Ho is now saving his money HK$2000 per month in a regular savings account of HSBC which

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Ho is now saving his money HK$2000 per month in a regular savings account of HSBC which offers him interest rate of 4%p.a. compound monthly.

A bank teller suggest him to setup a monthly saving plan. The details are as follow

Maturity of 5 years
Fixed interest rate 8%p.a. compound quarterly
A handling fee equivalent to 2% of the total investment amount for early withdrawal

If he needs to use the money 4 years from now, should he take the offer?

Posted Date: May 19, 2024 10:00 PM

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Ho is now saving his money HK$2000 per month in a regular savings account of HSBC which

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