Savings interest rates increase sharply
According to a survey by Lao Dong, as of January 23, 2025, many banks have raised long-term savings interest rates to over 6%/year.
Eximbank applies interest rate of 6.5-6.8%/year for term from 15-34 months;
BVBank offers interest rates of 6% for 12-month terms, 6.3% for 18-24-month terms;
KienLongBank listed interest rate of 6.4%/year for 60-month term.
Some banks also list very high interest rates, from 7-9.5%/year, but require large deposits or special conditions. For example, PVcomBank is applying an interest rate of 9.5%/year for a 12-13 month term, but customers need to deposit at least VND2,000 billion. HDBank and MSB also list interest rates of up to 8%, but the minimum deposit requirement is VND500 billion.
Notably, Woori Bank Vietnam offers a cumulative savings package with interest rates of up to 11%/year. However, customers can only deposit a maximum of VND2 million/month and must comply with certain conditions.
Having just received more than 200 million VND in Tet bonus, Ms. Le My Hoa (Hoan Kiem, Hanoi) said that her family decided to choose bank savings channel to make profit from idle money.
Ms. Hoa shared: "I see that investment channels are not profitable at this time and it's almost Tet, so saving is the fastest. I deposit for a short term, after maturity if I want to invest in another channel, I will withdraw."
Forecast of deposit interest rates in 2025
According to a report by MB Securities (MBS), deposit interest rates began to increase again from November. Credit growth by the end of December reached 15.08% compared to the end of 2023, exceeding the set target. The average 12-month deposit interest rate at commercial banks is currently 5.1%/year, up 0.2 percentage points compared to the beginning of the year.
However, MBS forecasts that the 12-month deposit interest rates of major banks in 2025 will fluctuate around 5-5.2%/year. Pressure from exchange rate control and the recovery of production and public investment may force the State Bank to maintain a cautious monetary policy, not expecting to further reduce policy interest rates.
