2 banks have interest rates above 7.4% for 12-month savings

PVcomBank's interest rate is currently the highest in the market, up to 9.5% for a 12-month term with a minimum deposit of VND2,000 billion, however customers must meet special conditions.

Under normal conditions, PVcomBank lists the highest 12-month interest rate at 5.1% when customers deposit money online and 4.8% when depositing money at the counter.

Following is HDBank with an interest rate of 7.7% for a 12-month term, with a minimum balance of VND500 billion. Under normal conditions, HDBank lists the highest 12-month interest rate at 5.6% when customers deposit money online and 5.5% when depositing money at the counter.

The top banks with the highest interest rates for 12-month terms under normal conditions include: GPBank, ABBank, INDOVINA Bank Limited (IVB).

GPBank is listing the highest 12-month interest rate at 6.05%/year for customers making electronic savings deposits. Currently, the highest interest rate listed by this bank is 6.15% for terms of 13-36 months.

ABBank is listing the highest interest rate for a 12-month term at 6%/year when customers deposit money online and receive interest at the end of the term. Customers who receive interest in advance, monthly and quarterly receive interest rates of 5.66%, 5.84%, 5.87%/year, respectively.

IVB is listing the highest interest rate for a 12-month term at 5.95%/year for customers who receive interest at the end of the term. Customers who receive interest monthly receive an interest rate of 5.79%/year.

How much interest do you receive if you save 500 million VND for 12 months?

You can refer to the interest calculation method to know how much interest you will receive after saving. To calculate interest, you can apply the formula:

For example, you deposit 500 million VND into Bank A for a 12-month term and enjoy an interest rate of 6%/year. The interest received is as follows:

500 million VND x 6%/12 x 12 = 30 million VND.