6-month savings interest rate highest up to 9%
According to a survey by Lao Dong with nearly 30 banks, Cake by VPBank is having a preferential savings interest rate for a 6-month term of up to 9%/year.
Specifically, the 6-month term savings interest rate at Cake by VPBank in normal conditions is 7.2%/year when customers receive interest at the end of the term. If they receive interest at the beginning of the term, receive interest monthly or quarterly, the savings interest rates are 6.78%/year, 7.02%/year and 7.09%/year respectively.
In addition, Cake by VPBank is applying an additional 1.8%/year incentive for customers depositing money for the first time at CAKE BANK from 100,000 VND. When adding this incentive, the 6-month term savings interest rate can reach 9%/year.
BAC A BANK lists the highest savings interest rate for a 6-month term at 7.05%/year. The highest savings interest rate at BAC A BANK is currently 7.1%/year, applied for a 12-month term.
VCBNeo is listing the highest 6-month term savings interest rate at 7%/year when customers deposit money online.
Meanwhile, PGBank lists 6-month term savings interest rates at 6.9%/year when customers receive interest at the end of the term. The highest savings interest rate at PGBank is currently 7%/year, applied for terms of 12 and 13 months.
How to receive interest when depositing 500 million VND?
To calculate savings deposit interest, customers can apply the formula:
Interest = Deposit amount x interest rate %/year x number of months deposited/12 months
For a deposit of 500 million VND, term of 6 months, receiving interest at the end of the term, the interest amount at some banks is calculated as follows:
+ Deposit 500 million VND at Cake by VPBank, if you enjoy a preferential savings interest rate of 9%/year, the interest after 6 months is about 22.5 million VND.
+ Deposit 500 million VND at Cake by VPBank at a normal savings interest rate of 7.2%/year, interest after 6 months is about 18 million VND.
+ Deposit 500 million VND at BAC A BANK with a savings interest rate of 7.05%/year, interest after 6 months is about 17.625 million VND.
+ Deposit 500 million VND at VCBNeo with a savings interest rate of 7%/year, interest after 6 months is about 17.5 million VND.
+ Deposit 500 million VND at PGBank with a savings interest rate of 6.9%/year, interest after 6 months is about 17.25 million VND.
Thus, depositing 500 million VND for a 6-month term, the interest amount can range from about 17.25 million VND to 22.5 million VND, depending on the bank, form of deposit, method of receiving interest and preferential conditions.
Depositors need to note that the highest savings interest rate usually comes with specific conditions such as online deposit, first deposit, receiving interest at the end of the term or participating during the time the bank implements the preferential program.
Before depositing savings, customers should compare savings interest rates between banks, compare savings interest rates between terms and check the applicable conditions to choose the appropriate plan.
