10 banks are paying interest rates above 6%/year
Currently, 10 banks are listing interest rates from 6%/year or more for terms of 12 months or more. Specifically:
Eximbank: Highest interest rate is 6.4%/year (18-month term).
BVBank: Highest interest rate is 6.35%/year (18-month term).
MBV, KienlongBank, HDBank: Highest interest rate is 6.1%/year (18-month term).
VietBank, BaoVietBank, IVB, VCBNeo: Highest interest rate is 6%/year (12/18 month term).
This statistic does not include interest rates for deposits with a term of 24-36 months. These deposit terms at banks are also listed at a high level, from 6% or more.
Where is the highest short-term interest rate?
For terms under 6 months, Eximbank is currently leading with 4.75%/year for online deposits with a term of 3-5 months when customers open savings books on weekends.
Banks listing the highest 3-month term interest rates include:
Eximbank: 4.75%/year (weekends), 4.4%/year (other days).
MBV, VietBank: 4.6%/year.
Nam A Bank: 4.5%/year.
Vikki Bank: 4.4%/year.
BaoVietBank, IVB, VCBNeo: 4.35%/year.
Interest rates are expected to continue to increase slightly
According to the forecast from Vietcombank Securities Company (VCBS), deposit interest rates may increase slightly by 0.2 - 0.3 percentage points for medium and long-term terms by the end of 2024, then stabilize in 2025.
In the context of strong increases in bank deposits, reaching more than VND14 million billion in 2024 (up 4.9% compared to the beginning of the year), the capital mobilization rate is still slower than credit. This could put pressure on small banks to continue adjusting deposit interest rates to maintain liquidity.
Dr. Nguyen Tri Hieu commented that the strong increase in savings trends reflects people's cautious psychology in the face of fluctuations in the stock, real estate and gold markets. At the same time, cash flow into banks also helps credit institutions expand lending activities, promoting economic growth.
According to SBV Deputy Governor Dao Minh Tu, the monetary management policy will continue to ensure liquidity for the banking system, supporting growth but still controlling inflation. If necessary, the SBV can intervene with tools such as refinancing or operating the currency market to stabilize interest rates.
It is forecasted that in the coming months, the trend of slightly increasing deposit interest rates may continue, especially in the group of private banks with high capital mobilization needs, while the group of state-owned enterprises is likely to remain stable.
