All reduced, where to deposit money for high interest?

This morning, June 9 , OCB is one of the newest banks to join the group of banks reducing deposit interest rates. Accordingly, OCB reduced interest rates for terms of 6 months or more.

According to the online interest rate table, the interest rate for 6-month deposits is 7.8%/year, down 0.2 percentage points compared to yesterday. The terms from 9 to 11 months also decreased slightly by 0.1 percentage points to 7.9%/year.

Interest rates on 12- to 15-month deposits decreased by 0.2 percentage points to equal 6- to 11-month terms at 7.9%/year.

Meanwhile, OCB adjusted deposit interest rates for terms of 18 months or more down 0.2 percentage points to 7.7%/year.

Notably, this is the fourth time since the beginning of May that OCB has adjusted its deposit interest rates down.

This morning, National Citizen Bank (NCB) slightly adjusted down 0.1 - 0.2 percentage points for terms of 6 months or more.

The interest rate for 6-9 month term is 7.8%/year. The interest rate for 10-11 month term is 7.85%/year; the interest rate for 12-13 month term is 8%/year. The interest rate for 15-18 month term is 7.9%/year; the interest rate for 24-30 month term is 7.8%/year.

Meanwhile, the Bank for Investment and Development of Vietnam (BVBank) has a strong interest rate reduction. Accordingly, the online mobilization interest rate for terms of 6 months or more has decreased by 0.3 percentage points compared to before.

Currently, the interest rate for 6-month deposits is 7.1%/year; 7-month and 9-month deposits are 7.2% and 7.3%/year, respectively. 8-month and 9-month deposits are 7.3% and 7.4%/year, respectively; 10-month and 11-month deposits are 7.5% and 7.6%/year, respectively.

Meanwhile, interest rates for 12-15 month terms also decreased by 0.3 percentage points to 7.7%/year.

Notably, the 18-month term interest rate dropped sharply by 0.5 percentage points to 7.8%/year.

SCB also announced its second interest rate cut in less than 10 days. This is also the first bank to cut interest rates for the second time since early June.

However, SCB only slightly adjusted the interest rates down by 0.05 percentage points for terms. This adjustment took place for terms of 6 months or more.

Currently, the interest rate for 6-month term is 7.3%/year; 7-8-month term is 7.1%/year; 9-month term is 7.3%/year. 10-11-month term is 7.1%/year; 12-month term is 7.4%/year. Terms of 15 months or more have an interest rate of 7.2%/year.

Since the beginning of June, the market has recorded 11 banks reducing deposit interest rates, including: NCB, OCB, BVBank, VPBank, SCB, VietA Bank, TPBank, SHB, HDBank, KienLongBank, and Saigonbank. Of which, SCB is the first bank to reduce interest rates twice since the beginning of the month.

Previously, 20 banks simultaneously reduced their deposit interest rates in May, more than half of which made adjustments at least twice. OCB, VietBank and VietA Bank alone reduced their deposit interest rates four times since the beginning of May.

With the reduction in deposit interest rates, banks have more room to reduce lending interest rates to support economic recovery. Most recently, Lien Viet Post Bank (LPBank) , chaired by Mr. Thuy, “played big” by reducing lending interest rates for the third time in less than a month.

LPBank has allocated VND8,000 billion to implement a program of preferential interest rates for short-term production and business loans. The interest rate for corporate customers is only from 7.5%/year and for individual customers is only from 8.5%/year. This is considered the "softest" interest rate on the market at this time.

HIGHEST DEPOSIT INTEREST RATES AT BANKS ON JUNE 9 (%/year)
BANK	1 MONTH	3 MONTHS	6 MONTHS	9 MONTHS	12 MONTHS	18 MONTHS
GPBANK	5	5	8.3	8.4	8.5	8.6
ABBANK	5	5	8.2	8.2	8.3	8.5
HDBANK	5	5	7.9	6.9	7.9	7.1
NAMA BANK	5	5	7.9	7.8	7.8	7.6
CBBANK	4.8	4.9	7.85	7.95	8.15	8.25
OCB	4.8	4.95	7.8	7.9	7.9	7.7
NCB	5	5	7.8	7.8	8	7.9
VIETA BANK	5	5	7.8	7.8	8	8
VIETBANK	5	5	7.8	7.7	7.8	7.8
BAOVIETBANK	5	5	7.7	7.8	8.1	7.8
BACA BANK	5	5	7.7	7.8	7.9	8.1
VIB	5	5	7.7	7.8		7.9
OCEANBANK	5	5	7.6	7.7	7.8	8.1
PVCOMBANK	5	5	7.5	7.9	8.2	8.3
EXIMBANK	5	5	7.5	7.5	7.6	7.6
TPBANK	4.8	5	7.4		7.5	7.5
VPBANK	4.9	4.9	7.4	7.7	7.4	6.6
SEABANK	5	5	7.3	7.33	7.8	7.41
PGBANK	5	5	7.3	7.3	7.5	7.5
SCB	5	5	7.3	7.3	7.4	7.2
MSB	5	5	7.3	7.3	7.4	7.4
SHB	5	5	7.2	7.2	7.7	7.7
SAIGONBANK	5	5	7.2	7.3	7.6	7.4
LPBANK	4.8	4.8	7.2	7.2	7.3	7.9
VIETCAPITAL BANK	4.5	4.8	7.1	7.4	7.7	7.8
TECHCOMBANK	4.7	4.7	6.9	6.9	6.9	6.9
SACOMBANK	5	5	6.8	7.1	7.4	7.7
KIENLONGBANK	5	5	6.7	6.9	7.1	7.3
AGRIBANK	4.7	4.9	6.6	6.6	6.8	6.6
MB	4.8	4.8	6.5	6.6	7.2	7.3
BIDV	4.6	5	6.2	6.2	6.9	6.8
VIETINBANK	4.5	4.9	6	6	6.8	6.8
VIETCOMBANK	4.5	5	6	6	6.8