3 banks with interest rates over 7% for 12-month deposits

PvcomBank's interest rate is currently the highest in the market, up to 9.5% for a 12-month term with a minimum deposit of VND 2,000 billion.

Next is HDBank with a fairly high interest rate, 7.7% for a 12-month term, with a condition of maintaining a minimum balance of 500 billion VND.

Following closely, MSB also applies an interest rate of 7% for a 12-month term. The applicable conditions are that the savings book is newly opened or the savings book is opened from January 1, 2018, automatically renewed with a term of 12 months, 13 months and the deposit amount is from 500 billion VND.

Under normal conditions, the top 4 banks with high 12-month interest rates include: Cake by VPBank, BacABank, BaoVietBank, BVBank.

Cake by VPBank is listing the highest interest rate for a 12-month term at 6%/year when customers receive interest at the end of the term. Customers receiving monthly and quarterly interest receive interest rates of 5.65% and 5.68%, respectively. The highest interest rate listed by Cake by VPBank is 6.1% when customers deposit for 24-36 months.

Cake by VPBank savings interest rate table. Screenshot

BacABank is listing the highest interest rate for a 12-month term at 5.8%/year when customers receive interest at the end of the term. Customers receiving interest in advance, monthly and quarterly will receive interest rates of 5.65% and 5.7%/year, respectively.

BacABank savings interest rate table. Screenshot

BaoVietBank is listing the highest interest rate for a 12-month term at 5.8%/year when customers receive interest at the end of the term. Customers receiving interest monthly and quarterly receive interest rates of 5.6% and 5.65%/year, respectively.

BaoVietBank savings interest rate table. Screenshot

BVBank is listing the highest interest rate for a 12-month term at 5.8%/year when customers receive interest at the end of the term. Customers receiving monthly interest and receiving interest in advance receive interest rates of 5.65% and 5.48%/year, respectively.

BVBank savings interest rate table. Screenshot

How much interest do you receive if you save 1 billion VND for 12 months?

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, for a term of 12 months and enjoy an interest rate of 6%/year, the interest received is as follows:

1 billion VND x 6%/12 x 12 = 60 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 specific advice.

Readers can refer to more information about interest rates HERE.

Source: https://laodong.vn/tien-te-dau-tu/3-ngan-hang-lai-suat-hon-7-khi-gui-tien-12-thang-1387330.ldo