Hongkongers’ demand for deposits has increased significantly due to the macro-environmental impact. A survey conducted by the Hong Kong Deposit Protection Board found that the average monthly savings per person had reached a record high last year1. ZA Bank’s user data also reflects the same trend. The “Rate-up Tuesday” programme, which offers rate-up coupons for time deposits every week, has received overwhelming responses from over 120,000 users since its launch, demonstrating a strong demand for saving money. In response to this demand, ZA Bank has introduced “Savings Pot”, enabling users to save money with high interest in a hassle-free manner.

“Savings Pot” has three major features:

1. Grow your savings with Savings Pot. Complete monthly challenges to unlock high savings rate of up to 4% p.a. With no minimum deposit requirements, users can add or withdraw money instantly. Savings Pot is an exclusive savings sub-account for users. Deposits made to the sub-account are qualified for protection under the Deposit Protection Scheme in Hong Kong, providing users with peace of mind as their money grows
2. Somewhere to save, not spend. Savings Pot helps users put money aside and separate it from their expenses, providing a more efficient approach to saving and managing finances
3. Personalise your Savings Pot. Users can create their Savings Pot with a custom image in seconds at any time. This encourages them to have a clear purpose and stay motivated, whether they are saving for their loved ones, achieving financial goals, or preparing for the future

Compared with other banks’ savings products, ZA Bank’s “Savings Pot” offers even more value to users. With a 4% p.a. interest rate on an HKD100,000 deposit, ZA Bank users can earn over HKD3,000 more in interest every year compared to the prevailing interest rate offered by other banks.

Calvin Ng, Alternate Chief Executive of ZA Bank, said: “While many recognise the significance of savings, it is often easier said than done to implement effective saving habits. As a forerunner of digital banking in Hong Kong, we are excited to introduce ‘Savings Pot’ to users in 2024. This innovative product is exclusively designed for savings, encouraging users to go back to the basics by separating their savings from their disposable income. We have also added a fun element by incorporating a series of challenges, where users can unlock an impressive interest rate of up to 4% p.a. on their savings. Our aspiration for ‘Savings Pot’ is to make saving easier, enabling users to quickly grow their wealth and move closer to their financial goals.”