Hong Kong’s ZA Bank unveils short-term savings plan with up to 5.25% p.a. return

It has an 18 month lock-in period and offers a 0.65% discount for a limited time.

Hong Kong’s ZA Bank has rolled out a short-term savings insurance plan with a guaranteed return of up to 5.25% per annum at maturity, the bank said in a press release.

Customers can avail of the full return–equivalent to 107.9% of the total premium paid–at the end of the 18-month locked-in period, assuming no surrender has been made. The relevant return rates and amounts are calculated based on the case with the 0.65% premium discount, which customers can enjoy for a limited time.

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Should the premium discount not be applicable, customers can avail guaranteed returns of 4.8% per annum at maturity.

The plan, ZA Savings Insurance 4, seeks to help users earn stable and high-interest returns within a short period of time in the new year, ZA Bank said.

Customers need only as little as HK$10,000 to avail of the short-term savings insurance plan. 

The plan also offers a lump-sum death benefit equivalent to 105% of total premiums paid in the unfortunate event of death of the insured whilst the policy is in force.