长期限大额存单“缺货”，储户转战转让市场寻宝

Core Insights - The long-term large-denomination certificates of deposit (CDs) are gradually disappearing from the market, with many major banks no longer offering five-year CDs and significantly reducing interest rates on three-year and longer products [2][3][8] - This trend is driven by banks' need to manage liability costs amid ongoing pressure on net interest margins, leading to a contraction in high-cost deposit products [2][9] - A new secondary market for transferring CDs is emerging, with intermediaries entering the scene to facilitate transactions and capitalize on higher interest rates available in the secondary market [5][7] Summary by Sections Market Changes - Long-term large-denomination CDs are becoming scarce, with five-year products largely unavailable and interest rates dropping below 1.55% for three-year products [3][4] - The interest rate advantage that large-denomination CDs once held over regular deposits has diminished, with some banks offering higher rates on standard deposits compared to CDs [4][8] Interest Rate Trends - The average interest rate for large-denomination CDs peaked at 4.178% in July 2019 but has since declined significantly, with current rates for five-year CDs being unavailable [8][9] - As of the third quarter, the net interest margin for commercial banks was reported at 1.42%, reflecting a year-on-year decrease of 11 basis points [9] Emergence of Secondary Market - A vibrant secondary market for CD transfers is developing, with banks promoting transfer options through their apps, often featuring products with interest rates above 2% [5][6] - Intermediaries are actively facilitating these transactions, offering higher-yielding CDs from smaller banks and charging fees for their services [7][8]