No more excitement about raising interest rates
According to Lao Dong, in September 2024, 12 banks adjusted their deposit interest rates up. This is the number of banks that increased interest rates the least in the last 5 months.
As of today, October 11, the October interest rate level has only recorded 3 banks increasing interest rates, 4 consecutive days without any bank changing interest rates - something that rarely happened in previous months.
Accordingly, although interest rates at banks have been adjusted upward many times, the average 12-month interest rate of commercial banks has only increased slightly by 6 basis points compared to the beginning of the year to 4.9%, while the interest rate of state-owned joint stock commercial banks remains unchanged at 4.7%, 26 basis points lower than the beginning of the year.
According to the analysis team of MB Securities Joint Stock Company (MBS), the mobilization interest rate in August was still on the rise, but has slowed down somewhat when a few banks turned around and adjusted the mobilization interest rate down by 0.1 - 0.3 percentage points. This happened in the context of inflationary pressure and systemic liquidity pressure having eased after the intervention efforts of the State Bank.
Where is the best place to send money?
According to Lao Dong, at the 1-month term, the highest deposit interest rate currently belongs to OceanBank with an interest rate of 4.1%/year.
At the 3-month term, the highest interest rate is 4.4%/year currently listed by OceanBank.
At term 6, CBBank leads with interest rate of 5.55%/year.
At 9-month term, the highest interest rate is 5.65%/year at NCB.
At the 12-month term, the leading bank with the highest interest rate is Bac A Bank with an interest rate of 5.9%/year.
For the 18-36 month term, NCB leads with the highest interest rate of 6.15%/year.
Details of deposit interest rates at banks, updated on October 11, 2024
