Recommendation for bank account for helper

H

hsmdonog

Registered User
Hi there, my helper is newly arrived from the Philipinnes and she needs to open a bank account for her salary.

Does anyone know if there are any banks that offer a particular service for domestic helpers?

We enquired at HSBC re opening an account and they don't seem very helpful: apparently if you open a savings account with them you have to keep a min. of $5000 in or else they will charge a monthly fee. Otherwise you can open a current account and get zero interest.

I have an 8 week old baby and would really rather not have to trawl banks to see what they all offer but my helper doesn't know her way around well enough to do this by herself yet. I'm hoping someone can share there experience re banks and which ones work best for this situation.

You would think that given the number of helpers here in HK that there would be a special service for them but I don't now of any?
Thanks in advance for your help!
 
Check at Hang Seng Bank. Our helper has an a/c there and I don't think there is a min.
 
Try bank of china, my helper has an account there. It offers basic services like a cashpoint card and a bank book. And I think there is no minimum required.
 
SomebodyFamous.

Hang Seng's website says there's no min. I can't imagine my helper is paying $50/mth. She's always broke.

Hong Kong Dollar Savings / Current Account

A choice of HKD Statement, Passbook and ATM Savings Account
No minimum balance requirement and no monthly fee(1) for ATM Savings Account
Monthly interest applied for ATM Statement Savings Account
One free Hang Seng Card to access your account 24 hours a day at over 1,000 ATMs in Hong Kong
http://www.hangseng.com/e_deposit/accounts_deposits/index.html
 
wow, those **** changed the rules then, I had an account there for over 15 years but in last 2 years, I was only using it to pay small bills (like yearly safe deposit box charges) and I went to update the book last year and they had taken $200 from me over four months, then told me I didn't have the 'minimum' (I think I had HK$3000 at that point) so I closed my account with them. Then ranted to everyone I knew hahahahahhahahahahahahaha

DOesn't surprise me as many places in HK have a much better policy for NEW customers than EXISTING customers, know what i mean?
 
There's not enough competition in HK and banks get away with paying next to nothing for deposits.

In the UK, I can open regular savers paying up to 12% fixed gross, fixed rate deposit a/cs paying up to 7.17% gross and instant access a/cs with no MOB (Minimum operating balance) paying up to 6.5% gross!

Even HSBC are paying 10% gross fixed for 1 year for regular savers!
 
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Although we can't complain when we think about the interest rates on our mortgages over here! If you have a mortgage, that is. Sure, you don't get any interest on your savings - but you only have to pay something like 4%pa on your mortgage. In Australia where I'm from, you can get something like 8% in an ING account, but you're paying something more like 12%pa on a mortgage!! I think overall, I'd rather low rates on a mortgage - but that's coz my debt is much greater than my savings ;)
 
Most small banks doesnt require minimum deposit. Try to avoid those with long queue. I dont think the banks here will go bankcrupt. And try to find one near your home so that she (your helper) doesnt need to travel by public transport.
 
The savings protection scheme should a bank go pear shape in HK covers only 100% of the first HK$100,000 (6410GBP) which is pathetic!

Here in the UK, it's 100% of 35,000GBP (HK$546,000)

For that reason alone, I would stick with the bigger banks in HK.
 
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nicolejoy said:
Although we can't complain when we think about the interest rates on our mortgages over here! If you have a mortgage, that is. Sure, you don't get any interest on your savings - but you only have to pay something like 4%pa on your mortgage. In Australia where I'm from, you can get something like 8% in an ING account, but you're paying something more like 12%pa on a mortgage!! I think overall, I'd rather low rates on a mortgage - but that's coz my debt is much greater than my savings ;)
Click to expand...

We get the best of both worlds in the UK. I don't have a mortgage but you can get a two year Fixed rate mortgage in the UK for around 6% which is lower than some savings rates if you shop around.
 
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Sincere thanks everyone for your replies. Looks like Hang seng or Bank of China are the ones to target although Arleneli -good point about picking a bank close to home. Unfortunately we live in DB which limits us to HSBC!
 
My helper has an account with HSBC and there is no minimum. These (along with Hang Seng) have the most ATM machines throughout HK and with HSBC you can do online transfers into her account without having to physically going to the bank yourself.
 
To avoid the min. balance fee, ask for "easy savings" at HSBC which means there is NO need to keep min. balance.

The drawback is, your helper MUST use the ATM service for withdrawals (I don't think it will be a problem for your helper) otherwise pay $20 each time she uses COUNTER service for withdrawal.
 
Now that Germany, Ireland and Greece are offering 100% protection on private savings accounts, I hope Hong Kong will follow.
 
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