Savings Insurance with a 3-Month Guaranteed Annual Interest Rate of 10%, Far Surpassing Bank Deposit Rates

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Bank deposit interest rates in Hong Kong remain low, making short-term savings insurance an excellent alternative. However, most similar products have terms ranging from 3 to 8 years, and early surrender may result in financial loss. Some insurance companies have introduced flexible surrender short-term savings insurance (USD) products, which do not penalise early surrender and offer returns significantly higher than bank deposit rates.

Blue Cross, a provider focusing on online insurance, has recently launched WeSave Fixed Savings Insurance S3 (Mini Version). During the promotional period (using the promo code: 10LIFES3M), policyholders can surrender early and withdraw the principal and guaranteed returns without incurring any fees. After paying the lump-sum premium, the product’s interest is calculated on a daily compound basis. The guaranteed annualised return for surrender after 3 months is 10%, and for surrender after 1 year, it is 3.9%. Details are as follows:

For the first 3 months of the policy, a guaranteed annualised return of 10% is offered, comprising a guaranteed annualised return of 2% for the first policy year, plus an additional guaranteed bonus annualised return of 8% for the first 3 months. However, if the policy is terminated within 3 months from the effective date, this additional guaranteed bonus annualised return will not apply.

For a 1-year term, with a guaranteed annualised return of 10% for the first 3 months and a guaranteed annualised return of 2% for the remaining 9 months, the guaranteed annualised return for the first year is approximately 3.9%.

From the 2nd to the 5th year, the guaranteed annualised returns are 2%, 2.25%, 2.5%, and 2.8% respectively. Over a 5-year term, the average guaranteed annualised return for this product is 2.69%.

10Life has compared 3-month bank deposit interest rates in the market. For instance, Airstar Bank offers an annualised rate of 5%, but this applies only to the first HKD 20,000; ICBC Asia offers a 3% rate, applicable to a maximum of HKD 50,000; other banks with more flexible deposit thresholds generally offer annualised rates below 1%.

Chart 1: Comparison of WeSave Fixed Savings Insurance S3 (Mini Version) and Bank Fixed Deposits (September 2021)

Bank/Product	3-Month Annualised Rate	Terms
Blue Cross \| WeSave Fixed Savings Insurance S3 (Mini Version)	10%	Premium from USD 200 to USD 3,999 Maximum of 3 policies per person Flexible surrender
Airstar Bank	5%	Must be a new customer Offer applies only to the first HKD 20,000
ICBC Asia	3%	Must be a new customer opening an account online Maximum deposit of HKD 50,000
WeLab Bank	0.70%	Must participate in its “Go Save” fixed deposit
CCBA	0.65%	Must apply in person at a branch “HKD New Funds Offer”
Citibank	0.50%	Must be a new private client or Citigold eligible client Must also apply for specified wealth management services
Source: Blue Cross and Moneyhero information. All products mentioned above are subject to promotional and other terms and conditions.

In fact, for similar short-term savings insurance (USD) products, early surrender often results in a loss for the policyholder. For example, with BOC Life’s Target 3-Year Online Savings Insurance Plan, the internal rate of return (IRR) for surrender in the first year is -17.74%. In contrast, WeSave Fixed Savings Insurance S3 (Mini Version) offers a first-year surrender IRR of 3.9%, ranking highest among numerous short-term savings insurance (USD) products according to the 10Life Insurance Decoder.

Chart 2: Comparison of Short-Term Savings Insurance (USD) with 1-Year Contribution or Prepayment (September 2021)

Short-Term Savings Insurance (USD) Product	Policy Term	Minimum Total Premium	Maximum Total Premium	1-Year Guaranteed Internal Rate of Return (IRR)
Blue Cross \| WeSave Fixed Savings Insurance S3 (Mini Version)	5 Years	USD 200	USD 3,999	3.9%
Blue Cross \| WeSave Fixed Savings Insurance S3	5 Years	USD 4,000	USD 250,000	2%
Well Link Life \| Well Link Life Joyful “Interest” Premium Savings Protection Plan	8 Years	USD 2,500	USD 250,000	-3.46%
YF Life \| YF Life Guaranteed Return Savings Plan	5 Years	USD 10,000	USD 2,500,000	-5.84%
BOC Life \| BOC Life Target 3-Year Online Savings Insurance Plan	3 Years	USD 5,000	USD 125,000	-17.74%
Note: 1. Insurance companies reserve the right to change offers without prior notice. Readers should check with the insurance company for offer details (if any) before purchasing. 2. The above information is updated as of 2 September 2021 and is for reference only. It does not constitute investment advice.

Policyholders can purchase up to 3 policies totalling USD 11,997

Unlike other similar products with higher premium amounts, WeSave Fixed Savings Insurance S3 (Mini Version) targets smaller premium amounts, with minimum and maximum premiums of USD 200 (HKD 1,560) and USD 3,999 (HKD 31,192) respectively. However, each eligible applicant can apply for and utilise this offer up to 3 times, with a maximum total insured amount of USD 11,997 (HKD 93,577).

Assuming a policyholder applies for 3 policies successively with a total lump-sum premium of USD 11,997, if surrendered after 3 months, the guaranteed payout would be approximately USD 300 (HKD 2,340); if surrendered after 1 year, the guaranteed payout would be approximately USD 469 (HKD 3,658).

It is important to note that this product is not a bank deposit and is not covered by the Deposit Protection Scheme. All policyholders bear the credit risk of the insurance company. Lastly, you may wish to visit the 10Life Insurance Decoder to compare short-term savings insurance products:

Compare Short-Term Savings Insurance (USD)
Compare Short-Term Savings Insurance (RMB)
Compare Short-Term Savings Insurance (HKD)

Note:

According to the insurance company’s website, the above offer is only applicable to the first 1,000 eligible applications during the promotional period, and the offer ends by the end of this year;
The above figures do not include the premium levy collected by the Insurance Authority;
The exchange rate is assumed to be USD 1 to HKD 7.8;
Information is based on data from banks and insurance companies. The above is only a product comparison and does not constitute a sales recommendation.

This English version of this article has been generated by machine translation powered by AI. It is provided solely for reference purposes. In the event of any discrepancy or inconsistency between this translation and the original Chinese version, the Chinese version shall prevail.

Last updated: 9 Apr 2026

10Life Editorial Team

Our team of professional content researchers focussing on insurance

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10Life Editorial Team

Our team of professional content researchers focussing on insurance

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Savings Insurance with a 3-month guaranteed annual interest rate of 10%, far surpassing bank deposit rates.

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