6%/year interest rate is "rare"
Bank interest rates have shown signs of reversing and increasing again since the end of March. However, 6%/year is still a "rare commodity" when only Orient Commercial Joint Stock Bank (OCB) maintains an interest rate of 6%/year for 36-month online deposits.
According to a survey by VietNamNet , interest rates of 5%/year or more are still maintained by most banks up to this point. However, this interest rate is mainly concentrated in long terms, from 18-36 months, especially terms from 24-36 months.
Meanwhile, since the end of February 2024, interest rates for deposits with terms of less than 12 months have been brought down by banks to below 5%/year.
Even with a 12-month savings term, there are currently only a few banks maintaining interest rates of 5%/year for online deposits with this term, including: VietBank (5.2%/year), Nam A Bank (5.1%/year), and a few banks are listing interest rates of 5%/year including: HDBank, NCB, KienLong Bank, LPBank, Saigonbank.
Banks that have lowered deposit interest rates for all terms to below 5% include: Agribank, BIDV, Vietcombank, GPBank, MSB, Dong A Bank, ACB, Techcombank, CBBank, ABBank, SeABank, SCB.
VietinBank is the only bank in the big4 group that is maintaining an interest rate of 5%/year (24-36 month term) after suddenly increasing it from April 16.
HDBank is applying the highest interest rate for 18-month term deposits. The online interest rate for this term is 5.9%/year. Following are: VietBank (5.8%/year), LPBank and Saigonbank (5.6%/year), NCB, KienLong Bank, Nam A Bank, and BaoViet Bank (5.5%/year).
For the 24-month term, VietBank and OCB are leading with the highest online deposit interest rates of up to 5.8%/year. MB and Saigonbank are next with an interest rate of 5.7%/year for this term. In addition, there is LPBank with an interest rate of 5.6%/year.
For 36-month deposits, which is also the longest term at most banks, OCB is the only bank applying an online interest rate of 6%/year.
The group of banks maintaining the highest deposit interest rates for this term also includes: SHB, VietBank, Saigonbank (5.8%/year), MB (5.7%/year), LPBank (5.6%/year),...
Who is the special interest rate for?
If depositing a large amount of money, from several hundred billion or more, depositors can choose to deposit at banks: ABBank, MSB, Dong A Bank, ACB, HDBank, PVCombank, ... to enjoy "special interest rates".
Specifically, the "special interest rate" at ABBank is the highest in the market, up to 9.65%/year, applied to 13-month term deposits with a minimum savings amount of VND 1,500 billion.
PVCombank is also applying a "special interest rate" of up to 9.5%/year for customers depositing money for a term of 12-13 months, with a minimum deposit of VND2,000 billion.
At HDBank, the “special interest rate” is currently 7.7%/year for a 12-month term, and 8%/year for a 13-month term. The condition to enjoy this interest rate is a minimum deposit account of VND500 billion.
Dong A Bank is also applying a “special interest rate” policy when depositing from 200 billion VND, with a term of 13 months, the interest rate will be 7.5%/year. Compared to other banks, the conditions to enjoy special status of Dong A Bank are considered the “easiest”.
The “special interest rate” at MSB is currently 7%/year (down 0.5 percentage points compared to early April), applied to 13-month term deposits and also with deposits from 500 billion VND.
The “special interest rate” at ACB is currently 5.6%/year for 13-month deposits (the normal interest rate is 4.4%/year).
Compared to the above banks, the “special interest rate” at ACB is nothing special. The condition set by ACB is to have a deposit of at least 200 billion VND.
In addition, some banks such as VPBank, Techcombank, SeABank, ACB are applying a ladder interest rate policy depending on the deposit amount, or by default adding interest to customers when depositing from 100 million VND.
| ONLINE DEPOSITS TERMS WITH INTEREST RATES FROM 5%/YEAR AS OF APRIL 19 | ||||
| BANK | 12 MONTHS | 18 MONTHS | 24 MONTHS | 36 MONTHS |
| OCB | 4.9 | 5.4 | 5.8 | 6 |
| VIETBANK | 5.2 | 5.8 | 5.8 | 5.8 |
| SAIGONBANK | 5 | 5.6 | 5.7 | 5.8 |
| SHB | 4.9 | 5.2 | 5.5 | 5.8 |
| MB | 4.6 | 4.7 | 5.7 | 5.7 |
| LPBANK | 5 | 5.6 | 5.6 | 5.6 |
| HDBANK | 5 | 5.9 | 5.5 | 5.5 |
| NAM A BANK | 5.1 | 5.5 | 5.5 | 5.5 |
| NCB | 5 | 5.5 | 5.5 | 5.5 |
| KIENLONGBANK | 5 | 5.5 | 5.5 | 5.5 |
| BAOVIETBANK | 4.7 | 5.5 | 5.5 | 5.5 |
| BAC A BANK | 4.6 | 5.5 | 5.5 | 5.5 |
| OCEANBANK | 4.9 | 5.2 | 5.2 | 5.2 |
| EXIMBANK | 4.9 | 5.1 | 5.2 | 5.2 |
| VIET A BANK | 4.8 | 5.1 | 5.2 | 5.2 |
| VPBANK | 4.8 | 4.8 | 5.2 | 5.2 |
| PGBANK | 4.3 | 4.8 | 5.2 | 5.2 |
| TPBANK | 4.7 | 5 | 5.1 | 5.2 |
| SACOMBANK | 4.7 | 4.9 | 5 | 5.2 |
| PVCOMBANK | 4.8 | 5.1 | 5.1 | 5.1 |
| VIB | n/a | 4.8 | 5 | 5 |
| VIETINBANK | 4.7 | 4.7 | 5 | 5 |
| BVBANK | 4.65 | 5.25 | 5.35 | n/a |
Since the beginning of April 2024, a series of banks have increased deposit interest rates including: HDBank, MSB, Eximbank, NCB, VPBank, KienLong Bank, VietinBank. Of which, VPBank and Eximbank are the banks that increased deposit interest rates at the end of March, along with SHB and Saigonbank. On the contrary, some banks have reduced deposit interest rates since the beginning of April, including: Vietcombank, PGBank, SCB, Techcombank, ABBank, Dong A Bank, Viet A Bank, Eximbank, Nam A Bank. In which SCB has adjusted deposit interest rates down twice. |
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