According to Lao Dong's report on December 17, after 3 months, BVBank adjusted its deposit interest rate to the highest level of 6.3%/year, leading the long-term market.
According to statistics, 11 banks have increased deposit interest rates since the beginning of December, including: BVBank, CB, Dong A Bank, VPBank, VIB, OCB, MSB, GPBank, TPBank, ABBank, and IVB.
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, it is necessary to carefully consider inflation and exchange rate factors before making a decision.
Where is the best place to send money?
1 month term:
OCB holds the top position with an interest rate of 4.6%/year, followed by ABBank with 4.45%/year and Nam A Bank with 4.15%/year. There is no change in this ranking, showing that banks still maintain a stable strategy in the short term.
3 month term:
ABBank continues to lead with an interest rate of 4.45%/year, OCB holds the second position with 4.2%/year and Bac A Bank at 4.05%/year. The order remains unchanged, demonstrating stable competition between large and small banks.
6 month term:
GPBank and ABBank are in the lead with interest rates of 5.8%/year, followed by NCB and Dong A Bank with 5.55%/year. Bac A Bank is third with 5.5%/year. The order has not changed significantly.
12 month term:
GPBank leads with 6.25%/year, ABBank and Dong A Bank hold the second position with 6%/year. SaigonBank, NCB and CBBank continue to maintain 5.8%/year. The order of banks in this term remains stable.
18 month term:
BVBank took the lead with the highest interest rate in the market at 6.3%/year, surpassing GPBank (6.25%/year). ABBank and IVB both maintained 6.25%/year, while Dong A Bank, HDBank and OceanBank remained at 6.1%/year.
See more daily bank interest rate updates HERE.
