As the Lunar New Year 2025 approaches, banks are rushing to increase deposit interest rates to invite workers, especially office workers, to deposit savings when they receive their salaries and Tet bonuses.

In particular, Pham Hung Transaction Office (Hanoi) of Saigon Hanoi Commercial Joint Stock Bank (SHB) has just announced the highest mobilization interest rate of up to 6.9%/year, a sharp increase compared to the 6.1%/year that SHB listed for 36-month online deposits.

According to this bank employee, the current interest rate at SHB is still according to the general regulations announced by the bank. However, the actual interest rate may vary depending on the branch and transaction office.

"Maybe that branch has a high demand for capital mobilization so they offer such high interest rates," said an SHB employee.

The transaction point of Loc Phat Vietnam Joint Stock Commercial Bank (LPBank) on Dinh Tien Hoang Street (Hanoi) is also offering the highest deposit interest rate of up to 6.5%/year.

According to LPBank staff, the interest rate of 6.5%/year is only for "priority customers", while the highest interest rate for deposits at the counter is 5.5%/year and for online deposits at LPBank is 5.8%/year, with a term of 18-36 months.

LPB SHB Interest Rate.jpg
Highest deposit interest rates at SHB and LPBank. Photo: Tuan Nguyen.

Previously, Vietnam Modern Bank (MBV) also took advantage of the time when office workers had just received their salaries and Tet bonuses to increase interest rates "in a flash", increasing 0.5%/year for terms from 1-12 months compared to savings interest rates at the counter.

Accordingly, the highest bank interest rate when depositing money at MBV is up to 6.2%/year when customers deposit savings for a term of 12 months. The interest rate for deposits with a term of 3-5 months also increased to the maximum level of 4.75%/year.

The "flash" interest rate was implemented by MBV in the last 3 working days (from January 22-24) before entering the Lunar New Year holiday of At Ty 2025.

Leading the trend of increasing interest rates in the last days of the Lunar New Year is Eximbank. Unlike the above banks, this bank officially listed the highest mobilization interest rate of up to 6.8%/year for online deposits with terms of 24-36 months, and at the same time set the rates of 6.4% and 6.7%/year for deposits with terms of 15 and 18 months, respectively.

Eximbank also officially increased the interest rate on 3-5 month term deposits to 4.7%/year when customers make online savings deposits on weekdays and 4.75%/year for online savings opened on weekends.

In addition, according to a survey by VietNamNet, many banks' transaction offices are displaying signs inviting customers to deposit money with interest rates higher than the highest interest rate in the interest rate table announced by the bank.

One example is the Global Petroleum Bank (GPBank) when inviting customers to deposit money with interest rates up to 6.35%/year, while the highest deposit interest rate according to the interest rate schedule announced by the bank is 6.15%/year, applied to online deposits with terms of 13-36 months.

Southeast Asia Commercial Bank (SeABank) also displayed signs inviting deposits with interest rates up to 5.95%/year. Meanwhile, the highest savings interest rate according to the interest rate schedule announced by SeABank is 5.45%/year, for a term of 18-36 months.

The Vietnam Joint Stock Commercial Bank for Foreign Trade of Vietnam (VCBNeo) is also displaying signs at its transaction offices with an inviting interest rate of 6.05%/year, 0.05%/year higher than the highest deposit interest rate officially listed by VCBNeo for a term of 12-36 months.

In front of the transaction office of Bac A Bank, there is also a sign inviting deposits with interest rates up to 6.4%/year. Meanwhile, the highest interest rate for deposits under 1 billion VND is 6.1%/year (term 18-36 months) and the highest interest rate for deposits from 1 billion VND is 6.2%/year (term 18-36 months).

At Vietnam Public Bank (PVCombank), the highest deposit interest rate according to the online deposit interest rate table is listed at 5.8%/year (18-36 month term). However, this bank is also displaying signs inviting deposits with interest rates up to 6%/year.

INTEREST RATES FOR ONLINE DEPOSITS AT BANKS BEFORE TET HOLIDAY (%/YEAR)
BANK 1 MONTH 3 MONTHS 6 MONTHS 9 MONTHS 12 MONTHS 18 MONTHS
AGRIBANK 2.4 3 3.7 3.7 4.7 4.7
BIDV 2 2.3 3.3 3.3 4.7 4.7
VIETINBANK 2 2.3 3.3 3.3 4.7 4.7
VIETCOMBANK 1.6 1.9 2.9 2.9 4.6 4.6
ABBANK 3.2 4 5.5 5.6 5.8 5.6
ACB 3.1 3.5 4.2 4.3 4.9
BAC A BANK 3.75 4.05 5.2 5.3 5.7 6.1
BAOVIETBANK 3.3 4.35 5.45 5.5 5.8 6
BVBANK 3.95 4.15 5.45 5.75 6.05 6.35
DONGA BANK 4.1 4.3 5.55 5.7 5.8 6.1
EXIMBANK 4 4.3 5.3 4.5 5.5 6.7
GPBANK 3.5 4.02 5.35 5.7 6.05 6.15
HDBANK 3.85 3.95 5.3 4.7 5.6 6.1
IVB 4 4.35 5.35 5.35 5.95 6.05
KIENLONGBANK 4.3 4.3 5.8 5.8 6.1 6.1
LPBANK 3.6 3.9 5.1 5.1 5.5 5.8
MB 3.7 4 4.6 4.6 5.1 5.1
MBV 4.3 4.6 5.5 5.6 5.8 6.1
MSB 4.1 4.1 5 5 6.3 5.8
NAM A BANK 4.3 4.5 5 5.2 5.6 5.7
NCB 4.1 4.3 5.45 5.55 5.7 5.7
OCB 4 4.2 5.2 5.2 5.3 5.5
PGBANK 3.4 3.8 5 5 5.5 5.8
PVCOMBANK 3.3 3.6 4.5 4.7 5.1 5.8
SACOMBANK 3.3 3.6 4.9 4.9 5.4 5.6
SAIGONBANK 3.3 3.6 4.8 4.9 5.8 6
SCB 1.6 1.9 2.9 2.9 3.7 3.9
SEABANK 2.95 3.45 3.95 4.15 4.7 5.45
SHB 3.5 3.8 5 5.1 5.5 5.8
TECHCOMBANK 3.35 3.65 4.45 4.45 4.85 4.85
TPBANK 3.7 4 4.8 5.3 5.5
VCBNEO 4.15 4.35 5.85 5.8 6 6
VIB 3.8 3.9 4.9 4.9 5.3
VIET A BANK 3.7 4 5.2 5.4 5.7 5.9
VIETBANK 4.2 4.4 5.4 5 5.8 5.9
VPBANK 3.8 4 5 5 5.5 5.5

According to statistics, in January 2025, 10 banks increased their deposit interest rates, including Agribank, Bac A Bank, NCB, MBV, Eximbank (twice), KienlongBank (twice), VietBank, ABBank, BaoViet Bank, BVBank. However, NCB and Agribank also reduced interest rates for terms of 12-36 months, while ABBank reduced interest rates for terms of 6-12 months. SeABank, Nam A Bank, Bac A Bank, Techcombank (twice) also reduced interest rates.