Savings interest rates above 8%/year
A survey of savings interest rates at some banks shows that interest rates above 8%/year are appearing in some products and terms.
Cake by VPBank currently has a standard savings interest rate of 7.2%/year for terms of 6-9 months and 7.4%/year for terms of 10-24 months, when customers receive interest at the end of the term.
This bank is also offering additional interest rates for savings depositors. For first-time depositors, the additional level can be up to 2%/year. Thus, savings interest rates at Cake by VPBank can be up to 9.2%/year for terms of 6-9 months and 9.4%/year for terms of 10-12 months, if customers meet the preferential conditions.
SCB is recorded to have adjusted the interest rate of the "Ordinary 13-month deposit" product to 8.7%/year. This level applies to the 13-month term, the form of interest payment at the end of the term.
However, this is the separate interest rate of a specific product. The remaining terms and deposit products at SCB are still much lower, in which many long terms are listed below 4%/year.
Nam A Bank has an interest rate of over 8%/year in the group of very large deposits. Specifically, the 24-month term is 8.3%/year and the 36-month term is 8.1%/year for deposits from 500 billion VND or more, after being approved by the General Director.
BVBank also has an interest rate of 8.2%/year, but applies to online deposit certificates. This is a product different from ordinary savings deposits, so depositors need to carefully read the conditions before participating.
Detailed order of interest rates above 8% and points to note as follows:
9.4%/year: Cake by VPBank, after adding a 2%/year incentive for first-time depositors, applied to the 10-12 month term group.
9.2%/year: Cake by VPBank, after adding a 2%/year incentive for first-time depositors, applied to the 6-9 month term group.
8.7%/year: SCB, applied exclusively to the "Normal 13-month Deposit" product, receiving interest at the end of the term.
8.3%/year: Nam A Bank, applicable to deposits from 500 billion VND or more with a term of 24 months, requiring approval from the General Director.
8.2%/year: BVBank, applicable to online deposit certificates.
8.1%/year: Nam A Bank, applicable to deposits from 500 billion VND or more with a term of 36 months, requiring approval from the General Director.
Depositors should carefully check the conditions before depositing, especially the minimum deposit amount, applicable term, preferential period, form of interest receipt and regulations on early withdrawal. The actual received interest rate may change at different times and according to the policies of each bank.
