Our reporter Li Bing trainee reporter Yu Junyi
As June is coming to an end, the banking wealth management market is still "quiet", and the mid-year "reservation war" did not appear as scheduled.
Recently, the reporter of "Securities Daily" learned through on-site interviews, telephone consultations, APP inquiries and other methods of bank branches in Beijing that it is rare to launch mid-year lottery draws, gift giving and other activities like previous years. Products such as “artifact” high-interest short-term wealth management products and large-denomination certificates of deposit are also rare, and most banks are becoming more and more “low-key” in the way of collecting deposits.
A number of respondents said that in recent years, supervision has restricted banks' "unfair competition" in attracting reserves, and the overall trend of loose market liquidity has reduced banks' willingness to attract customers with high interest rates.In the future, there will be fewer and fewer cases of banks' "fancy saving".
Some account managers "gift" out of their own pockets
In the past, many banks usually raised the interest rate of some products in the middle of the year to attract depositors' funds. Therefore, the middle of the year was also an important time for many depositors to invest in financial management.
"In previous years, every early June, many banks will raise the yield of some wealth management products, and give gifts to each other. I am also used to managing wealth management in the middle of the year. It is now the end of June, and I haven't heard the 'movement' yet. At the same time, some deposit products with higher interest rates are very scarce and hard to buy, and the plan to 'screw wool' has failed." Mr. Wu, a Beijing resident, told reporters.
In fact, Mr. Wu's statement has also been confirmed to a certain extent. A reporter from "Securities Daily" recently visited bank outlets and found that since May, bank deposit interest rates have not risen sharply. Currently, one-year closed-end net worth wealth management The benchmark of product performance is generally between 3% and 4.5%. The yield of some products not only did not rise in the middle of the year, but instead fell.In addition, the interest rates of "sharp weapons" for absorbing deposits such as large-denomination certificates of deposit have also been lowered compared with the beginning of the year, and the quotas are tight.
The customer manager of a branch in Beijing of a joint-stock bank told the "Securities Daily" reporter that in June, the 3-year 3.5% interest rate special deposit product had no quota, and the bank's large-denomination certificate of deposit products had already been sold out.
According to the latest monitoring data of Rong360 Digital Technology Research Institute, the average performance comparison benchmark of wealth management company products in May 2022 was 4.17%, down 16 BPs from the previous month; the average performance comparison benchmark of city commercial banks' net worth products was 3.87%, down 9 bps from the previous month BP.
In addition, judging from the efforts of various banks to attract reserves, compared with previous years, not only are there no small gifts such as rice, noodles, and oil, but even promotional posters are rare.
The reporter saw at the offline outlets of a large state-owned bank that many gifts were placed in the business hall of the bank, mainly including various small household appliances and daily necessities.When the reporter asked whether the deposit can be given as a gift, the staff of the bank said that there is no deposit reward activity, and the gift in the lobby is prepared to give back to customers who handle credit cards.
The account manager of a joint-stock bank also told the "Securities Daily" reporter that at present, there are no gifts for deposit customers.However, in order to increase customer stickiness, some account managers will "gift" out of their own pockets to give back to customers.The types of gifts are mostly rice, noodles, grain and oil, fresh fruits and so on.
The staff of a city commercial bank also confirmed the above statement, "Sometimes, in order to give back to customers and maintain customer relationships, we pay for gifts ourselves."
Regarding the lack of enthusiasm for banks to recruit reserves in the middle of the year, Dong Ximiao, chief researcher of China Merchants Union Finance and part-time researcher of the Financial Research Institute of Fudan University, analyzed the reporter of Securities Daily, "As the financial management department continues to regulate deposit competition and pricing, banks will send The behavior of rice, oil, and even high-interest reserve purchases are all strictly constrained, combined with the central bank’s RRR cuts and flexible use of various structural monetary policy tools during the year, the market liquidity is reasonably sufficient, and the banking system is relatively adequate.”
Fixed deposit products become the first choice for recommendation
The "Securities Daily" reporter noticed that the prominent publicity positions of some bank outlets are no longer the introduction of wealth management products and large-denomination certificates of deposit products, but replaced by the introduction of fixed deposit interest rates.At the same time, time deposit products have also become the preferred products recommended by the relationship managers of many banks.
According to the account manager of a joint-stock bank, at present, many customers pay more attention to the stability of products when buying wealth management products. The bank's large-denomination certificate of deposit quota has been relatively tight. Under the downward trend of interest rates, the current interest rate of time deposit products is close to large-denomination certificates of deposit. product, is a very good alternative.In addition, 5-year low-risk insurance products are also better alternatives.
The reporter's inquiry found that the 1-year, 2-year, and 3-year deposit interest rates of a village bank's fixed deposit are 2.25%, 2.85%, and 3.5%, respectively; a large state-owned bank time deposit has 1-year, 2-year, and 3-year terms. The deposit interest rates are 2%, 2.5% and 3.15% respectively; the 1-year, 2-year and 3-year fixed deposit interest rates of a joint-stock bank are 2%, 2.41% and 2.75% respectively.
Wang Pengbo, a senior analyst in the financial industry of Broadcom Consulting, told Securities Daily that the advantage of time deposits lies in stability. For those who pursue long-term stable asset preservation and appreciation, time deposit products are a good choice.
