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According to the latest interest rate table of Cake by VPBank, the deposit interest rates with end-of-term interest payment period range from 3% to 5.2% per year.
In which, the 1-month term has a deposit interest rate of 3% per year; the 2-3-month term has a deposit interest rate of 3.5% per year; the 4-5-month term has a deposit interest rate of 3.6% per year; the 6-11-month term has a deposit interest rate of 4.5% per year; the 12-15-month term has a deposit interest rate of 4.8% per year; the 18-month term has a deposit interest rate of 4.9% per year; The highest interest rate of 5.2% per year is applied to the 24-36-month terms.
Interest rate table for deposit savings with end-of-term interest payment period at Cake by VPBank in March 2024
Source: Cake by VPBank
In addition to the end-of-term interest payment method, Cake by VPBank also offers two other interest payment methods, which are monthly interest payment and quarterly interest payment.
For the monthly interest payment method, Cake by VPBank only applies to deposits of 3 months or more and has interest rates ranging from 3% to 4.4% per year. Specifically, the 3-month term has an interest rate of 3% per year; the 6-9-month term has an interest rate of 4% per year; the 12-18-month term has an interest rate of 4.2% per year; the 24-month term has the highest interest rate of 4.4% per year; while the 36-month term has a deposit interest rate of 4.3% per year.
For the quarterly interest payment method, Cake by VPBank only applies to deposits of 6 months or more and has interest rates ranging from 3% to 4.5% per year. Specifically, the 6-9-month term has an interest rate of 4.1% per year; the 12-18-month term has an interest rate of 4.3% per year; the 24-month term has the highest interest rate of 4.5% per year; while the 36-month term has a deposit interest rate of 4.4% per year.
Interest rate table for flexible deposit savings with flexible interest payment period at Cake by VPBank in March 2024
Source: Cake by VPBank
Cake by VPBank is one of the purely digital banks in Vietnam, with technology and artificial intelligence as its core. Cake by VPBank is designed from the beginning as a “simple, convenient, and reliable” digital banking application to promote the comprehensive financial access of the Vietnamese people.
Cake by VPBank provides basic services of a traditional bank such as opening payment accounts, transferring/receiving money, issuing ATM cards. Customers of Cake are mostly young people of Generation Y and Z in a modern style, mainly concentrated in major cities like Hanoi, Ho Chi Minh City.
Cake by VPBank is one of the fastest-growing digital non-branch and non-transaction office models in Vietnam. As of December 2023, Cake has served over 4.1 million users. The digital bank also said it has received nearly VND 6,000 billion in savings deposits from individual customers.
