According to Lao Dong, on December 5, MSB sharply increased its deposit interest rate, up to 6.3%/year for some terms, becoming one of the leading banks in long-term interest rates. Many other banks are also raising interest rates above 6%/year to compete.
Bank deposits are still a safe choice
Economist Dr. Le Xuan Nghia commented that current deposit interest rates are still lower than the forecast inflation rate, but banks are adjusting to create more attractive real interest rates. At the same time, he emphasized that bank deposits are still a safe choice in the context of other investment channels such as real estate and stocks being less attractive.
Dragon Capital Securities Company (VDSC) commented that deposit interest rates decreased at the beginning of the year but recovered from the second quarter and are expected to continue to increase slightly by the end of 2024.
According to analysis, the pressure to increase interest rates mainly comes from increased credit demand, while system liquidity is still limited. However, the increase is not expected to be too large thanks to the cooling of inflationary pressure.
Some experts also believe that, in the context of competition for capital mobilization, savings interest rates can reach 6-8%/year, depending on the deposit term and policies of each bank. This is a move to ensure timely capital supply for the real estate market and businesses entering the peak period at the end of the year.
13 banks pay interest rates above 6.0%/year
According to Lao Dong, VIB currently lists online deposit interest rates for 24-month terms at 6.3%/year.
SHB and Saigonbank simultaneously listed interest rates of 6.1%/year for a 36-month term, while Oceanbank and DongA Bank also kept the same rate for a 18-36-month term.
GPBank stands out with online interest rates of 6.35%/year for terms from 13-36 months and 6.25%/year for terms of 12 months.
Bac A Bank applies an interest rate of 6.25%/year for a term of 18-36 months if the balance is over 1 billion VND, and 6.05%/year if under 1 billion VND.
Nam A Bank listed an interest rate of 6.2%/year for a 36-month term for deposits of VND500 billion or more.
HDBank maintains a special interest rate of 8.1%/year for a 13-month term at the counter, with a minimum balance of VND500 billion, and applies an online interest rate of 6.1%/year for an 18-month term.
Cake by VPBank is also in the group of banks with high interest rates, reaching 6.1%/year for 24-36 month term deposits.
MSB also currently has online deposit interest rates for 12-month, 15-month and 24-month terms increased to 6.3%/year (exclusively for priority customers).
See more daily bank interest rates HERE.
