it is easier to attract deposits. In contrast, the deposit sources of local banks are not stable enough, and it is more difficult to attract deposits than national banks. There is an upper limit on the fixed deposit interest rate within three years, which cannot be compared with that of national banks. To widen the gap, national banks often set higher five-year deposit interest rates to attract savers.
Suggestion 2: Purchase pension financial products. In September last year, the China Banking and Insurance Regulatory Commission (CBRC) decided to target "four places and four institutions" for pension financial management. Product pilot work.
Starting from March 1 this year, the pilot scope of pension financial products has been expanded from the original "four places and four institutions" to "ten places and ten institutions". At present, the pilot areas cover ten cities including Beijing, Shenyang, Changchun, Shanghai, Wuhan, Guangzhou, Chongqing, Chengdu, Qingdao , and Shenzhen. In addition to the first batch of pilot institutions, ICBC Financial Management, CCB Financial Management, CMB Financial Management and Everbright Financial Management Four new companies have been added: Bank of Communications Financial Management, BOC Financial Management , ABC Financial Management, China Post Financial Management, Industrial Bank Financial Management and CNCBI Financial Management. In addition, the joint venture financial management company BlackRock CCB Financial Management has also been approved to participate in the pilot program of pension financial products.
retirement wealth management products start at 1 yuan, and the investment period is as long as five or even ten years. Most of the risk levels are R2 (medium and low). The performance comparison benchmark is concentrated in the range of 5.8% to 8%, which is significantly higher than the current bank wealth management product.
As of June 27, there were 27 retirement wealth management products issued by banking wealth management subsidiaries on the market. Everbright Financial Yixiang Sunshine Pension Financial Product Orange 2027 Issue 1, which ranks first in product net value, was officially launched on January 6 this year. On June 23, the net value was 1.0309, equivalent to an annualized return of 5.69%.
Yang Rong, chief analyst of CITIC Construction Investment banking industry, believes that with the strong demand for elderly care and the help of a series of policies, my country's third pillar pension market will see the blooming of various products in the future, including pension financial products, publicly raised pension FOF, Various products such as pension insurance products will segment the third pillar of the pension market, and pension financial products will become mainstream financial products in the future.
needs to remind everyone that although the risk is low and it complies with the policy direction, retirement financial products cannot be bought casually with closed eyes.
Puyi Standard Research Report pointed out that although pension financial products have stable characteristics, they do not mean rigid redemption and still have risk attributes. Investors should judge whether to make long-term retirement investments based on their own risk tolerance, retirement planning, investment philosophy, financial status, etc. At the same time, the focus and characteristics of pension products of various institutions are different. Therefore, investors should pay attention to the risk and return characteristics of pension financial products based on their own needs, and choose pension financial products that better match them based on risk preferences and other conditions. product.
Recommendation 3: Purchase related insurance products
"Recently, the interest rates of financial management and certificates of deposit have been going down. We now mainly recommend insurance with guaranteed interest rates to customers, which is higher than bank deposit interest rates and is very popular." Dongcheng, a joint-stock bank Miss Zhao, an account manager at a branch, told a reporter from Beiqing Daily.
It is understood that currently the account managers of various banks have generally increased their recommendation of “capital guaranteed” bancassurance products.
A reporter from Beiqing Daily compared the insurance products recommended by multiple account managers and found that most of these products are annual payment-type incremental whole life insurance or pension annuity insurance that are connected to high-interest-bearing universal accounts. The guaranteed interest rate of the product is higher than the bank deposit interest rate, and the interest can also be compounded. In previous years, the "capital-guaranteed" interest rate could reach as high as 4.9%. As interest rates have fallen, most have now dropped to 3.5%. Some products can be withdrawn upon maturity, and you can also choose to use them as you wish or receive a fixed payment for life, during which the guaranteed interest rate remains unchanged. There are also banks that recommend universal endowment insurance , with a one-time payment, a term of five or seven years, an expected annualized rate of return of more than 4%, and the interest can be withdrawn in advance.
However, some insurance practitioners have reminded that the design of these insurance products is more complex than ordinary bank financial products, and there will be some restrictions when using them, such as initial fees. They are suitable for different groups of people. Investors still have to comprehensively combine them according to their actual needs. Consider your options.
This article/Reporter Cheng Jie
Coordinator/Photo provided by Yu Meiying/Visual China
