步入9月，在存款利率一降再降的背景下，苏商银行、华瑞银行等民营银行上架了年化利率超过2%的大额存单，一上 架便引起热烈抢购。 从产品信息来看，本次上架的大额存单多数期限为2年，起存金额为20万元。但总额度不算充裕，多家银行有限额要 求，甚至还要求限定地区。 这种限制引起投资者更为激烈的争夺。记者注意到，不少投资者向理财经理咨询如何购买，以及更长期限的产品是 否会上架，甚至还有投资者发动亲友，通过多个账号抢占额度。 民营银行上架"2字头"大额存单 9月17日，记者在华瑞银行App注意到，该行18个月期和2年期大额存单，年化利率分别为2.3%、2.35%，认购起点为 20万元，而且支持产品转让。 【导读】部分民营银行上架"2字头"大额存单，市场掀起抢购潮！ 记者观察到，当前推出"2字头"大额存单以互联网银行为主。 一位投资者表示，为了抢到额度，他借用了亲友账号来购买。"这样就有两个新户，能够享受更多优惠，这种超过2% 年化利率的存款产品很少见到了。" 值得一提的是，在部分民营银行大额存单转让专区，抢购更为激烈，要拼手速。例如，华瑞银行转让专区中多数产 品剩余期限仅为1年出头，但同样给予年化利率2.3%，可谓颇具性 ...

Group 1 - The core viewpoint of the articles indicates a continuous decline in bank deposit rates, with average rates for medium to long-term deposits entering the "1" range and 3-month deposit rates dropping into the "0" range [1][2] - As of June 2025, the average interest rates for various deposit terms are as follows: 3-month at 0.949%, 6-month at 1.156%, 1-year at 1.287%, 2-year at 1.372%, 3-year at 1.695%, and 5-year at 1.538%, showing a decline across all terms compared to May [1] - Major state-owned banks and national joint-stock banks have lowered their deposit rates, with the maximum reduction reaching 25 basis points, and some 1-year fixed deposit rates falling below 1% [1][2] Group 2 - The People's Bank of China announced a reduction in the 1-year LPR to 3% and the 5-year LPR to 3.5%, both down by 10 basis points from previous values, prompting banks to adjust their rates accordingly [2] - Analysts suggest that the downward trend in deposit rates may continue in the medium to long term due to ongoing pressure on banks' net interest margins as a result of lower LPR rates [2] - In June 2025, the average interest rates for large denomination certificates of deposit (CDs) were reported as follows: 3-month at 1.179%, 6-month at 1.391%, 1-year at 1.477%, 2-year at 1.462%, 3-year at 1.768%, and 5-year at 1.700%, with declines noted across most terms compared to May [3]

Core Viewpoint - The banking industry is experiencing a significant reduction in long-term large-denomination certificate of deposit (CD) interest rates, leading to a phenomenon known as "deposit migration" as consumers seek better returns from other financial products [1][8]. Summary by Sections Interest Rate Changes - Major banks, including Industrial and Commercial Bank of China, China Construction Bank, and Agricultural Bank of China, have removed five-year large-denomination CDs from their offerings, with some banks now only providing up to three-year products at rates as low as 1.2% to 1.4% [1][2][6]. - The three-year large-denomination CD currently has a rate of 1.55%, while two-year and one-year products are offered at 1.2% [5][6]. Reasons for Rate Reductions - The primary reason for the reduction in long-term large-denomination CD rates is the pressure on net interest margins, prompting banks to reform their liability structures [1][10]. - As loan rates continue to decline, banks are compelled to lower high-cost long-term liabilities to alleviate pressure, thereby reducing their interest rate risk exposure [1][10]. Impact on Consumer Behavior - The decline in large-denomination CD offerings has led to a "deposit migration," where consumers are increasingly turning to alternative investment options such as money market funds, government bonds, and insurance products [8][9]. - The current three-year government bond rate is 1.63%, and five-year bonds yield 1.7%, making them attractive alternatives to traditional deposits [8]. Market Trends - The banking wealth management market has seen significant growth, with the scale of bank wealth management products reaching 29.14 trillion yuan, a year-on-year increase of 9.41% [8]. - Insurance products are gaining popularity as alternatives to long-term deposits, with many clients showing increased interest in savings-type insurance products that offer higher returns [9]. Future Outlook - The trend of reducing long-term deposit offerings is expected to continue as banks aim to manage their interest margins effectively [10][11]. - Ordinary fixed-term deposit rates may further decline, with current rates for two-year ordinary deposits ranging from 1.2% to 1.4% [11].