A recent market survey reveals that four banks are currently offering savings account interest rates above 7% per annum.
Specifically, Dong A Bank offers an interest rate of 7.5% per annum for terms of 13 months or more, with interest paid at maturity. This rate applies to deposits of 200 billion VND or more.
MSB also maintains competitive rates, offering up to 8% per annum for 13-month terms and 7% for 12-month terms. These rates are applicable for new savings accounts or auto-renewed accounts opened from January 1, 2018, with terms of 12 or 13 months and deposits of 500 billion VND or more.
HDBank likewise presents attractive rates, with 8.1% per annum for 13-month terms and 7.7% for 12-month terms. To qualify for these rates, customers must deposit at least 500 billion VND.
PVcombank stands out as the bank offering the highest interest rate in the market, with a remarkable 9.5% interest for 12-month terms. However, this rate is applicable only for minimum deposits of 2,000 billion VND.
For regular savings accounts, the highest interest rate in the system stands at 6.1% per annum. Saigonbank, Oceanbank, NCB, and SHB offer this rate for terms ranging from 24 to 36 months. HDBank provides a similar rate of 6.1% but for a shorter term of 18 months for online deposits.
Bac A Bank has also recently adjusted its savings account interest rates, now offering a maximum rate of 6.05% per annum for terms of 18 to 36 months on deposits exceeding 1 billion VND.
BVBank and Cake by VPBank currently offer 6% interest for 24-month and 12-month terms, respectively. VRB matches this rate for 24-month terms. Meanwhile, SaigonBank provides a 6% interest rate for 13, 18, and 24-month terms.
For shorter terms, DongABank offers an impressive 5.65% per annum for 9-month terms. For 6-month terms, the highest interest rate in the market is 5.55% per annum, available through CBBank’s online deposit option.
The wave of increasing savings account interest rates continues to spread. Since the beginning of September, seven banks have raised their rates, including Techcombank, Dong A Bank, OceanBank, Eximbank, GPBank, VietBank, and Bac A Bank. Conversely, three banks have slightly lowered their rates for counter and online deposits: ABBank, Eximbank, and PVcombank.
The Bank Boosts Savings Rates Starting Today, August 21st – The Second Rate Hike This August
As of early August, 13 banks have increased their deposit interest rates, with Dong A Bank being one of the leaders in this adjustment.
VPBank, ACB, and several other banks adjust online savings interest rates from March onwards.
In early March, a number of banks have continued to adjust their savings interest rates. It is worth noting that none of the banks have increased their savings interest rates.
