According to Lao Dong, on December 11, National Citizen Commercial Joint Stock Bank (NCB) recently reduced 0.1%/year interest rates for deposits with terms from 6-11 months, keeping the same interest rates for deposits with terms from 12-60 months, the highest at 5.8%/year.
Should I 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, you need to carefully consider inflation and exchange rate factors before making a decision.
Banks pay high interest to attract deposits
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. Applicable to savings of at least VND500 billion/savings card, not applicable to mobilization in the form of initial interest or periodic interest.
Lower savings rates, from 7.0%/year, are also listed at many banks.
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.
MSB currently offers 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 rates HERE.
