Recommendation for bank account for helper

[Speculator]

The savings protection scheme should a bank go pear shape in HK covers only 100% of the first HK$100,000 (6410GBP) which is pathetic!

Here in the UK, it's 100% of 35,000GBP (HK$546,000)

For that reason alone, I would stick with the bigger banks in HK.

 

[Speculator]

Although we can't complain when we think about the interest rates on our mortgages over here! If you have a mortgage, that is. Sure, you don't get any interest on your savings - but you only have to pay something like 4%pa on your mortgage. In Australia where I'm from, you can get something like 8% in an ING account, but you're paying something more like 12%pa on a mortgage!! I think overall, I'd rather low rates on a mortgage - but that's coz my debt is much greater than my savings

We get the best of both worlds in the UK. I don't have a mortgage but you can get a two year Fixed rate mortgage in the UK for around 6% which is lower than some savings rates if you shop around.

 

[hsmdonog]

Sincere thanks everyone for your replies. Looks like Hang seng or Bank of China are the ones to target although Arleneli -good point about picking a bank close to home. Unfortunately we live in DB which limits us to HSBC!

 

[Buckeroo]

My helper has an account with HSBC and there is no minimum. These (along with Hang Seng) have the most ATM machines throughout HK and with HSBC you can do online transfers into her account without having to physically going to the bank yourself.

 

[fairy-godmother]

To avoid the min. balance fee, ask for "easy savings" at HSBC which means there is NO need to keep min. balance.

The drawback is, your helper MUST use the ATM service for withdrawals (I don't think it will be a problem for your helper) otherwise pay $20 each time she uses COUNTER service for withdrawal.

 

[hsmdonog]

Buckeroo and fairy-godmother thank you so much this is good to know!

 

[Speculator]

Now that Germany, Ireland and Greece are offering 100% protection on private savings accounts, I hope Hong Kong will follow.