According to Lao Dong's records on November 27, bank interest rates have many notable fluctuations.
SeABank has sharply increased its deposit interest rates after more than 3 months, with an increase of 0.45% - 0.75%/year for terms of 1-12 months.
On the contrary, Bac A Bank suddenly reduced deposit interest rates for all terms, 12-month term reduced to 5.7%/year and long terms over 18 months only to 6.05%-6.25%/year.
ABBank also adjusted, increasing 0.1%/year for 6-month term but decreasing correspondingly for 12-month term, currently at 5.6%-5.7%/year.
Bank interest rates increase, how should I deposit money?
Dr. Nguyen Tri Hieu, an economic expert, said that deposit interest rates are increasing again because banks need to compete with other investment channels. He recommended that for those who plan to deposit savings, this is a good time to choose a long term because interest rates may increase slightly but not too dramatically in the near future.
Regarding the forecast of general interest rates, according to reports from Dragon Capital Securities Company (VDSC), deposit interest rates may increase by 0.5% to 1% compared to the beginning of the year, with a slight increase concentrated in medium and long terms. This is a sign of interest rate recovery after previous decreases.
Deposit interest rates at many banks are increasing again after a period of decline in early 2024. Since April 2024, banks have adjusted interest rates upward, with increases ranging from 0.1% to 1% depending on the term.
Experts predict that savings interest rates may continue to increase slightly from now until the end of the year, creating opportunities for depositors who want to optimize profits. In addition, savings are still a safe, low-risk investment channel, suitable for those who prioritize preserving capital against fluctuations in other investment channels such as real estate or stocks.
Although interest rates are rising, the expected increase is not dramatic, ranging from 0.5% to 1% until the end of 2024. This means that the return on savings deposits remains moderate, making it difficult to compete with other investment channels if customers are willing to accept higher risks.
Besides, exchange rate and inflation factors can affect the real value of deposits in the future, which requires careful consideration by depositors.
Where is the best long term bank interest rate?
At 6-month term, ABBank and Bac A Bank are currently two banks with outstanding interest rates.
At ABBank, the 24-month online deposit term has the highest interest rate of 6.3%/year, while the 15-18 month terms reach 6.2%/year, suitable for long-term savings.
Bac A Bank is equally attractive with an interest rate of 6.25%/year for 18-36 month terms if depositing over 1 billion VND, and 6.05%/year for amounts under 1 billion VND.
In addition, SeABank currently lists the 15-month term interest rate at 5.25%/year and the 18-36 month term at 5.45%/year, suitable for medium-term savings.
See more daily bank interest rate fluctuations HERE.
