民营银行年内降息超40次，“存款特种兵”逐渐淡出江湖

Core Viewpoint - The banking industry is experiencing a shift towards lower deposit rates, leading to the decline of "deposit special forces" who previously sought higher interest rates by opening accounts in different provinces [2][3][5]. Group 1: Deposit Rate Changes - The banking sector has entered a deposit rate reduction phase, with national commercial banks maintaining their listed rates but lowering special deposit rates, while small and medium-sized banks have accelerated their rate cuts [2][8]. - In 2023, the five-year fixed deposit rate dropped from 2.65% at the beginning of the year to 2% by the end, a decrease of 65 basis points [3]. - A total of 19 private banks have reduced deposit rates over 40 times this year, indicating a significant trend towards lower rates across the sector [8]. Group 2: Disappearance of "Deposit Special Forces" - "Deposit special forces," referring to depositors who traveled to different regions for better rates, are becoming less common due to the diminishing interest rate differentials among banks [3][7]. - The phenomenon of cross-province deposits was previously stimulated by higher rates offered by some small and private banks, but this is changing as rates converge [5][7]. Group 3: Impact on Banking Products - As deposit rates decline, more depositors are turning to alternative investment products, leading to a rise in bank wealth management products [10]. - The total number of wealth management products has increased to 40,600, with a total scale of 29.14 trillion yuan, reflecting a 9.41% year-on-year growth [10][11]. - The average annualized return on bank wealth management products has risen to 2.70%, making them more attractive compared to traditional deposits [11].