银行里的五年期大额存单，仿佛一夜之间“蒸发”了？

Core Viewpoint - The long-term large-denomination certificates of deposit (CDs), once favored by banks and depositors, are gradually disappearing from the market due to a significant decline in interest rates and banks' efforts to manage liability costs amid ongoing pressure on net interest margins [3][12]. Group 1: Market Changes - Many major banks have removed five-year large-denomination CDs from their apps, with three-year and longer products also becoming scarce, leading to a notable drop in interest rates, often falling below 1.55% [5][6]. - The interest rates for large-denomination CDs have decreased significantly, with some banks offering rates that are now lower than those of regular fixed deposits, marking a rare occurrence of "inversion" [6][12]. - For instance, the highest interest rate for a three-year large-denomination CD at Bank of China is 1.55%, while a five-year regular fixed deposit offers 1.60% [6]. Group 2: Customer Segmentation - Banks are adopting more refined customer segmentation strategies, focusing on middle-aged and elderly depositors, offering exclusive "Plus version deposits" with slightly higher interest rates for clients over 55 with qualifying assets [7]. Group 3: Emergence of Secondary Market - A vibrant secondary market for transferring CDs is emerging, with many banks promoting "CD transfer zones" within their apps, where some products still offer annualized rates above 2% [8][9]. - The demand for high-yield CDs has led to a competitive environment where depositors actively seek out advantageous transfers, with some individuals reporting success in acquiring CDs with rates exceeding 3% [9][10]. Group 4: Future Trends - The trend of reducing long-term large-denomination CDs is expected to continue, driven by banks' need to manage funding costs and the anticipated further decline in market interest rates [12][14]. - Historical data shows that the issuance of large-denomination CDs surged in 2018 and 2019, but since 2021, rates have been on a downward trajectory, with the average rate for large-denomination CDs peaking at 4.178% in July 2019 [12][13].