The interest rate on bank deposits has dropped. Will you still go to the bank to save money?

Market interest rates are falling, and income from bank deposits and financial products is gradually declining. In terms of security, many depositors no longer worry as any formal bank deposit is protected by deposit insurance regulations. With the acceleration of interest rate liberalization, although the central bank has not adjusted the benchmark deposit interest rate since then, banks are still adjusting the bank's listing interest rate in stages. The top ten banks with the highest yield are all city commercial banks, and the average yield on financial products can reach 4.75%. If you want to buy high-yield financial products, you can first consider city commercial banks, but it is best not to invest all your funds in the same bank or similar financial products.

In recent years, my country's national savings rate has begun to decline, and there are fewer and fewer depositors in banks. Seeing that fewer and fewer people are investing in financial management, banks have become anxious. Although the savings rate is important, the financial management sector is equally important. As a last resort, in order to attract deposits, banks will appropriately increase deposit interest rates for depositors and introduce some high-interest deposits. The top 10 banks with the highest yield are all city commercial banks, and the average yield on wealth management products can reach up to 4.75%. Industry insiders suggest that if you want to buy high-yield financial products, you can first consider city commercial banks, but it is best not to invest all your funds in the same bank or similar financial products.

Although it is the same deposit, different banks, different deposit times and different deposit methods have different deposit interest rates. When other people's interest rates are higher than yours, interest will naturally increase, and the interest on some people's deposits may be higher than the income from financial management. Generally speaking, the best time for deposits is basically at the end of the year, because the end of the year is the time when large banks are sprinting to pursue performance, so banks will do their best. Certificate of deposit is a deposit business with a large amount of funds. Banks are required to report to the central bank the issuance of large deposit certificates and issue them as planned. It is not always possible to purchase certificates of deposit for large amounts.

The central bank announced the removal of the upper limit on deposit interest rates, but the central bank stipulated that the floating interest rate of deposit interest rates should not exceed 50%. For those smaller banks, which will float higher to take in more deposits, it is expected that interest will be calculated on demand deposits in the coming years. With the acceleration of interest rate liberalization, although the central bank self-adjusted the deposit benchmark interest rate, banks are still adjusting the bank's listing interest rate in stages. The top ten banks with the highest yield are all city commercial banks, and the average yield on financial products can reach 4.75%. In the past, the interest rate on bank five-year time deposits was only about 2.75%, which was basically the same as three-year time deposits. Even if some banks raise interest rates, they will not exceed 4.2% at most, so savers are more willing to manage their finances.

Our country’s savings rate has been the first in the world for many years, and it is still 45%. Even under the influence of the epidemic in 2020, residents have not been stopped from saving. As of the first quarter, the balance of residents' deposits was 87.8 trillion yuan, a year-on-year increase of 13%. With the pressure of economic downturn and the impact of the epidemic, the asset quality of small and medium-sized banks in many regions has begun to come under pressure. Coupled with the short-term impact of various policies, the risk levels of some small and medium-sized banks have gradually entered an upward channel. Liquidity risk management of small and medium-sized banks needs to be strengthened; at the same time, more attention must be paid to the risk transmission caused by rumors and performance decline, and reputational risk management must be done well.