Hang Seng Bank Introduces PayDay+ for Payroll Account Customers



by Fintech News Hong Kong

April 22, 2024

Hang Seng Bank has introduced PayDay+, a new service for customers who transfer their payroll accounts to the bank. This service offers a Hong Kong Dollar savings rate of up to 6 percent per annum.

This initiative responds to customer preferences for higher savings rates and flexible deposit options, as highlighted by a recent survey of nearly 500 employed individuals in Hong Kong.

The survey indicated that a majority value fund flexibility is drawn to payroll accounts that provide attractive rates and additional benefits.

During the promotional period, customers switching their payroll services to Hang Seng will benefit from competitive savings rates and additional perks such as rewards on credit card usage, cash rebates on personal loans, and promotional pricing for Travelsure Protection Plan 8-Day Single Trip Cover.

Additionally, Hang Seng facilitates foreign currency exchanges for Japanese Yen and Euro at cost price through its mobile app and online banking, reflecting the growing customer demand for economical overseas travel options.

The bank also offers a range of foreign currency ATMs and allows customers in Thailand to make instant payments at local merchants via the Hang Seng Mobile App using PromptPay QR codes.

In terms of security, Hang Seng has upgraded its mobile app to enhance the management of account and credit card security settings easily. Introducing the AutoSweeping service helps manage overdraft risks efficiently, with plans to increase the service’s upper limit to HK$100,000.

Hang Seng PayDay+

Rannie Lee

“At Hang Seng, we continually stay ahead of market changes and anticipate customer needs with innovative solutions. We recognise the importance of financial flexibility and convenience, which is why we launched PayDay+. By switching to Hang Seng’s payroll service, customers can enjoy not only a high Hong Kong Dollar savings rate of up to 6 percent p.a. but also a comprehensive suite of financial services designed to integrate into their daily lives. With our enhanced security measures, we ensure that our customers enjoy a worry-free, seamless, and convenient wealth management experience,”

said Rannie Lee, Head of Wealth and Personal Banking at Hang Seng of the PayDay+ service.

Featured image credit: Edited from Hang Seng Bank

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