Banks increase interest rates since the beginning of the year
From January 2025 to present, many banks have increased deposit interest rates, of which Eximbank has increased interest rates 3 times, KienlongBank 2 times. The list of banks with interest rate increases includes:
Agribank, Bac A Bank, NCB, MBV, VietBank, ABBank, BaoViet Bank, BVBank, Techcombank, Viet A Bank.
In addition, some banks reversed interest rate cuts after adjusting them upward before, or decreasing them in certain terms:
NCB, ABBank, Eximbank, Agribank: After increasing interest rates, these banks have adjusted down some terms.
SeABank, Nam A Bank, Bac A Bank: Bring interest rates down.
Bac A Bank is one of the few banks that have reduced interest rates in both January and February.
What is the current interest rate level?
According to the latest report of the State Bank, the average deposit interest rate at domestic commercial banks is as follows:
No term, less than 1 month: 0.1 - 0.2%/year.
1 term - less than 6 months: 3.1 - 4.0%/year.
6 - 12 month term: 4.4 - 5.2%/year.
Term over 12 - 24 months: 5.0 - 5.9%/year.
Term over 24 months: 6.8 - 7.2%/year.
Currently, Eximbank is leading the market with a 12-month deposit interest rate of 6.5%/year. The highest interest rate for a 6-month term also belongs to Eximbank at 5.6%/year.
For the 18-month term, BVBank and GPBank are listing interest rates at 6.05%/year, while VCBNeo, KienlongBank, MBV, DongA Bank, HDBank all keep the interest rate at 6.1%/year.
6-month term: Eximbank 5.6%/year, Viet A Bank, Saigonbank, MBV 5.5%/year.
9-month term: KienlongBank, DongA Bank 5.8%/year, Viet A Bank, MBV 5.5%/year.
12-month term: Eximbank 6.5%/year, HDBank, MBV, DongA Bank, KienlongBank 6.1%/year.
18-month term: BVBank, GPBank 6.05%/year, KienlongBank, MBV, DongA Bank, HDBank 6.1%/year.
24 - 36 month term: Eximbank, Viet A Bank, GPBank, KienlongBank ranges from 6 - 6.2%/year.
Interest rates at Vietcombank, VietinBank, BIDV, Agribank remain at 4.7%/year for a 12-month term, much lower than that of private banks.
SCB continues to have the lowest interest rate in the commercial banking group at 3.7%/year for a 12-month term.
What should savers consider?
Although the interest rate level is still high, according to the forecast, the possibility of interest rates continuing to increase sharply in the coming time is not high. Financial experts say that the first quarter of 2025 will be a stable period, when the State Bank will continue to closely monitor market developments to control inflation and support credit growth.
For those who deposit savings, terms of 12 - 24 months are a good choice to enjoy the highest interest rate. For large deposits, some banks still maintain special interest rate programs from 7 - 9%/year, but with very high conditions for a minimum balance.
