Which banks are applying interest rates above 7%/year?
In the context of capital mobilization competition, some banks offer special interest rates of over 7%/year for large deposits, mainly from 200 billion VND or more.
PVcomBank: Interest rate 9%/year for 12-month term, balance from VND 2,000 billion.
HDBank: Interest rate 8.1%/year (13 months), 7.7%/year (12 months), balance from 500 billion VND.
MSB: Interest rate of 8%/year (13 months), 7%/year (12 months), applied to newly opened or automatically renewed savings books.
Vikki Bank: Interest rate 7.5%/year (13 months), balance from 200 billion VND.
Highest online savings interest rate
Online savings interest rates are also different between banks:
Eximbank: 6.8%/year (24 months).
BVBank: 6.45%/year (24 months).
Timo by BVBank: 6.3%/year (24 months).
Customers depositing online often enjoy a higher interest rate at the counter from 0.1 - 0.3 percentage points, depending on the bank.
Interest rate forecast: Slight increase trend
According to 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 and remain stable in 2025.
Although the cash flow into banks continues to increase strongly, reaching more than 14 million billion VND in 2024 (up 4.9% compared to the beginning of the year), the capital mobilization rate is still slower than credit growth. This may cause small banks to continue adjusting interest rates to attract customers.
It is forecasted that in the coming time, deposit interest rates may increase slightly in the group of private banks with high capital mobilization needs, while the Big 4 group is likely to remain stable.
Dr. Nguyen Tri Hieu commented that the sharp increase in deposit flows reflects people's cautious psychology in the face of fluctuations in the stock, real estate and gold markets. At the same time, the amount of deposits in banks helps credit institutions have more capital to expand lending, contributing to promoting economic growth.
SBV Deputy Governor Dao Minh Tu emphasized that monetary policy will continue to be flexible to support liquidity, control inflation and ensure economic balance. If necessary, the SBV can use management tools such as refinancing to stabilize interest rates.
