3 banks have interest rates higher than 7.9% for 13-month savings

Since the beginning of June, the market has recorded more than 20 commercial banks increasing deposit interest rates, including: TPBank, VIB, GPBank, BaoViet Bank, LPBank, Nam A Bank, OceanBank, ABBank, Bac A Bank, MSB, MB, Eximbank, OCB, BVBank, NCB, VietBank, VietA Bank, VPBank, PGBank, Techcombank and ACB.

Of these, 9 banks have increased deposit interest rates twice since the beginning of June, namely GPBank, VIB, MB, BaoViet Bank, Eximbank, OceanBank, NCB, TPBank and most recently LPBank.

The trend of increasing deposit interest rates has appeared since the end of March and occurred widely in April, May and continued in June. However, the increasing trend still mainly comes from the group of private joint stock banks, while the group of 4 state-controlled banks, Vietcombank, BIDV, VietinBank and Agribank, still apply the deposit interest rate schedule at a historically low level.

According to a survey by Lao Dong Newspaper reporters, among nearly 30 banks in the system, PVcomBank's interest rate is leading the market for a 13-month term when listing the highest savings interest rate at 9.5%/year for mass savings products. However, it only applies to savings deposits at the counter for newly opened deposit balances of VND2,000 billion or more.

PVcomBank traditional savings interest rate table. Screenshot

HDBank applies an interest rate of 8.1%/year for a 13-month term with the condition of maintaining a minimum balance of VND300 billion. When customers deposit at the counter, under normal conditions, they only receive an interest rate of 5.6%/year. If they deposit online, customers receive an interest rate of 5.7%/year.

HDBank traditional savings interest rate table. Screenshot

HDBank online savings interest rate table. Screenshot

MSB is listing the highest interest rate for a 13-month term at 8%/year, with the condition that a new savings account or a savings account opened from January 1, 2018 will automatically renew for a 13-month term and a deposit amount of VND500 billion or more.

Under normal conditions, MSB is listing the highest interest rate for a 13-month term at 5.4%/year for online deposits, with interest paid at the end of the term. Customers depositing at the counter receive an interest rate of 5.1%/year.

MSB savings interest rate table. Screenshot

Cake by VPBank is listing the highest 13-month interest rate at 5.8%/year when customers receive interest at the end of the term. Customers depositing money for other terms enjoy interest rates ranging from 3.7-6%.

Cake by VPBank savings interest rate table. Screenshot

How much interest can I receive for a 13-month savings deposit?

You can refer to the interest calculation method to know how much interest you will receive after saving. To calculate interest, you can apply the formula:

Interest = deposit x interest rate %/12 x number of months of deposit.

For example, you deposit 1 billion VND in Bank A, term 13 months and enjoy interest rate 5.7%/year, the interest received is as follows:

1 billion VND x 5.7%/12 x 13 = 61.75 million VND.

* Interest rate information is for reference only and may change from time to time. Please contact the nearest bank transaction point or hotline for advice.

Readers can refer to more information about interest rates HERE.

Source: https://laodong.vn/tien-te-dau-tu/3-ngan-hang-co-lai-suat-cao-hon-79-khi-gui-tiet-kiem-13-thang-1356744.ldo