According to Lao Dong, on December 3, Indovina Bank Limited (IVB) has just adjusted the new deposit interest rate, unexpectedly increasing it to 6.5%/year, the highest level on the market today. In particular, the interest rate for a term of 24 months for individual customers receiving interest at the end of the term has increased by 0.2%/year, to 6.5%/year.
Should I put money in the bank now?
Since April 2024, interest rates at many banks have begun to increase again, mainly focusing on medium and long terms, with adjustments ranging from 0.1% to 1%. A report from Dragon Capital Securities (VDSC) said that this is a sign of recovery after the previous period of decline.
Although savings are considered a safe investment channel, suitable for those who want to preserve capital, Dr. Nguyen Tri Hieu, an economic expert, recommends choosing a long-term term at the present time when interest rates may increase slightly without major fluctuations. However, depositors need to consider the impact of inflation and exchange rates because they can reduce the real value of savings in the future.
It is forecasted that by the end of the year, the trend of increasing interest rates will continue but with a small margin, only about 0.5% to 1%, making it difficult for savings to compete in terms of profit with higher-risk investment channels such as stocks or real estate.
Details of highest interest rates at terms
The highest 1-month savings interest rate is 4.15%/year, applied at Nam A Bank, followed by OceanBank with 4.1%/year and Bac A Bank with 4.05%/year.
For the 3-month term, the highest interest rate is Nam A Bank with 4.7%/year. Followed by OceanBank with 4.4%/year and Bac A Bank and IVB with 4.35%/year.
The 6-month term recorded the highest interest rate of 5.65%/year at CBBank. Two banks, NCB and Dong A Bank, followed with an interest rate of 5.55%/year. Bac A Bank ranked third with an interest rate of 5.5%/year.
For the 9-month term, IVB leads with an interest rate of 5.95%/year; NCB leads second with an interest rate of 5.7%/year, followed by Bac A Bank and CBBank with 5.6%/year, and Dong A Bank applies a rate of 5.55%/year.
For 12-month term, Bac A Bank leads with an interest rate of 5.9%/year. Next are three banks listing an interest rate of 5.8%/year including SaigonBank, NCB, CBBank.
For the 18-month term, IVB took the lead with an interest rate of 6.5%/year, followed by Bac A Bank with the second highest interest rate in the market of 6.25%/year. Next are three banks listing an interest rate of 6.1%/year including Dong A Bank, HDBank, and OceanBank.
See more daily bank interest rates HERE.
