Interest rate market is unusually "quiet"
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.
Choose the time to receive interest to enjoy high interest
According to records, 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.
Interest Rate mobilized at the end of the term is always higher than interest rate received at the beginning of the term, and many banks list flexible interest rates according to terms such as month or quarter.
For example, at ABBank, the highest interest rate for a 6-month term is 5%/year for interest payment at the end of the term, but quarterly interest payment is 4.97%/year, monthly interest payment is 4.95%/year, and interest payment at the beginning of the term is only 4.88%/year.
Similarly, the interest rate difference between interest payment times at BVBank is up to 0.65% for long terms, and at LPBank, the difference can be up to 1.35%/year. This shows that choosing the interest payment time can greatly affect the amount of interest that customers receive.
Details of deposit interest rates at banks, updated on October 14, 2024
