Savings interest rates "break the peak" thanks to additional incentives
The deposit market is witnessing a fierce race between commercial banks. Although the common listed interest rate for 6-month terms fluctuates around 7.1 - 7.3%/year, in reality, depositors can receive interest rates exceeding the 8%/year mark.
At Cake by VPBank, this bank is applying a policy of adding 0.9%/year for customers depositing money online. With the listed price of 7.3%, actual customers will enjoy an interest rate of up to 8.2%/year.
Similarly, PVcomBank launched a "trick" of adding 1.5%/year for deposits on Fridays weekly via digital channel. With this preferential rate, the actual interest rate received for medium and long-term terms may reach 8.3%/year - the highest level on the market today for common deposits.
Top banks with the highest listed interest rates
Without the additions, the private banking group is still maintaining great attraction with a "hard" listing at a very high level:
Cake by VPBank: 7.3%/year (term of 6 months).
7.1%/year (6-month term) and 7.2% for terms over 12 months.
Bac A Bank: 6.8%/year (online deposit, 6-month term).
Vikki Bank: 6.5%/year (term of 6 months).
Profit calculation: Deposit 600 million, secure 22 million interest
With a listed interest rate of 7.3%/year for a 6-month term (excluding additional incentives), the interest that customers receive when depositing 600 million VND is calculated as follows:
Interest = 600,000,000 x (7.3%/12) x 6 = 21,900,000 VND.
If you choose packages with additional incentives to reach 8.2%/year, the actual interest received after half a year will jump to:
Interest = 600,000,000 x 8.2%/12 x 6 = 24,600,000 VND.
The difference between depositing at regular counters and online deposits with incentives can be up to nearly 3 million VND for the same amount of money and deposit term. This shows that taking advantage of digital channels is bringing clear financial advantages to people.
