Unexpected fluctuations in interest rate rankings
According to Lao Dong, near the end of August, the market recorded 16 banks increasing savings interest rates. Compared to the same period two months ago, nearly 20 banks increased interest rates in just half a month.
Banks increasing savings interest rates since the beginning of August include: Eximbank, ACB, Agribank, Sacombank, Saigonbank, VietBank, TPBank, CBBank, VIB, Dong A Bank, VPBank, Techcombank, SHB, VietBank, PVCombank, Nam A Bank.
At the same time, a few banks rekindled interest rate cuts. Since the beginning of August, the market has recorded up to 3 banks adjusting "upstream" to reduce interest rates. Accordingly, the banks that reduced interest rates were mostly banks that previously had the second highest interest rates in the market such as ABBank, Bac A Bank, and SeABank.
The top banks adjusted in opposite directions, creating strong fluctuations in the ranking of the highest interest rates. Accordingly, the interest rates for 6-9 month terms were adjusted to increase, while the interest rates for large 12-month terms recorded a slight decrease of 0.1-0.2 percentage points.
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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 CBBank with an interest rate of 3.8%/year. OCB, NCB, MSB, BVBank, Bac A Bank currently pay interest of 3.7%/year for this term.
At a 3-month term, the highest interest rate is 4.3%/year currently listed by Eximbank. The next highest interest rate is 4.1%/year currently listed by ABBank and Bac A Bank. The rate of 4.0%/year is listed by NCB, CBBank, BaoVietBank and Bac A Bank.
Highest interest rate for 6-9 month term
At the 6-month term, CBBank jumped to the top with an interest rate of 5.55%/year. NCB paid an interest rate of 5.35%/year. Next was the interest rate of 5.3%/year at ABBank.
At the 9-month term, the highest interest rate is 5.7%/year at ABBank, followed by the interest rate of 5.55%/year at NCB, then the interest rate of 5.5%/year, currently listed by BVBank and CBBank.
Highest interest rate for 12 month term
At the 12-month term, ABBank after the downward adjustment is still leading, listing a profit of 6.0%/year for this term. Following the milestone profit of 5.8%/year at Bac A Bank, BVBank and BaoVietBank.
Details of deposit interest rates at banks, updated on August 29, 2024
