According to surveys, as of now, HDBank still offers an attractive savings interest rate of 8.1%/year for a 13-month term for deposits of 500 billion VND and above.
PVcombank also maintains a high-interest rate in the market, offering 9.5%/year for a 12-month term with a minimum deposit of 2,000 billion VND.
In addition, MSB Bank currently offers a savings interest rate of 8%/year for a 13-month term. This rate applies to new savings accounts or those automatically renewed from January 1, 2018, with a term of 13 months and a deposit of 500 billion VND and above.
For interest rates of 7%/year and above, HDBank also offers 7.7%/year for a 12-month term with a minimum deposit of 500 billion VND. Similarly, MSB continues to offer an interest rate of 7% for a 12-month term for new savings accounts or those automatically renewed from January 1, 2018, with deposits of 500 billion VND and above.
For interest rates above 6%/year, Saigonbank, Oceanbank, NCB, SHB, and BVBank offer competitive rates. Specifically, NCB offers the highest interest rate at 6.15% for customers depositing for 18-60 months; HDBank provides an interest rate of 6.1%/year for an 18-month online term; and Bac A Bank offers 6.05%/year for terms ranging from 18 to 36 months for deposits over 1 billion VND.
Meanwhile, BVBank currently offers an interest rate of 6% for a 24-month term. VRB maintains an interest rate of 6% for the same period. SaigonBank offers an interest rate of 6% for 13, 18, and 24-month terms.
With interest rates ranging from 5% to below 6%/year, many banks offer this rate for terms ranging from 6 to 12 months.
Specifically, for a 12-month term, Bac A Bank offers an interest rate of 5.9%/year. BVBank, Saigonbank, and NCB provide a rate of 5.8%/year, while BaovietBank and Dong A Bank offer 5.75%/year. For a 6-month term, NCB offers an interest rate of 5.45%/year for the An Phú savings account.
For interest rates ranging from 3% to below 5%/year, most banks offer these rates for terms of 1 to 3 months. For instance, Eximbank offers an interest rate of 4.3%/year, Ocean Bank provides a rate of 4.2%/year, and Bac A Bank and NCB offer 4.15%/year for a 3-month term. For a 1-month term, the highest interest rate currently belongs to SeABank at 3.95%/year, followed by HDBank, OCB, and Bac A Bank at 3.85%/year.
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The recent decline in liquidity can be attributed to investors awaiting pivotal monetary policy decisions by major central banks globally, according to KIS Vietnam Securities (KIS Securities). A series of socioeconomic events have also diverted investors’ attention, leading to reduced trading activity.
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“The financial services industry primarily serves blue-collar workers and freelancers, a segment that is often the first to be affected by economic downturns, as Mr. Le Quoc Ninh highlights. However, when the economy bounces back, they are also usually the last to reap the benefits.”
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“The entry of the bank into the volatile market economy has given an added boost to individual customers and households, increasing their competitive edge and driving business growth in 2024. With their dynamic presence, the bank is empowering its clients to thrive in an ever-changing economic landscape.”
