The Surprising Savings Rates at the ‘Zero-Dollar’ Bank Group

Global Petroleum Commercial Joint Stock Bank (GPBank), a zero-dong bank that has not yet been transferred, has just applied a new electronic savings interest rate for individual customers. Accordingly, the bank has increased the interest rate for deposits with terms of 1-36 months by 0.3% per year.

Specifically, the interest rate for 1- and 2-month terms has been increased to 3.7% and 4.2% per year, respectively. Interest rates for terms of 3-5 months now range from 4.22% to 4.25% per year.

The 6-month term interest rate at GPBank has been increased to 5.55% per year, the 7-month term is currently listed at 5.65% per year, the 8-month term is 5.8% per year, and the 9-month term is applied with an interest rate of 5.9% per year.

Notably, the online savings interest rate for a 12-month term at GPBank has increased to 6.25% per year. Meanwhile, terms of 13-36 months are offered an interest rate of up to 6.35% per year.

With this adjustment, GPBank is currently the bank with the highest-listed savings interest rate in the system for regular deposits (excluding large deposits that enjoy special interest rates).

DongA Bank, a specially controlled bank, offers deposit interest rates that are among the highest in the system. For terms of 1-2 months, it offers up to 3.9% per year; for 3-5 months, it lists 4.1% per year. The interest rate for 6-8 months is 5.55% per year; 12 months is 5.8% per year, and 13 months is 6% per year.

In addition, this bank also applies an additional margin of 0.15% to 0.25% based on the deposit amount or term. For 13-month term deposits with interest paid at maturity, from VND 200 million to less than VND 500 million will be added 0.05% per year; from VND 500 million to less than VND 1 billion, 0.10% per year; and from VND 1 billion onwards, 0.15% per year.

CB Bank has adjusted its savings interest rates for the second time after officially being transferred to Vietcombank. Accordingly, the interest rate for a 6-month term has been reduced to 5.45% per year, a further decrease of 0.5% per year; the 12-month term is now 5.55%, a reduction of 0.5%; and the 13-month term is 5.7% per year, a decrease of 0.1% per year.

However, CB Bank’s rates are still much higher than those of Vietcombank. Currently, Vietcombank’s 6-month interest rate is 2.9% per year, and its 16-month rate is 4.6% per year.

Meanwhile, Oceanbank, another zero-dong bank that has been transferred, has not made any adjustments to its interest rates. Accordingly, the 1-2 month term is at 4% per year; 3-6 months is 4.3% per year; 12 months is 5.7% per year; and the 18-36 month term is up to 6.1% per year.

MB Bank, which took over Oceanbank, has a lower interest rate schedule. Specifically, the 1-month term is 3.7% per year; 12 months is 5.05% per year; and 36 months is 5.9% per year.

It is known that after the official transfer of these two zero-dong banks, two other banks, GPBank and DongA Bank, are expected to be transferred to other banks in the future.