Bank of China (Hong Kong) has introduced a new promotion for its deposit and wealth management customers in a bid to encourage more active saving.

Starting 19 May 2013, Bank of China wealth management and i-Free clients who set up monthly savings plans for deposit, funds or stocks, time deposit and payroll through its internet, mobile and branch banking channels will receive as much as HK$950 in spending credits on their BOC credit card and a special edition QEE Love Bear.

Personal clients who open i-Free integrated accounts or upgrade their existing accounts to this service during the promotional period and maintain a monthly average wealth balance of HK$10,000 will also have their monthly service fee waived in the first six months. Those who open new securities accounts get a three-month securities brokerage fee waiver.

The offer is meant to "help customers accomplish their financial goals," particularly at the start of the Chinese New Year. In the latest "Future of Retirement" report by HSBC, over half of the respondents from Hong Kong admitted not preparing adequately or at all for retirement, while 29 per cent of the over 15,000 polled across Asia said they have never prepared for it.