Talking to Lao Dong, Ms. Le Thi Nguyet - a worker in the Kim Bang area (Ha Nam) shared that although she knows that current interest rates at banks are not as high as before, she still chooses to deposit savings for safety and convenience.
I think that at a time when the investment market is volatile, keeping money in the bank helps him save capital and avoid the risk of great losses. I also don't have much knowledge in other fields, so I chose to " wear it firmly" - deposit savings in banks to ensure safety" - Ms. Nguyet said.
With the mentality of "depositing money for peace of mind", Ms. Nguyet and many others still consider banks as the safest place to deposit, even with low interest rates. They are willing to accept low profits for assurance, and wait for more suitable times to shift their investment direction when the market is stable or there are better profit opportunities.
Speaking with Lao Dong, Dr. Chau Dinh Linh - Economic expert, Lecturer at Ho Chi Minh City Banking University said - the State Bank's monetary policy orientation is to maintain low interest rates, supporting businesses and the economy after impacts such as COVID-19, natural disasters and trade tensions. From there, there will be appropriate adjustments to input interest rates.
According to Dr. Chau Dinh Linh, current savings interest rates are not uniform, depending on each product, term, as well as the scale of the bank. Larger banks have more liquidity, while smaller banks are under liquidity pressure and will have different interest rates.
"In general, savings interest rates are currently showing a stable trend at the basic level, but medium and long-term interest rates tend to increase higher than short-term interest rates. Banks also diversify capital mobilization products, including the issuance of electronic deposit certificates, helping banks proactively mobilize medium and long-term capital.
Although traditional savings interest rates are not high, they still attract people's deposits, due to the safety and capital preservation needs of the people. Savings are still a safe investment channel in the context of other investment channels with high risks or unattractive profits. Many people also consider this a temporary channel, waiting for another investment opportunity with higher profit potential to appear Dr. Chau Dinh Linh assessed.
According to the State Bank's figures, by the end of February, the individual's deposit reached VND 7,366 million, an increase of VND 178,000 billion compared to the end of January and an increase of VND 301,000 billion compared to the end of 2024.
In February, banks increased deposit interest rates to attract capital, in which many banks introduced deposit interest rates above 6%/year. The deposit interest rate for 3-month term ranges from 3.5% to 4.6%/year; 6-month term from 4.8% to 5.9%/year; 12-month term from 5.8% to 7.7%/year.
As of the end of February, the Government and the State Bank have requested banks to reduce deposit interest rates to support reduction in lending interest rates. In the two months from March to the end of April, many banks have adjusted deposit interest rates down from 0.3% to 1%/year depending on the term.
In May, interest rates tended to increase slightly, around 0.1% to 0.3%/year at some banks, but there was no race to increase interest rates like in February.
