1. The product design of structured deposits can control risks.
The so-called structural refers to the division of funds into two parts. The first part corresponds to the traditional bank time deposit, and the interest rate is also the traditional bank interest rate; The second part is invested in other high-yield projects, so the combined interest rate will be higher.
For example, if you buy 200,000 three-year structured deposits, of which 6.5438+0.6 million are used to deposit three-year traditional time deposits with an interest rate of 2.75%, and 40,000 are used to invest in 8% projects, then the comprehensive rate of return will be much higher.
2. Structured deposits are highly secure, but not 100%.
Structured deposits belong to bank deposits and are protected by bank deposit insurance regulations. However, if it exceeds 500,000 yuan, it is not guaranteed by rigidity. In case the bank goes bankrupt, they can only wait for the balance of liquidation to be distributed in proportion.
It should be noted that the so-called security of our investment and financial management mainly considers relative security, not percentage security. If you need a percentage deposit, you can only deposit it in the bank.
3. It is skillful to choose structured deposits, and choose deposits with high interest rates.
Through the analysis of the second point, we can know that the security of structured deposits is very high, and the risk of loss of principal and interest caused by bank bankruptcy can be ignored.
Therefore, when making structured deposits, you can simply compare and analyze the different interest rates offered by major banks and choose the one with the highest interest rate for deposit.
Count Da Nanshan, a postdoctoral fellow at NUS, is a senior financier. He invests financial knowledge for your popular science with professional knowledge and vernacular, so that there is no hard finance in the world! Welcome to pay attention and leave a message.
The principal is not 100% safe.
Structured deposits belong to deposits, which are guaranteed by the national deposit insurance system:
In order to maintain financial stability, the state has specially formulated this system from developed countries, but there are restrictions: only the principal and interest compensation of a single depositor is less than 500 thousand (inclusive).
Therefore, in the same bank, if the deposit (including structured deposits and other deposits) exceeds 500,000 with interest, the excess is not guaranteed to be redeemed just now. Therefore, it is suggested that if the deposit exceeds 500,000, it is best to have several banks. Don't neglect other deposits. All the deposits use the same 500 thousand.
Structured deposits have other risks.
Structured deposits are products developed by banks, and the attitude of banks has always been conservative. For example, we think that the products on the market are stable, and banks may think that they are positive, and they attach much higher importance to risk labeling.
In the product description of structured deposits, banks will also clearly list various risks. Although the probability of occurrence is relatively low, it does not mean that it does not exist. For example, the specific risks of a product are disclosed as follows:
For us ordinary investors, the focus is on the risks of 1 point and 6 points. Although the principal (within the limit) of structured deposits is safe, the income of structured deposits is uncertain, and generally an expected income interval is given, which is determined by referring to the past income, and the actual income may be outside the interval and often lower than expected; Structured deposits are mostly term products. If liquidity is locked, it may not be terminated in advance, but if it can, there will be income losses.
The principal is not guaranteed by 100%, but the deposit part in structured deposits is absolutely safe within 500,000.
What is a structured deposit?
Structured deposits are different from our ordinary bank deposits. Structured deposits are generally composed of a certain proportion of derivatives on the basis of ordinary deposits. To put it more simply: structured deposits divide investment into two parts: most of the funds are still kept as ordinary deposits to obtain stable income and ensure the safety of the principal; A small amount of money is invested in high-risk and high-yield financial derivatives to obtain high returns.
For example: 1, suppose Lao Wang has invested in a bank 100% capital-guaranteed structured deposit1100,000 yuan; 2. If the bank deposits 9.809 million yuan into the ordinary time deposit, and the interest rate is 1.95%, then the total due principal and interest = principal+interest = 980.9+980.9 *1.95% =100000 yuan; 3. With the remaining 19 1 10,000 yuan, banks will invest in high-risk financial derivatives, such as stock indexes, options and foreign exchange. In order to obtain high returns.
Therefore, even if the luck is extremely bad, the investment in financial derivatives will be wiped out. One year later, Lao Wang's investment principal of 6,543,800 yuan is still there, and there will be no loss; On the other hand, if the investment in financial derivatives is profitable, then its income is definitely higher than that simply deposited in bank time deposits.
The above situation is called 100% capital preservation. On the contrary, what if the bank only deposits 9.32 million yuan into time deposits and the remaining 680,000 yuan is invested in financial derivatives? In this case, the total due principal and interest of 9.5 million yuan is: 932+932 *1.95% = 9.5 million yuan, which can only be called 95% principal-guaranteed structured deposit (or non-principal-guaranteed structured deposit, because the principal is not absolutely safe), so whether the principal of structured deposit can be guaranteed depends on the proportion of the principal you deposit in the term.
Deposit part
From the above analysis, we know that most of the principal-guaranteed structured deposits are mainly deposited with banks for a fixed term, and a small part is invested in derivative financial products. It is absolutely safe to deposit this part of the funds in the bank on a regular basis, as long as it is within 500 thousand. For example, if you invest 500,000 yuan in structured deposits, the bank will deposit 400,000 yuan according to the agreed time limit, and another 654.38+10,000 yuan will invest in financial derivatives. Assuming that the bank fails unfortunately during the investment period, there is no need to worry about the safety of the principal of 400,000 yuan during the period.
According to the Measures for the Supervision and Administration of Commercial Banks' Wealth Management Business issued by China Banking Regulatory Commission, it is pointed out in the annex that structured deposits should be included in off-balance-sheet accounting of commercial banks, included in deposit reserve and deposit insurance premium payment scope according to deposit management, and relevant assets should be capitalized and accrued in accordance with the relevant regulations of the State Council Banking Regulatory Authority. The trading part of derivative products should be managed according to the derivative products business, and there should be real counterparties and trading behaviors. And commercial banks that issue structured deposits should have corresponding derivatives trading qualifications.
Therefore, the deposit part of structured deposits is absolutely safe, but the derivative financial products are not absolutely safe, depending entirely on the investment situation.
abstract
Generally speaking, if the bank tells you that this structured deposit is a capital-guaranteed structured deposit, then this product is 100% capital-guaranteed (that is, your principal is absolutely safe, except, of course, bank failure, only within the range of 500,000 yuan); If the bank tells you that this institutional deposit is a non-guaranteed structured deposit, then the principal of this product is not 100% guaranteed, and may be only 90% or 80% or even lower. Therefore, before investing in structured deposits, we must first understand that we are in the initial stage.
First of all, I can tell you for sure that the principal of structured deposits within 500,000 yuan is 100% safe, and the part exceeding 500,000 yuan is 100% not guaranteed. As for the income of structured deposits, there is more uncertainty.
Structured deposit is a product between ordinary deposit and bank financing in recent years. With the introduction of 20 18 new asset management regulations, structured deposits have been popular in the market and their scale has soared rapidly in the short term. At present, the scale of structured deposits has reached about 9 trillion.
The reason why structured deposits are sought after by everyone is because structured deposits are capital preservation.
After 20 18 new asset management regulations came out, the regulatory authorities included structured deposits in the on-balance-sheet business of banks. Therefore, structured deposits, like ordinary deposits, have to pay the insurance premium of deposit reserve, and the principal and interest within 500,000 yuan are protected by the Deposit Insurance Regulations, so there is no risk.
Of course, the part exceeding 500,000 is not necessarily risky. At present, structured deposits are actually a combination of ordinary deposits and financial derivatives, in which the principal is basically used for investment bank deposits, so it is definitely safe. As long as the bank does not close down, it is basically no problem to get this principal back.
But the income of structured deposits is uncertain.
At present, many banks' structured deposits will give a guaranteed income, and 100% will definitely be available. For example, the guaranteed income of a bank's structured deposit is 1.75%, while the expected income is 4.5%. How much interest you can finally get depends on the performance of financial derivatives linked to this structured deposit.
At present, there are many financial derivatives linked to structured deposits, such as stock index, foreign exchange index, interbank deposit interest rate and so on. When banks set up structured deposits, the expected income will be determined according to the fluctuation range of linked financial derivatives. This income does not mean that banks directly take money to invest in these financial derivatives, but a virtual transaction, which can also be understood as a gambling agreement. In other words, banks are gambling with customers. If the financial derivatives linked within the investment period of structured deposits meet the gambling intermediation in the agreement, then users can get corresponding income. However, if the performance of these financial derivatives does not meet the relevant provisions in the agreement, then users can only obtain income according to the bank's guaranteed interest rate.
Therefore, the principal of structured deposits is generally safe, but the income is not necessarily. If you can bear certain risks and want to get higher returns, you might as well invest in some structured deposits.
The so-called structured deposit is a disguised form of financial management.
1, 20 18 financial deleveraging is one of the key tasks to resolve major risks in the three major national battles. Therefore, many trust plans and capital preservation wealth management have been cleaned up and suppressed, and banks are not allowed to continue to sell capital preservation wealth management products.
In this case, the so-called structured deposits are widely publicized. Without the suppression of wealth management products with guaranteed capital and interest, structured deposit products could not develop so fast.
3. However, structured deposits are not equal to deposits. In my opinion, it is a composite wealth management product of deposits and financial derivatives, which generally has several forms: full principal guarantee, partial principal guarantee and minimum income guarantee. For example, if you deposit 10w, then use time deposit or bonds to guarantee the principal and interest of 100000000, and of course, you can partially guarantee 5w, and then invest the remaining money in high-risk and high-yield products, usually linked to interest rates, exchange rates and stock gold. If you earn, you can achieve the expected income, and if you lose, you can get back the previous principal.
4. The potential yield of many structured deposit commitments is around 2-4%, but this expected yield is generally not available. Structured deposits face the risk of floating returns. Because of the complexity of the financial market, in many cases, banks can't guarantee the rate of return. The amount of income depends entirely on the market performance of the financial target it is linked to or associated with. Good performance, good income, poor performance. The yield will drop to around 1%, which is not as high as ordinary deposits.
5. Therefore, structured deposits do not report principal-guaranteed interest, and their liquidity is relatively poor. If it cannot be withdrawn in advance within the validity period, it must be withdrawn after it expires. The threshold is higher than ordinary wealth management products.
To sum up, the principal 100% is safe. Unless the bank goes bankrupt, even if it goes bankrupt, you can get compensation as long as the amount is less than 50w.
First of all, the risk of structured deposits depends on the specific structure, and it is not 100% safe.
Structured deposits focus on structure rather than deposits, because the so-called structure generally consists of two parts, generally speaking, more than 90% are deposits (hence called structured deposits), with low risk and guaranteed interest income (there will be no change). This part of the principal and the interest generated constitute the main basis of structured deposits, so it can be said that structured deposits are similar. The small difference is what kind of high-risk and high-yield products a small amount of money is invested in, that is to say, the risk of each structured deposit mainly depends on the investment ratio of high-risk products and the risk of invested varieties.
Suppose that the scale of a structured deposit is 6,543,800,000+,95% of which is invested in a deposit with an interest rate of 3%, then after one year, the total principal and interest of this part of funds is 654.38+0,000 * 95%+654.38+0,000 * 95% * 3% = 9.785 million yuan, that is, But the loss is1000-987.5 =125,000 yuan, that is, the principal may be lost, and the yield is (987.5-1000)/1.25%. Then the principal and income of this part can reach 1000 * 5% * 3 = 1.5 million yuan. At this time, the yield of this structured deposit is (978.5+150-1000)/1000 = 65438+.
To sum up, structured deposits allocate low-risk and low-yield deposits and high-risk and high-yield investment products by constructing a certain structure, and combine low-risk and high-yield, but not all structured deposits are guaranteed. Capital preservation is not specific, and how big the investment risk is depends on the specific instructions in the specific product manual.
Structured deposits are not necessarily guaranteed, depending on the proportion of guaranteed capital. If the principal is not guaranteed, the principal cannot be guaranteed, so there is no security of the principal 100%. However, at present, most structured deposits issued by major commercial banks provide products with guaranteed capital and guaranteed income, and only a small number of structured deposits do not guarantee capital and guaranteed income.
Structured deposits belong to the on-balance-sheet business of banks, and the funds of products are divided into two parts. Part (all or most) as bank deposit is included in "customer deposit", and deposit reserve, deposit insurance, impairment loss and risk capital need to be paid. The other part (fruit or a small part of funds) is invested in high-risk financial derivatives.
In other words, structured deposits exist in the form of "deposits+financial derivatives", that is, a portfolio of "low risk and low return+high risk and high return".
If the proportion of financial derivatives is large, such as exceeding the fruits, it may lead to the loss of principal, but at the same time the corresponding income is also large. On the contrary, on the contrary. Therefore, the expected rate of return of structured deposits is usually an interval, not a specific value.
From the perspective of risk and income classification, structured deposits can be mainly divided into three categories:
1. Minimum income guarantee type (most structured deposits are of this type). In other words, the yield of the product is within a range, such as 2%-5%, and the minimum yield can be 2%. Compared with this kind of products, the income is the lowest and the risk is the lowest.
Second, the principal guarantee type. That is, the principal does not lose money, but there is no minimum income guarantee, and the income is not necessarily high. Compared with this kind of products, the income is higher and the risk is higher.
3. Type of partial principal guarantee. That is, part of the principal will not be lost, such as 95% principal guarantee, which may cause 5% loss, but the income may be high. Compared with this kind of products, it has the highest income and the highest risk.
Therefore, the purchase of structured deposits also needs to pay attention to risks. Although part of the deposit funds within 500,000 yuan, up to 500,000 yuan, can be guaranteed by the Deposit Insurance Regulations, there is no risk, but don't ignore the proportion of financial derivatives investment in structured deposits. The investment ratio is the key to decide whether to protect the capital or not, and it is also the key to its maximum rate of return.
Risk is directly proportional to total income, including liquidity risk, credit risk and market risk, and market risk mainly includes purchasing power risk and interest rate risk. Although structured deposits have greater returns, the corresponding risks are also greater. For example, different structured deposits provide different expected income ranges and different liquidity restrictions (for example, bank deposits support withdrawal at any time, even on a regular basis, but interest is only paid at current demand, but structured deposits do not have this feature and cannot be withdrawn in advance).
In other words, risks and benefits go hand in hand. Structured deposits are only suitable for some people, not everyone, and structured deposits are not simple deposit products.
There is almost nothing absolutely safe in this world. Even ordinary bank deposits are not necessarily safe, and part of structured deposits are converted into deposit mode, and the other part is used for investments such as funds and wealth management, so the form of this part of funds depends on the risk degree of the fund-based wealth management products purchased, and does not have the characteristics of capital preservation. Naturally not 100% safe!
With the cancellation of PR0 capital-guaranteed wealth management products, all wealth management products with the nature of wealth management have no capital-guaranteed characteristics. At present, the financial products of PR 1 are sometimes marked with the type of guaranteed floating income, which is actually the second priority and the floating is true.
According to the investment analysis, the order is as follows:
Deposits of the four major banks, deposits of other state-owned banks and listed stock banks, structured deposits of big banks, deposits of small banks, small structured deposits, PR 1 wealth management products, PR2, PR3 and PR4, followed by high-yield P2P products and private lending.
In bank deposits, 100% is not necessarily risk-free, even if the deposit amount is below 500,000.
The bank's joint insurance claims only have principal, no interest. Also, once it enters bankruptcy proceedings, it will be far away, ranging from six months to several years. In this way, you can't get money when you are in urgent need, and there is no interest during the period. Therefore, it is suggested that it is safer to put it in the four major banks and state-owned banks, but the interest will be less.
Let's put aside the bank risk and loan interest rate for the time being and analyze it from the bank reserve ratio.
The reserve ratio of large financial institutions and small and medium-sized institutions is also different. The reduced reserve ratio this year is about 65,438+04.5% for large financial institutions and 65,438+02% for small and medium financial institutions. Suppose the same deposit amount is 65438+ billion, the enlarged loan of large financial institutions is 65438+ billion/14.5% = 689 million, while that of small banks is 65438+ billion/12% = 833 million. Although there are risks, it is obvious that small banks are more risky and have higher returns. This is one of the reasons why the deposits of large financial institutions are lower than those of small banks.
No matter what financial institution you deposit now, it is risky, but this is not the most important factor. The most important thing is that money is still getting smaller. According to the annual money supply interest rate of 8%, this means that structured deposits with interest rate of 5% will shrink by 3% every year.
The same 500,000 yuan, ten years later, the currency has expanded by 2 15 times, and it takes 654,380+0,075,000 yuan to beat the currency depreciation rate. 5% of institutional deposits will not be compounded for five years, and it will be 780,000 in ten years. The difference with currency depreciation is 300,000.
In short, regardless of deposits, structured deposits or wealth management products, it is difficult to outperform the currency depreciation rate. How to find a reasonable investment channel is the most tangled thing for every ordinary person, and it is also the most difficult problem to ensure stable risk-free returns. The greater the expected return, the greater the risk. Only by reasonably grasping the balance between risks and benefits can we find the most suitable financial thinking for ourselves!
The risk of structured deposits is very small, but not all structured deposits are guaranteed. Let's unveil the mystery of structured deposits together.
What exactly is a structured deposit?
Structured deposit, also known as income value-added products, is an innovative deposit that combines our ordinary bank deposit business with financial derivatives such as exchange rate and interest rate. It exists in the form of "deposit+financial derivatives", that is, a portfolio of "low risk and low return+high risk and high return".
Therefore, structured deposit is a business between bank deposit and bank financing. It is also included in the bank's on-balance-sheet business and included in "customer deposits". They need to pay deposit reserve, deposit insurance, etc. Like bank deposits, they are protected by the Deposit Insurance Ordinance, but the difference with bank deposits is that the income is not fixed, and most structured deposits are floating income.
Is structured deposit guaranteed?
As we mentioned earlier, structured deposits consist of deposits and financial derivatives, of which deposits are guaranteed and financial derivatives are not.
Therefore, not all structured deposits are capital preservation, and the specific capital preservation ratio depends on the product manual. Generally speaking, structured deposits can be mainly divided into three categories:
1. Capital preservation floating income type. This kind of product guarantees the safety of the principal, but the income fluctuates within a range, such as 2%-5%, and the minimum income can be 2%. This kind of product has the lowest income and the lowest risk.
Second, capital preservation does not guarantee income. This kind of products also ensure the safety of the principal, but there is no minimum income guarantee, and there may be no income, and the income may be high. This kind of products have higher returns and greater risks.
3. Type of partial principal guarantee. Such products only guarantee part of the principal from loss, such as 95% principal guarantee, which may cause 5% loss, but the income may be higher. This kind of product has the highest income and the highest risk.
Therefore, when we buy a structured product, we must read its product manual clearly, which will explain the principal and income of the product.
But generally speaking, structured deposits are still low-risk wealth management products, and all the structured deposits I have seen so far are guaranteed.
First of all, it is clear that structured deposits are a kind of deposits, not financial management, and have the following characteristics:
1, the principal is safe
At home, the products that can guarantee capital preservation are: bank demand, time deposit, national debt, large deposit certificate, universal insurance and structured deposit. Therefore, the principal of structured deposits is absolutely safe, which is in line with China's deposit insurance system.
The upper limit of deposit payment units in China is 500,000.
2. Interest fluctuation.
Structured deposits are usually linked to targets. At present, most structured deposits are linked to gold. As long as the maximum fluctuation of gold price does not exceed a certain range during your holding period, the income will be calculated according to the maximum upper limit interest rate when it expires.
Therefore, structured deposits can be attacked, retreated and defended, and even if the linked target fluctuates greatly, the income of ordinary time deposits can be guaranteed.
3. Don't quit prematurely.
Structured deposits have a certain term, generally 1 month, 3 months, 6 months and one year. You can't withdraw it during the holding period, but you can take the principal and interest at maturity.
To sum up, the principal of structured deposits is 100% safe, which can guarantee a certain income. The risk lies in poor liquidity, inability to withdraw in advance, and certain interest rate fluctuation risk.