HSBC is offering an interest rate of 1.375 percent per annum for new customers who deposit a minimum of HK$500,000 and up to HK$1 million.
That's 1.25 percentage points higher than the normal deposit rate at present.
For the first HK$200,000 of new deposits, the lender will pay annual interest of 0.375 percent, followed by 1.125 percent for the next HK$300,000.
However, the new interest rates are only applicable for the first three months, when they will revert back to the prevailing rate of 0.125 percent. "For a limited time frame from 11 February 2019 until 30 June 2019, we will offer a HKD savings preferential rate offer to new-to-HSBC personal customers of HSBC Jade, HSBC Premier, HSBC Advance or Personal Integrated Account, within the first three months upon account opening," the bank said.
"After the first three months upon account opening, the rate will be restored to the prevailing rate, which is 0.125 percent (per annum) at present."
HSBC's deposit rate increase followed CMB Wing Lung Bank's rate cutting on Friday, when its deposit rate for savings of at least HK$10,000 for one month was reduced from 0.7 percent per annum to 0.5 percent, the bank announced.
The rates for saving HK$500,000 or above for one month and three months were changed to 0.6 percent and 1.3 percent per annum, respectively.
Wing Lung Bank will offer higher rates to their customers using mobile banking. The rate for saving at least HK$10,000 for one month will be 0.75 percent, while that for HK$500,000 for one month rises to 0.8 percent.
For three months, the respective rates will be 1.45 percent and 1.5 percent annually.
Meanwhile, the Hong Kong Association of Banks said the three month HKD interest settlement rate was 1.708 percent on Friday, 0.005 percentage points lower than Monday's rate.
Other banks did not announce changes to their deposit rates. The HKD fixed deposit rate for saving HK$500,000 or above remains 0.3 percent per annum at Bank Of China (Hong Kong) (2388), while the rate for saving HK$500,000 to HK$999,999 at Standard Chartered (Hong Kong) stays at 0.125 percent.