Specifically, ABBANK offers a deposit interest rate of 6.2%/year for an 18-month term, and this rate increases to 6.3%/year for a 24-month term.
BacABank announced a savings interest rate of 6.15%/year for the 18-24 month term.
At Bản Việt Bank (BVBank), customers who deposit for a term of 18 months or more will enjoy an interest rate of 6%/year.
HDBank, Saigonbank, and some other banks are also mobilizing capital from the population with interest rates starting from 6%/year for long-term deposits of 18 months or more.
Long-term savings interest rates at many banks currently exceed 6%/year
The digital bank Cake by VPBank also offers high savings rates, with an interest rate of 6.1%/year for deposits with terms ranging from 24 to 36 months.
For example, if a customer deposits 1 billion VND with an 18-month term at an interest rate of 6%/year, the maturity interest will reach 1.09 billion VND (averaging VND 5 million per month in interest).
For terms of 12 months or more, the state-owned commercial bank group is maintaining relatively low deposit interest rates. Vietcombank and BIDV apply an interest rate of 4.7%/year, while Agribank and VietinBank offer 4.8%/year for 24-month terms.
According to MBS Securities Company, while the interest rate increase trend paused in October, it resumed in the first half of November, with nine banks adjusting their deposit rates, with increases ranging from 0.1 to 0.7 percentage points.
Experts from CSI Securities Company (CSI) stated that since the middle of 2024, deposit rates have tended to increase again and are currently at the highest level since the beginning of the year.
Specifically, the interest rate for 12-month deposits at large banks fluctuates between 4.9% and 5.2%/year. However, this interest rate remains at the lowest level in history over the years.
The Rising Trend of Savings Account Interest Rates
After a period of stagnation in September–October 2024, deposit interest rates witnessed a positive shift in November 2024. This improvement was marked by a significant number of banks adjusting their deposit rates upwards.
“Banks Reap the Benefits as Savings Account Interest Rates Rise”
With an increasing number of banks offering attractive interest rates on savings accounts, the battle for idle funds is heating up. In today’s market, which banks are offering interest rates above 6% per annum on deposits? It’s time to explore the options and make your money work harder.
The Rising Exchange Rate: A Boon for Banks
The volatile exchange rates in the first half of the year have resulted in a windfall for many banks’ foreign exchange business.
“Agribank and Nam A Bank: The Race to Attract Digital Savers Heats Up”
Agribank and Nam A Bank have announced an update to their online savings interest rates, effective from the 15th of November onwards.
The Cash Flows Strongly into the Banks
According to the latest data released by the State Bank of Vietnam, resident deposits reached over VND 6,920 trillion by the end of August 2024, a 6% increase compared to the end of 2023. This significant growth showcases the thriving economy and the confidence of residents in the country’s financial system.
