Earn thousands more yuan! Cross provincial deposits suddenly became popular, with a 60 yuan fare for bank card | deposit | fare

Recently, with the successive reduction of deposit interest rates by state-owned and joint-stock banks, it has been observed that a "special forces style" deposit phenomenon has emerged in the market. In other words, it means bringing cash to other provinces and cities in search of deposit products with higher interest rates.

According to consumers told China Fund News reporters, although many banks have lowered their deposit interest rates, some urban rural commercial banks in some cities have not yet taken action. Compared to this, the difference between the two can even be 100bp. "The deposit is 500000 yuan, and the price difference is 5000 yuan over five years."

Residents are enthusiastic about saving money and moving houses

Recently, according to observations by reporters, many consumer groups are actively discussing the issue of moving deposits. There are even consumers calling on each other on social media and sharing experiences on how to better deposit and withdraw in other cities.

Especially, according to media reports, due to its proximity to Shanghai Railway Station, Jiangsu Bank has become a popular bank on social media platforms. This is mainly because the bank has a significant deposit interest rate difference of approximately 15-40bp between Suzhou and Shanghai.

At present, the deposit interest rates of Jiangsu Bank are 2.1%, 2.7%, 3.1%, and 3.1% respectively;

However, the deposit interest rate of Jiangsu Bank is relatively higher. It is reported that the current deposit interest rates of the bank are 2.25%, 2.85%, 3.5%, and 3.4%.

In the eyes of many investors, although it is troublesome to handle deposits across provinces and cities, it is clearly cost-effective. A depositor said, "It only costs about 60 yuan for round trips, but it can earn thousands of yuan in interest, especially for guaranteed deposit products, which are very worthwhile."

Urban Rural Commercial Bank is Observing Interest Rate Reductions

In fact, since Monday of this week, several joint-stock banks such as China Merchants Bank, Shanghai Pudong Development Bank, and CITIC have lowered their deposit interest rates. Although some urban and rural commercial banks have also followed suit in the market, in a survey conducted by China Fund News reporters, most banks have not simultaneously lowered their deposit rates.

For example, two listed city commercial banks located in southern China have both told reporters that they are currently under investigation and will make adjustments based on their own business situation and industry conditions in the future. Overall, there is a certain wait-and-see attitude towards whether deposit interest rates will be lowered.

Even another person in charge of a commercial bank in a certain city in South China said that because the deposit interest rate had just been lowered in April, it is believed that it will not be immediately lowered in the near future.

In the industry's view, this is mainly due to the fact that after the deposit interest rate is lowered again, fixed deposits have become less attractive compared to wealth management products and money market funds. However, for small banks, they generally do not have the qualifications to issue wealth management products, and under the background of deposit wealth management, there is greater pressure to lose funds. Therefore, they have a wait-and-see attitude towards whether to lower deposit interest rates.

Expert: Compliance with cross regional account opening procedures

Regarding the phenomenon of consumers being eager to handle deposits across provinces and cities mentioned above, a reporter from China Fund News conducted interviews and research on its feasibility with multiple urban rural commercial banks in Shanghai, Jiangsu and Zhejiang regions, as well as North China.

Many banking professionals have told reporters that this phenomenon exists. "If you have previously applied for a bank card in the bank, simply deposit it directly on the bank's app. If you don't have a bank card or even haven't paid social security in the local source, it won't affect your deposit."

"If the place of residence is not in this city, there is no need to open a bank card, and you can directly apply for a certificate of deposit business. You only need to provide your ID card to deposit." A staff member of a rural commercial bank in North China told China Fund News reporters that currently, the bank's fixed deposit interest rate can reach 2.25% for a one-year period, 3.25% for a three-year period, and 3.4% for a five-year period, which is relatively higher than state-owned banks and some joint-stock banks.

It is reported that since June 12th, China Merchants Bank has lowered its deposit interest rates. Taking China Merchants Bank as an example, the bank's current deposit interest rates are 2.05%, 2.45%, and 2.50% for two-year, three-year, and five-year fixed deposits, respectively.

In addition, is this "special forces style" cross regional deposit problem compliant with regulations, and can it be sustained and possibly corrected?

Xue Hongyan, Vice President of Xingtu Financial Research Institute, told China Fund News that the procedures for depositors to open accounts and handle deposit business in a different location are compliant. "This phenomenon of off-site deposits has high time and transportation costs, making it difficult to popularize on a large scale. Its impact on the existing industry pattern can be ignored and is not expected to trigger subsequent rectification or correction."