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

Reporter Peng Yan

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

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

Among the New Year’s 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 new customers a maximum fixed deposit interest rate of 1.88% for a 3-year term, with a limit of 100,000 yuan per account; the standard 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 Lucky Money” fixed deposit product, with a 3-year annualized interest rate of 1.75%, higher than the bank’s regular deposit rate for the same period, with a minimum deposit of 1,000 yuan. Mengshang Bank’s “Lucky Money” 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,” an exclusive 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 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 exclusive management of New Year’s money, allowing parents to open dedicated accounts for their children under their own names, ensuring the funds are used specifically for New Year’s money. Beijing Bank’s “Xiao Jing Card” supports joint management of parent-child accounts and offers fee reductions. Postal Savings Bank of China has introduced the “Baby’s 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 to develop the children’s New Year’s money market indicate that children’s finance is becoming a strategic direction for banks to expand their customer base and optimize liabilities. By offering dedicated accounts and preferential interest rates, banks aim to cultivate customer loyalty early and build comprehensive financial services across 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 plans and parent-child financial management. Concentrated promotions during key festivals like the Spring Festival remain an effective way to quickly boost market attention.

Yang Haiping, a researcher at the Shanghai Financial and Legal Research Institute, told Securities Daily that with increasing competition in the financial market, children’s finance has become a routine business for banks to cultivate customer spending habits, solidify their customer base, and secure entry points into family financial services.

Yang Haiping also reminded parents that when choosing financial services for their children, they should prioritize products and services appropriate to the child’s cognitive level and be vigilant against related compliance risks.

Xue Hongyan also suggested that parents should pay close attention to the following when handling related transactions: 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 procedures caused by bundled sales. Additionally, they should understand the guardian’s authority over the account and information security rules to effectively safeguard funds.