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Digital bank Cake by VPBank has recently announced a new deposit interest rate framework effective from 5:00 PM on October 22. Notably, the bank has increased the interest rate for 1-month term deposits by 0.1% p.a. to 4.1% p.a.
With this adjustment, Cake by VPBank now offers the highest interest rate for 1-month term deposits in the market, on par with OceanBank and twice as much as state-owned banks such as Agribank, VietinBank, and Vietcombank.
Source: Author’s compilation from bank websites
In addition to the 1-month term, Cake by VPBank’s interest rates for other tenors are also among the highest in the market. Specifically, the bank is offering an interest rate of 4.3% p.a. for 2-5 month terms, 5.3% p.a. for 6-11 month terms, 5.8% p.a. for 12-18 month terms, and up to 6.1% p.a. for 24-36 month terms.
Source: Cake by VPBank
Apart from the traditional option of receiving interest at maturity, Cake by VPBank also offers three other interest payment options: upfront interest payment, monthly interest payment, and quarterly interest payment.
For the upfront interest payment option, Cake by VPBank offers interest rates ranging from 3.69% to 5.48% per annum.
For the monthly interest payment option, Cake by VPBank offers interest rates ranging from 4.19% to 5.68% per annum for deposits with a tenor of 3 months or more. As for the quarterly interest payment option, the bank offers interest rates ranging from 4.97% to 5.71% per annum for deposits with a tenor of 6 months or longer.
Additionally, the digital bank has recently launched a new savings product called “cumulative term deposits.” With this product, customers can make multiple contributions to a single savings account and receive interest at maturity.
The interest rates offered by Cake by VPBank for this product range from 3.5% to 5.5% per annum.
Source: Cake by VPBank
Cake by VPBank is a digital-only bank in Vietnam, with technology and artificial intelligence as its core foundations. Despite not having any physical branches, the bank offers essential traditional banking services such as opening payment accounts, transferring/receiving money, and issuing ATM cards. Its customer base mainly comprises young, tech-savvy individuals from Generations Y and Z, mostly located in large cities like Hanoi and Ho Chi Minh City.
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