Year of the Dragon: Hong Kong banks line up fireworks dinners, lucky draws and boost deposit rates to entice new clients

Fireworks dinners, lucky draws, high deposit rates, air tickets and donations to charities are among the major incentives Hong Kong banks are dangling to attract wealthy customers and depositors ahead of the Lunar New Year.

HSBC, Bank of China (Hong Kong) (BOCHK), Standard Chartered, Bank of East Asia (BEA), OCBC and ICBC Asia have launched marketing campaigns to lock in new clients and entertain wealthy customers to kick off the Year of the Dragon, which starts on February 10.

With hundreds of thousands of mainland Chinese travelling to Hong Kong during the week-long holiday, banks are keen to seize the once-a-year opportunity to satisfy clients by lavishing them with attractive giveaways.

HSBC, Hong Kong’s largest bank, is organising a fireworks dinner for select customers on the second day of the Lunar New Year at its wealth centre in Hysan Place, Causeway Bay. Another dinner at the Happy Valley Racecourse is planned for February 15. A feng shui master will be present on both days to make predictions for the new year.

New clients will receive lucky gift bags with shopping and dining coupons.

“As Lunar New Year is one of the most important festivals in Chinese culture, we would like to celebrate it with our customers through unique experiences,” said Winnie Ng, head of distribution sales management, wealth and personal banking at HSBC Hong Kong.

High deposit rates are the most popular ploy lenders use to attract customers, as many tend to deposit the lai see – red paper packets filled with “lucky money” handed out during the new year – into their bank accounts.

It is a Chinese tradition for married couples to hand out lai see to unmarried friends and family members, including children, during the first seven days of the new year.

BOCHK is offering 3 per cent on savings accounts and up to HK$27,000 (US$3,450) worth of awards to customers between the ages of 18 and 35 who open accounts using mobile phones, while children under 10 years of age get a 3.5 per cent savings rate and HK$100.

Virtual lender Mox has increased its savings deposit rate to 1.5 per cent, which rises to 3 per cent for deposits of HK$3 million or more. The bank’s normal savings rate is 0.875 per cent for savings of more than HK$5,000.

Standard Chartered is offering 40,000 Asia Miles or a HK$4,000 cash rebate to new priority banking customers with deposits of at least HK$1 million. Customers can earn 30,000 Asia Miles per HK$1 million of deposits thereafter, subject to a maximum cash rebate of HK$20,000 or 220,000 Asia Miles – enough for a business class return ticket from Hong Kong to destinations such as Chicago, London or Paris.

OCBC’s rate for Hong Kong dollar time deposits range from 3.8 per cent to 4.5 per cent for more than HK$100,000.

ICBC Asia, the local unit of mainland China’s largest lender, is offering up to HK$22,000 in free credit card spending for new customers, subject to certain conditions.

13:11

How will your Chinese zodiac fare in the Year of the Dragon?

How will your Chinese zodiac fare in the Year of the Dragon?

Lucky draws are another popular tool. Citibank and BOCHK are offering cash lucky draws to clients who use mobile apps to send e–lai see during the first two weeks of the Year of the Dragon. The top prize at both lenders is HK$8,888 – an auspicious number associated with wealth in Chinese culture.

Hang Seng Bank, a subsidiary of HSBC, said it has joined hands with the local trendy brand, TinBot the Collectibles, to give customers “TinBot God of Wealth Family” collectibles as well as lucky bags filled with gifts. It will also extend the opening hours of certain branches and promises new account openings for mainland Chinese visitors in 10 minutes.

This year, BEA, instead of sending its traditional Lunar New Year gift for corporate clients, will donate money to Unicef. The bank said this would be a better use of the funds and avoid creating waste.

“At BEA, we strongly believe that as a responsible business and responsible citizen, we have our part to play for both the community and the environment,” a BEA spokesman said.