Interest rate fluctuations 2.10: Where to deposit money to get the best interest rate?

    Mai Ánh |

    Interest Rate October 2: The market recorded a trend of increasing interest rates at banks since April 2024, where is the best place to deposit money?

    Highest Interest Rate for 1-3 month term

    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; second is SeABank with an interest rate of 3.95%/year, followed by OCB's interest rate of 3.85%/year.

    At the 3-month term, the highest interest rate is 4.4%/year currently listed by OceanBank. The next highest interest rate is 4.3%/year listed by Eximbank. The rate of 4.15%/year is listed by Bac A Bank and NCB.

    Highest Interest Rate for 6-9 month term

    At term 6, CBBank leads with an interest rate of 5.55%/year. NCB pays interest of 5.45%/year. Next is the interest rate of 5.4%/year at OceanBank.

    At the 9-month term, the highest interest rate is 5.65%/year at NCB, followed by 5.5%/year, currently listed by BVBank, Dong A Bank, OceanBank and CBBank.

    Highest Interest Rate for 12-month term

    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.

    Following are BVBank, Saigonbank, NCB and OceanBank with interest rates of 5.8%/year and BaovietBank, Dong A Bank with interest rates of 5.75%/year.

    Is the increase in deposit interest rates slowing down?

    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.

    However, the analysis team said that the increase in bad debt (the system's on-balance sheet bad debt by the end of June this year increased by 5.77% compared to the end of 2023) has prompted banks to continue to adjust deposit interest rates to attract new capital, thereby helping to ensure liquidity.

    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.

    In September, 12 banks adjusted their deposit interest rates up. This is the least number of banks increasing interest rates in the past 5 months.

    Details of deposit interest rates at banks, updated on October 2, 2024

    Mai Ánh
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