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Making your money work for you

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The culture of saving in China is instilled in children from an early age, and saving money is considered an honorable practice. As a result, household savings rates in China are amongst the highest in the world.

At times when interest rates are low, you may want to consider other ways to make your money work for you:

Paying off debt

The interest on borrowing is usually higher than the interest earned on savings, so it might be better to pay off high interest loans and debt. We discuss this in more detail here.

Overpaying on your mortgage

If your mortgage allows you to make additional payments, you can use savings to cut years off the term and potentially save a lot of money in interest. Some banks offer offset accounts, where any additional funds sitting in the account reduce the interest paid on the original sum owed.

Fixing savings rates

Unless you need fast access to your savings, you'll usually earn more interest if you move your money from a regular savings account into fixed rate savings (also called Term deposits).

Consider investing

Investing your money, rather than saving it, comes with greater risk - but may be worth considering to help you achieve longer term savings goals. You may also be able to invest sustainably, in line with your personal values. The good news is that it's possible to invest with a conscience and have the potential to make a profit at the same time. We explain investing in more detail here.

HSBC China empowers you to accumulate and manage your wealth with ease for all your future plans.

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