WeBank significantly "cut interest rates" by 40BP, with the 5-year deposit interest rate approaching that of state-owned banks.

Golden Ten Data reported on April 24 that recently, WeBank announced that the bank plans to adjust the annual interest rate of personal deposit products from April 29, and after the adjustment, the annual interest rate of 5-year, 3-year, 2-year and 1-year fixed deposits is 1.60%; The annual interest rate of 3-year, 2-year, 1-year and 6-month certificates of deposit is 1.60%. According to the bank’s APP, the annual interest rates of 5-year, 3-year, 2-year, 1-year, 6-month and 3-month fixed deposits were 2%, 2%, 2%, 1.8%, 1.60% and 1.4% respectively. In other words, WeBank’s 5-year, 3-year, and 2-year fixed deposits have all been reduced by 40BP, and the 1-year term has been reduced by 20BP. After this interest rate cut, the interest rate on 5-year deposits has begun to approach that of large state-owned banks, and the interest rates on some term deposits are even lower than those of joint-stock banks.