Banks actively promote dedicated savings products for New Year's money

Original Title: Banks Promote Exclusive Savings Products for New Year Money

Recently, many banks have launched dedicated savings products such as “New Year Treasure” and “Children’s Deposit Certificates” for New Year money, attracting market attention with low minimum deposits and higher interest rates.

Xue Hongyan, a special researcher at Su Commercial Bank, told Securities Daily that multiple banks are focusing on children’s New Year money products mainly due to the pressure of narrowing net interest margins and intensified deposit competition. Funds for New Year money are characterized by long-term stability and controllable costs, which help banks optimize their liability structure.

Among the New Year money deposit products offered by banks, some have a minimum deposit as low as 50 yuan, and their interest rates are generally higher than those of regular fixed-term deposits of the same term.

On February 21, Yinzhou Bank announced that its “Children’s Deposit Certificate” offers a maximum 1.88% fixed deposit interest rate for new customers with a 3-year term, with a limit of 100,000 yuan per account; the ordinary 3-year “Children’s Deposit Certificate” with a deposit of 50 yuan to 10,000 yuan has an interest rate of 1.55%. Beijing Bank launched the “Xiao Jing New Year Treasure” fixed deposit product, with a 3-year annualized interest rate of 1.75%, higher than the bank’s regular deposit rate during the same period, with a minimum deposit of 1,000 yuan. Mengshang Bank’s “New Year Treasure” 3-year fixed deposit also offers an annualized interest rate of 1.75%, with a minimum deposit of 500 yuan. Beijing Rural Commercial Bank introduced the “Sunshine Baby Card,” a dedicated savings product with a minimum deposit of 1,000 yuan, and annual interest rates of 1.5%, 1.6%, and 1.75% for 1-year, 2-year, and 3-year terms, respectively, significantly higher than the bank’s regular fixed-term deposit rates of 1.15%, 1.2%, and 1.3%.

In addition to fixed deposits, many banks have also launched related account services tailored to children’s financial literacy education needs. China Merchants Bank’s mobile app has launched the “Jin Xiao Kui” section, focusing on dedicated management of New Year money, allowing parents to open exclusive accounts for their children under their own names, ensuring the funds are used specifically for New Year money; Beijing Bank’s “Xiao Jing Card” supports joint parent-child accounts with fee reductions; Postal Savings Bank of China has introduced the “Baby Exclusive Debit Card,” featuring a Year of the Horse Spring Festival limited edition design and discounted service fees, attracting young customers with personalized services.

Xue Hongyan stated that the efforts of commercial banks in the children’s New Year money market indicate that children’s financial services are becoming a new direction for banks to expand their customer base and optimize liability structures. By offering exclusive accounts and preferential interest rates, banks aim to cultivate customer loyalty early on and develop comprehensive financial services covering the entire lifecycle. As demand for children’s financial literacy education continues to grow, banks will continuously improve their product systems, turning seasonal marketing into routine services such as education savings planning and parent-child wealth management. Concentrated promotions during key periods like the Spring Festival remain an important way to quickly increase market attention.

Yang Haiping, a researcher at the Shanghai Institute of Finance and Law, told Securities Daily that with increasing competition in the financial market, cultivating customer spending habits, consolidating customer bases, and capturing family financial service entry points, children’s financial services have become a routine part of banking operations.

Yang Haiping also reminded that parents should prioritize choosing products and services suitable for their children’s cognitive levels when selecting financial services, and be vigilant against related compliance risks.

Xue Hongyan also suggested that parents should pay attention to the following when handling related business: first, understand the specific restrictions associated with high interest rates, including minimum deposit amounts and deposit periods, and confirm whether the preferential rate is temporary or fixed long-term; second, choose the deposit term reasonably based on the child’s future fund usage plans to avoid interest losses from early withdrawal; third, clarify their actual needs to prevent unnecessary business from bundled sales. Additionally, they should understand the guardian’s authority and information security rules for the account to effectively safeguard funds.