According to statistics, 10 banks have increased their deposit interest rates since the beginning of December, including: CB, Dong A Bank, VPBank, VIB, OCB, MSB, GPBank, TPBank, ABBank, and IVB. Of which, ABBank is the first bank to increase interest rates twice in a month.
Reasons to save money at the end of the year
Currently, savings interest rates range from 4.7% to 6.35% per year for common terms from 6 to 12 months. In the second half of 2024, this interest rate may increase by about 0.5-1% depending on the term. The main reason is the high demand for credit in the economy when businesses expand production activities at the end of the year.
The policy of increasing savings interest rates is applied to make the Vietnamese Dong more attractive in the context of the USD/VND exchange rate trending up. However, the real positive interest rate (after deducting inflation) is still low, causing depositors to be cautious when choosing an investment channel.
Some experts say that saving is a safer option than risky investment channels such as real estate or stocks at this stage. Although the USD exchange rate has increased, this is still under control, and deposit interest rates will be maintained at an attractive level to ensure domestic capital flows.
The monetary policy of the US Federal Reserve (Fed) can also affect interest rates in Vietnam. If the Fed lowers interest rates, the pressure to increase domestic deposit interest rates will decrease, giving savers more flexible options.
If you have idle money, saving is currently a reasonable choice, especially with long terms of 12 months or more to benefit from stable interest rates and credit growth. However, you need to carefully consider inflation and exchange rate factors before making a decision.
Which bank is the best for depositing money?
The 1-month term recorded the highest interest rate of 4.6%/year at OCB, surpassing many other banks to top the rankings. ABBank ranked second with an interest rate of 4.45%/year, followed by Nam A Bank with 4.15%/year. This shows the trend of strong competition among banks in attracting short-term deposits.
For the 3-month term, ABBank continues to lead with an interest rate of 4.45%/year. Closely followed by OCB with 4.2%/year and Bac A Bank with 4.05%/year. These interest rate adjustments not only reflect liquidity needs but also show a clear difference between large and small banks.
The 6-month term has a breakthrough when GPBank and ABBank both apply the highest interest rate of 5.8%/year. This is followed by NCB and Dong A Bank with an interest rate of 5.55%/year, while Bac A Bank maintains 5.5%/year. The stability in this medium-term term is an opportunity for depositors to optimize profits from savings.
The 12-month term continues to show GPBank at the top with an interest rate of 6.25%/year, creating a significant gap with its competitors. ABBank and Dong A Bank ranked second with 6%/year. In addition, banks such as SaigonBank, NCB and CBBank maintained the rate of 5.8%/year, showing the uniformity among mid-range banks in providing attractive interest rates.
The 18-month term affirms GPBank's leading position with the highest interest rate in the market, reaching 6.35%/year. ABBank and IVB follow with 6.25%/year. Some other banks such as Dong A Bank, HDBank and OceanBank maintain 6.1%/year.
See more daily bank interest rates HERE.
