The Best Savings Account Interest Rates for July

On July 10th, Ms. Hoang Lan, a resident of District 7, Ho Chi Minh City, shared that her 3-month fixed deposit at Eximbank had reached maturity. Previously, she had deposited the funds for a 3-month term at an interest rate of 3.4% per annum. With the 6-month interest rate now increased from 4.3% to 4.7% per annum, she decided to reinvest for a longer term to take advantage of the higher rate.

“Other investment channels have not shown much improvement, so I decided to stick with savings deposits but opted for a longer term to earn better interest,” said Ms. Lan.

According to a survey conducted by Nguoi Lao Dong reporters, many commercial banks have continued to raise their deposit interest rates for various terms throughout July.

For the 6-month term, VIB, Saigonbank, SeABank, NCB, and Eximbank are among the banks that have increased their interest rates since the beginning of July, with hikes ranging from 0.1 to 0.4 percentage points.

For this term, some of the banks offering higher interest rates include BVBank, Oceanbank, OCB, and BaoVietBank at 4.8%; BacABank at 4.9%; CB Bank at 5%; and the highest being NCB at 5.05% per annum.

For the 9-month term, several banks have made adjustments, including Saigonbank, VIB, SeABank, and NCB, with increases ranging from 0.1 to 0.6 percentage points, with SeABank seeing the most significant jump from 3.6% to 4.2% per annum.

For customers opting for this term, some of the banks offering higher interest rates include BVBank and CB Bank at 4.95%, NCB at 5.25%, and BacABank at 5% per annum.

For those with idle funds considering longer-term deposits of 12 months or more, there are also more options available, with interest rates ranging from 5% to 5.5% per annum. Notably, there has been an increasing trend of banks offering rates in this range. Some banks that have recently increased their long-term deposit rates include NCB, Eximbank, Saigonbank, and SeABank, with the highest increase being 0.5 percentage points.

Currently, the banks offering the highest interest rates for the 12-month term include BacABank, Oceanbank, and BVBank at 5.5% per annum.

It is worth noting that the state-owned commercial banks, such as Vietcombank, Agribank, BIDV, and VietinBank, have not made any changes to their deposit interest rates recently. For the 12-month term, BIDV, Agribank, and VietinBank offer a rate of 4.7% per annum, while Vietcombank’s rate is set at 4.6% per annum.

According to experts, deposit interest rates may continue to rise towards the end of the year to attract idle funds from the market. However, lending rates are not expected to increase and may even need to be reduced further to support businesses and the economy.

Data from the General Statistics Office shows that as of the end of June, credit institutions’ capital mobilization increased by only 1.5% compared to the end of 2023 (compared to an increase of 3.68% in the same period last year). Meanwhile, the economy’s credit growth reached 4.45% (compared to 3.83% in the same period last year).