The current interest rate has dropped to 0.15%, where is the best place to save money?

Chief Business Review

2024-07-30 16:40Posted on the official account of Gansu Chief Business Review

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01 With the reduction of deposit interest rates by large state-owned banks and joint-stock commercial banks, the interest rate on demand deposits has generally dropped to 0.15%, and the interest rate on one-year deposits and withdrawals has dropped to 1.55%.

02 In order to preserve value, it is recommended to divide the funds into two parts, respectively, to purchase short-term wealth management products for redemption at any time (risk rating R1, yield 1.7%) and short-term closed-end wealth management products (risk rating R3, yield 3%-5%).

03 Among them, short-term wealth management products can choose a certain treasure of a commercial bank, and pay or transfer repayment at any time; Funds that are not used in the short term can be purchased with a 1-month, 3-month or 6-month bond fund.

04The reasons for the reduction of demand deposit interest rates include reducing the financing cost of the real economy, stimulating consumption, and encouraging banks to innovate products or services.

The above content is generated by Tencent's hybrid model and is for reference only

After six large state-owned banks cut their deposit rates on July 25, other banks, including China Merchants Bank (600036) and Ping An Bank (000001), quickly followed suit. Among them, China Merchants Bank has kept pace with state-owned banks, reducing the interest rate on demand deposits from 0.20% to 0.15%, and the interest rates on three-month, six-month and one-year lump sum deposits to 1.05%, 1.25% and 1.35% respectively.

On July 29, China Everbright Bank (601818), Minsheng Bank, Shanghai Pudong Development Bank (600000), China CITIC Bank (601998), Huaxia Bank (600015), Guangfa Bank, Industrial Bank (601166), Zheshang Bank (601916), Bohai Bank, Hengfeng Bank and other ten national joint-stock commercial banks also announced that they would lower their deposit interest rates. The interest rate on demand deposits has generally fallen to 0.15 per cent, and the interest rate on one-year lump sum deposits and withdrawals has fallen to 1.55 per cent.

In this way, the value of the money must be more depreciated in the current period, but it is very risky to buy stocks or stock funds, what should I do?

Hello everyone, I'm Wei Ming, today I will talk about how to maintain the value of the money we have saved with great difficulty?

My suggestion is to divide the money into two parts, buy different financial products, one is for short-term use, and some is not used for short-term, and the proportion can be adjusted according to each person's needs.

Short-term use, that is, change, can buy financial products that can be redeemed at any time, with a risk rating of R1, a general comprehensive 7-day annualized rate of return of about 1.7%, and it is best to use the kind of products that can be used for consumption payment or transfer repayment at the same time, such as a certain treasure of a commercial bank, which is convenient for you to use funds at any time; If you don't require consumption or transfer functions, you only need to redeem at any time and arrive quickly, there are many choices, and the yield can be further increased to about 2%.

The short-term funds that are not used, you can choose the closed period of 1 month, 3 months or 6 months of financial products, the yield will continue to increase, about 3%-5% annualized, generally speaking, the longer the time, the higher the estimated yield, of course, the risk rating will also be increased to R3, many of which are bond funds, the net value may also be withdrawn, but the drawdown is controllable, generally within 1%, many within 0.2%, so it is relatively safe. You can evaluate the product according to the rate of return in the past 1 year, the probability of profitability in holding it for 3 months, and the maximum drawdown in the past year. According to my experience, the funds will have a certain income after a few months, which is definitely better than the survival period, and it is also higher than the return of saving a fixed deposit.

Most of the products mentioned above should be available in the apps of various banks, so you can patiently search for and evaluate them.

Finally, why the demand deposit interest rate has fallen again and again?

In my opinion, there are probably three reasons, the first is to reduce the financing cost of the real economy and stimulate the economy; the second is to stimulate consumption in disguise, or encourage enterprises to invest; The third is the pressure on the banks, with data disclosed by the State Administration of Financial Supervision and Administration showing that the net interest margin of commercial banks fell to a record low of 1.54%, and banks have maintained their net interest margin by lowering deposit rates. To put it simply, if the income from the money lent out is reduced, the interest paid to depositors should also be reduced in order to maintain the profits and costs of commercial banks.

From another point of view, it is also to encourage commercial banks to win customers and funds through innovative products or services, rather than relying on the difference between mortgage and deposit interest.

So what do you think about the reduction of demand interest? Is there a more cost-effective way to manage your money? Welcome to the message area to discuss!

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Personal opinion, for reference only