Million dollar deposit interest rate in three years decreased from 105,000 to 39,000, depositors switching to new wealth management products.

"Three years ago, with a deposit of one million yuan, the interest was enough to buy a car; now, with a deposit for three years, the interest is only enough to cover three years worth of gasoline." Huang Yuan, a depositor from Fujian, told reporters that three years ago, her deposit interest rate was 3.5%, but now it has dropped to 1.3%, causing the interest on one million yuan deposit over three years to shrink from 105,000 yuan to 39,000 yuan. In late May, the six major state-owned banks collectively lowered their interest rates, with the one-year fixed deposit rate falling below 1% for the first time, and the current interest rate being only 0.05%. Over the past week, more than ten small and medium-sized banks have followed suit in lowering their interest rates, pushing the highest fixed deposit rate below 1.7%. The once popular trend of buying large denomination certificates of deposit has come to a halt. Some banks have simultaneously lowered the interest rates on large denomination certificates of deposit and discontinued products with terms exceeding two years. Currently, the interest rates on large denomination certificates of deposit from major banks are mostly below 1.4%. Even after some private banks have lowered their rates, the highest interest rate available for large denomination certificates of deposit is only 1.65%. Faced with a low interest rate environment, young people have started looking for "deposit alternatives", with the "new three gold" allocation of "currency fund + bond fund + gold" becoming a new favorite. When deposits are no longer the choice for easy gains, a wave of financial literacy awakening is on the horizon.