3 banks with the highest interest rates for 12-month savings

Interest rates on 12-month term savings accounts under normal conditions are currently fluctuating around 4.4 - 6%. Design: Thach Lam

Leading the pack in 12-month term savings interest rates, PVcomBank offers up to 9.5% per year. However, customers need to meet the condition of depositing a minimum of 2,000 billion VND at the counter and this only applies to products with interest paid at the end of the term. In addition, HDBank offers the highest 12-month savings interest rate at 7.7% per year, with the condition of maintaining a minimum balance of 300 billion VND.

Under normal circumstances, the top 3 banks offering the highest 12-month savings interest rates are Cake by VPBank , ABBank, and GPBank.

ABBank is currently offering the highest interest rate of 6% for a 12-month term when customers deposit online and receive interest at the end of the term. Customers receiving interest quarterly, monthly, or upfront receive lower rates, at 5.87%, 5.84%, and 5.66% respectively.

ABBank savings interest rate chart. Screenshot.

Similarly, Cake by VPBank is offering the highest interest rate for a 12-month term at 6% when customers receive interest at the end of the term. Customers receiving interest quarterly, monthly, or at the beginning of the term receive lower rates, at 5.68%, 5.65%, and 5.48% respectively.

Savings interest rate chart for Cake by VPBank. Screenshot.

GPBank is currently offering the highest interest rate of 5.75% per annum for 12-month deposits via electronic savings. GPBank's listed interest rate range from 0.50% to 5.85%.

GPBank savings interest rate chart. Screenshot.

How much interest will I receive if I deposit 2 billion VND for 12 months?

You can refer to the interest calculation method to find out how much interest you will receive after depositing your savings. To calculate interest, you can apply the following formula:

Interest = Deposit amount x Interest rate %/12 x Number of months deposited.

For example, if you deposit 2 billion VND into Bank A for a 12-month term and earn an interest rate of 5.8% per year, the interest received will be as follows:

2 billion VND x 5.8%/12 x 12 = 116 million VND.

* Interest rate information is for reference only and may change from time to time. Please contact your nearest bank branch or hotline for specific advice.

Readers can find more information about interest rates HERE.

Source: https://laodong.vn/tien-te-dau-tu/3-ngan-hang-co-lai-suat-cao-nhat-khi-gui-tiet-kiem-12-thang-1367899.ldo