TAIPEI (Taiwan News) — Taiwanese banks are attracting more deposits by rolling out higher interest rates on fixed deposits and savings accounts.

Most banks in Taiwan currently offer around 1.4% to 1.6% annual interest for six-month Taiwan dollar fixed deposits. To draw in new funds, lenders have introduced limited-time promotional rates for new customers or fresh deposits, according to CTEE.

Taishin International Bank’s digital platform Richart is offering a promotional Taiwan dollar fixed deposit rate of up to 2.2% for new funds. Customers can participate with a minimum deposit of NT$10,000 (US$319), with a cap of NT$2 million per deposit.

The bank said the offer does not require payroll deposits or additional conditions. Funds deposited after April 30 are eligible.

HSBC Bank is also promoting higher returns, offering up to 3% annual interest on three-month Taiwan dollar fixed deposits for fresh funds. The program requires a minimum deposit of NT$3 million.

A fixed deposit is a savings product in which a customer agrees to lock in funds for a specified period. During this time, withdrawals are generally restricted, and the bank pays a fixed interest rate at maturity, according to Taishin.

In savings account promotions, O-Bank is offering a tiered Taiwan dollar savings rate of up to 8.8% for new customers under a campaign running through June 30. Eligible customers receive the promotional rate for two months starting from the next business day after account opening.

The 8.8% rate applies only to balances of up to NT$100,000. Balances between NT$100,000 and NT$200,000 earn 2.1%, while amounts above NT$200,000 are subject to the bank’s standard savings rate.

KGI Bank is offering Taiwan dollar savings rates of up to 2.2% with no deposit ceiling. Savings accounts generally have no fixed term and allow flexible deposits and withdrawals at any time, according to Kgi.