Stable growth or pressure from exchange rate?
According to the record, Dr. Nguyen Tri Hieu emphasized that pressure from the USD/VND exchange rate is an important factor shaping interest rate policy.
With the USD/VND exchange rate trending up (freely reaching 25,580 VND/USD by the end of 2024), investment capital shifting to markets with high USD interest rates will put pressure on the domestic banking system.
Thus, to maintain the attractiveness of VND, the State Bank may have to raise deposit interest rates to compete with the USD.
Meanwhile, Associate Professor Dr. Dinh Trong Thinh and analysts from VDSC both forecast that savings interest rates will increase slightly by the end of the year. The reason is that capital demand will increase as the economy recovers strongly in the final period of the year. Commercial banks may adjust 12-month deposit interest rates, increasing by about 20-50 basis points, ranging from 5.1% to 5.2%.
In November, 14 banks adjusted their deposit interest rates upward, including Eximbank, BaoViet Bank, HDBank, GPBank, LPBank, Nam A Bank, IVB, Viet A Bank, VIB, MB, Agribank, Techcombank, ABBank and VietBank.
Where to deposit money with the best interest rate right now?
1 month term
The highest interest rate for 1-month term deposits is currently 4.25%/year for online deposits at banks such as SCB, OceanBank and HDBank. This interest rate is quite attractive, helping customers to make a profit in a short time without having to commit to a long-term commitment.
3 month term
Interest rates for 3-month terms range from 4.3% to 4.7% per year. Nam A Bank and Eximbank offer the highest interest rates, with Nam A Bank applying this to online deposits. Other banks such as OceanBank also offer quite competitive interest rates.
6 month term
The highest interest rate for a 6-month term is currently 5.55%/year, applied to banks such as CBBank and ABBank when depositing online. At the counter, the interest rate ranges from 5.4% to 5.5%, still maintaining an attractive level for customers making medium-term deposits.
12 month term
For a 12-month term, the highest interest rate is 5.9%/year at ABBank and BVBank (online deposit). The interest rate at the counter ranges from 5.85% to 5.9%, suitable for those who want to save for a long time but still have a stable interest rate.
Term 18-24 months
Long-term terms of 18-24 months have interest rates ranging from 6.1% to 6.35%/year, with banks such as Bac A Bank, HDBank and OceanBank offering the highest rates when deposited online.
