Amid the fervor for gold investments, deposit products are now embracing the "gold concept." Against a backdrop of persistently declining deposit rates and the phasing out of large-denomination certificates of deposit, structured deposits—seen as offering both offensive and defensive advantages—have quietly become the flagship product promoted by banks during their peak season, with gold-linked structured deposit products being prominently featured on the shelves.
It has been noted that China Merchants Bank's app currently offers the "Dianjin Series" of structured deposit products linked to gold. This series comprises 17 products, covering deposit tenors ranging from 7 days to 367 days, with expected annualized interest rates between 1% and 1.78%. Furthermore, structured deposit products linked to gold from Industrial Bank and Bank of Communications are also being intensively launched.
From a product design perspective, structured deposits are often linked to interest rates, exchange rates, equities, and precious metals represented by gold, with many products offering expected annualized yields exceeding 2%. However, it is important to note that the expected yields for structured deposit products are typically presented as a variable range (e.g., 0.10% to 2.05%). Additionally, structured deposit products are divided into principal-protected and non-principal-protected categories, with some non-principal-protected products carrying higher risk ratings.
Some foreign banks offer structured deposits with annualized yields as high as 9.5%. For instance, according to data from Standard Chartered Bank's "2025 Structured Deposit Performance Ranking" released on January 15, the bank's top-performing structured deposit products for 2025 are primarily linked to themes such as US and Hong Kong stocks. These products typically feature auto-callable structures based on a basket of underlying assets, allowing for early termination and corresponding收益, with the highest annualized yield reaching 9.5%.
Structured deposits have become a hotly promoted product for banks during the peak season. "My three-year, 500,000-yuan large-denomination certificate of deposit has matured. With deposit rates falling, the relationship manager recommended structured deposits to reinvest the funds," said a depositor named Liu He (pseudonym). The year-end and beginning of the year are often critical periods for banks to attract deposits. It has been observed that against the backdrop of continuously shrinking interest rates for time deposits and large-denomination CDs, some banks have adjusted their deposit attraction strategies,转而 promoting structured deposits during the peak season.
Since January, banks including Bohai Bank, Shanghai Rural Commercial Bank, Metropolitan Bank, Huashang Bank, and Standard Chartered Bank have been conducting fundraising and promotional campaigns for structured deposits. According to Bohai Bank's official WeChat account, the bank has six personal structured deposit products currently raising funds (from January 19 to January 21), with product tenors ranging from 18 days to 192 days and reference annualized yields between 0.90% and 2.05%.
Some depositors have already turned their attention to structured deposits. Recently, an investor from Sichuan, Mr. Wu, indicated that he is preparing to try a structured deposit issued by a major state-owned bank, with an expected annualized yield reaching 2.5%. "The relationship manager has been urging me daily to invest in structured deposits. I was previously hesitant because it seemed like I needed to study foreign exchange and options just to save money, but with short-term funds having few other places to go, I'm considering buying one that is principal-protected," Mr. Wu said.
In the view of some investors, structured deposits currently represent an option that offers "higher returns than time deposits with lower risk than wealth management products." According to a收益 statement shown by an investor from Shanghai, Mr. Wang, a short-term structured deposit product he purchased from a major state-owned bank achieved an actual annualized yield of 2.18% upon maturity.
In this regard, Yu Fenghui, a senior researcher at Pangoal Institution, pointed out that by offering such products, banks can not only meet customers' dual needs for safety and yield but also use this opportunity to optimize their own asset-liability structures. "As market interest rate levels change, banks need to continuously innovate financial products to attract funds. Structured deposits, as products that can both protect principal and offer the potential for higher yields, appear particularly attractive in the current environment," Yu said.
The structured deposit products currently available in the market are quite diverse. However, it is noted that although structured deposits are deposit products, some products issued by certain foreign banks are not 100% principal-protected if held to maturity. According to a recent product announcement from DBS Bank, the bank's structured deposit products are divided into principal-protected and non-principal-protected categories. The non-principal-protected products are linked to overseas securities such as Tencent Holdings, Alibaba Group, and JD.com, do not guarantee principal or returns, have relatively longer tenors typically ranging from 6 to 9 months, and offer a potential annualized dividend yield (calculated yield) of up to 9%.
However, the bank also stipulates that the aforementioned products are only available to qualified investors with stock investment experience who meet other requirements set by the bank. "The customer's investment principal may suffer significant losses due to market fluctuations. In the worst-case scenario, the customer could lose all of the invested principal," DBS Bank stated in the announcement.
Gold-linked structured deposits are being intensively placed on the shelves. Entering 2026, the bank structured deposit market has heated up due to the surge in international gold prices. Several Chinese and foreign banks have coincidentally launched gold-linked structured deposits, attracting the attention of numerous investors seeking stable appreciation avenues in a low-interest-rate environment.
It has been observed that since December 2025, several Chinese and foreign banks, including Huaxia Bank, Bank of Jiangsu, Shanghai Rural Commercial Bank, Standard Chartered Bank, and DBS Bank, have been promoting their gold-linked structured deposit products. Among them, according to Huaxia Bank's personal structured deposit product information issued on January 19, the bank recently launched a USD personal structured deposit product named "Huiying USD 0044 Triple Bullish on International Spot Gold," linked to international spot gold. The product has a 29-day tenor, a minimum subscription amount of $2,000, and an expected maximum annualized yield of up to 3.30%. At maturity, only the principal is guaranteed, not the returns.
Some listed companies have also purchased gold-linked structured deposit products. For example, Jinhai Hi-Tech (603311.SH) announced on January 17 that the company recently used 20 million yuan of temporarily idle raised funds to purchase China Merchants Bank's "Dianjin Series Bullish Two-Tier Range 90-Day Structured Deposit," with an expected annualized收益率 of either 1% or 1.6% and a 90-day tenor.
On January 17, Yixintang (002727.SZ) also announced that the company purchased 50 million yuan of Guangfa Bank's "Wuhua Tianbao" Series G Customized RMB Structured Deposit product. This product is linked to a bullish step-up structure on gold spot, has a three-month tenor, and offers an annualized expected收益率 of either 0.5%, 2.02%, or 2.1%.
It is noteworthy that investing in gold-linked structured deposit products does not necessarily guarantee profits. According to HSBC Bank (China)'s official WeChat account, a "盈转流动" series structured deposit launched by the bank on January 19 is linked to the SPDR Gold Trust and the VanEck Vectors Gold Miners ETF. It carries a risk rating of Level 3 (90% principal protection at maturity), requires a minimum investment of 200,000 yuan, has a 6-month tenor, offers a trigger coupon annualized at 7.2%, with a trigger level set at 103%.
HSBC China also emphasized that because structured deposit products contain an investment component, their returns can be variable. For the aforementioned series of deposit products, it is possible to receive zero returns or even incur a partial loss of principal over the entire investment period. Non-100% principal-protected structured deposits are sold through mobile banking and online banking channels and are only available to customers who have previously purchased structured deposits at the bank.
Yu Fenghui also advised that when selecting structured deposits, investors should pay special attention to the following aspects: First, clearly understand the product's structural design, including key information such as the underlying asset, observation period, and yield range, and monitor the market trends of the underlying asset. Second, recognize that although the principal may be protected, high yields often come with high risks; particularly if the underlying asset performs poorly, the actual yield obtained could be lower than expected or even zero. Finally, investors should choose suitable products based on their own financial situation, investment objectives, and risk tolerance, avoiding blindly chasing high yields while overlooking potential risks.
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