Savings interest rates still increase at the end of the year
By the end of 2024, VND savings interest rates tend to increase slightly, reflecting increased capital demand from banks to meet the goal of supporting production and consumption.
In the group of state-owned commercial banks, the 12-month term interest rate is currently at 4.7% - 4.8%/year. Meanwhile, joint-stock commercial banks have higher interest rates, ranging from 5.4% to 6.25%/year for long terms.
Statistics show that 12 banks have adjusted interest rates up since the beginning of December, including: Techcombank, BVBank, CB, Dong A Bank, VPBank, VIB, OCB, MSB, GPBank, TPBank, ABBank and IVB.
Although deposit interest rates show signs of increasing, the State Bank still adheres to the direction of controlling interest rates at a reasonable level to ensure the stability of the financial market.
Measures such as liquidity support and money supply adjustment continue to be implemented to reduce inflationary pressure, while creating conditions for businesses and people to access capital more easily.
It is forecasted that from now until the end of the year, savings interest rates may increase by 0.5 to 1 percentage point, depending on the term and strategy of each bank.
However, high capital costs and pressure from bad debts remain major challenges, making it difficult to lower lending rates. In this situation, banks are focusing on optimizing capital mobilization strategies and risk management to ensure long-term financial stability.
Save money with the highest interest rate up to 9.5%/year
According to Lao Dong, with a special interest rate, the highest in the market is the interest rate of 9.5%/year listed at PVcomBank. PVcomBank customers will enjoy a special interest rate of 9.5%/year when having a new deposit balance of 2,000 billion VND or more.
HDBank also listed an interest rate of 8.1%/year for a 13-month term and 7.5%/year for a 12-month term. Applicable to savings of at least VND500 billion/savings card, not applicable to mobilization in the form of interest at the beginning of the term or periodic interest.
Dong A Bank is listing a special interest rate of 7.5%/year for customers depositing for a term of 13 months or more, with interest at the end of the term for deposits of VND 200 billion or more, for a period of 365 days/year.
In addition, MSB is currently offering a special interest rate of 7.0%/year to customers with newly opened savings books or savings books opened from January 1, 2018, automatically renewed with a deposit term of 12 months, 13 months and a deposit amount of VND 500 billion or more.
See more daily bank interest rate updates HERE.
