Contrary to the rule that deposit interest rates usually increase after Tet, this morning (February 3) - the first working day of the year of the Snake 2025, Techcombank is the only bank that changed its deposit interest rate schedule but in a downward direction.

This is the third consecutive time since January 2025 that Techcombank has reduced deposit interest rates and only reduced them for terms of 1-5 months, while keeping interest rates unchanged for the remaining terms.

Techcombank has just reduced the interest rate for deposits with terms from 1-5 months by 0.2%/year. According to the online interest rate table for deposits under 1 billion VND that has just been adjusted, the interest rate for deposits with terms of 1-2 months is 3.15%/year after a reduction of 0.2%/year.

Online savings interest rates for 3-5 month terms applied to online deposit accounts under 1 billion VND have also decreased to 3.45%/year.

Previously, Techcombank reduced savings interest rates for 1-5 month terms by 0.1% and 0.2% per year on January 8 and January 14, respectively.

The bank still maintains the interest rates for the remaining terms. Accordingly, the online interest rate for 6-11 month terms applied to deposit accounts under 1 billion VND is 4.45%/year.

Techcombank's highest interest rate for deposit accounts under 1 billion VND is 4.85%/year, applied for terms of 12-36 months.

Similarly, interest rates for 1-5 month terms also decreased for savings accounts from 1 to under 3 billion VND and from 3 billion VND or more, according to Techcombank's new interest rate schedule.

For savings accounts from 1 to under 3 billion VND, the interest rate for 1-2 month term deposits is 3.25%/year (0.1%/year higher than for deposits under 1 billion VND). The interest rate for 3-5 month term deposits is 3.55%/year, also 0.1%/year higher than the interest rate for deposits under 1 billion VND.

Savings interest rates for the remaining terms remain unchanged and are listed 0.05%/year higher than the interest rate for deposits under 1 billion VND.

Currently, the savings interest rate for 6-11 months is 4.5%/year and for 12-36 months is 4.9%/year.

For savings accounts over 3 billion VND, Techcombank applies interest rates for 1-5 month terms 0.2% higher per year and for 6-36 month terms 0.1% higher per year compared to deposits under 1 billion VND.

Accordingly, the savings interest rate for a 1-2 month term for online deposit accounts of over VND3 billion at Techcombank is 3.35%/year; 3-5 month term is 3.65%/year; 6-11 month term is 4.55%/year and the highest savings interest rate is 4.95%/year for a 12-36 month term.

However, in addition to the announced interest rate schedule, Techcombank also has a policy of adding 0.5%/year interest rate for the first deposit account with terms of 3, 6 and 12 months. Therefore, the highest mobilization interest rate at Techcombank in reality can be up to 5.45%/year.

In addition, the interest rate for priority customers with increased deposit balance will be added 0.3%/year interest rate when depositing for a term of 3-5 months.

Techcombank's three consecutive interest rate cuts in a short period of time show that the bank has excess cash.

At the Investor Meeting held at the end of January, Techcombank said that its mobilization growth with a bright spot in CASA balance in 2024 recorded VND 231 trillion (up 27.4% compared to 2023) thanks to the success of the automatic profit feature deployed by the bank since the beginning of the year.

In 2024, the average deposit interest rate at Techcombank will be only 2.9%/year. The CASA ratio will improve to 40.9%, leading the industry in this ratio, thereby helping the bank take advantage of cheap capital. The CASA ratio excluding automatic interest-bearing accounts is 37.4%.

Becoming a sponsor for the program Anh trai vu ngan cong gia and continuing to organize a series of concerts in 2025 will help this bank expand its CASA balance, lower its cost of capital and strengthen its competitive advantage.

Techcombank's Q4/2024 financial report recorded VND1,800 billion that the bank had to pay Manulife after the exclusive contract was terminated. However, the "giant" of the private banking sector still holds the No. 1 position in terms of profit with more than VND27,500 billion in consolidated pre-tax profit in 2024.

Techcombank is also the only bank adjusting its deposit interest rate schedule today.

INTEREST RATES FOR ONLINE DEPOSITS AT BANKS ON FEBRUARY 3, 2025 (%/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 3.15 3.45 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 5.4 5.4
VIETBANK 4.2 4.4 5.4 5 5.8 5.4
VPBANK 3.8 4 5 5 5.5 5.5