Savings interest rates increase across the board, people are worried about loan interest

The Military Commercial Joint Stock Bank (MB) has just announced the application of a new interest rate schedule from May 21. In particular, for deposits of regular individual customers and those receiving interest at the end of the term, this bank simultaneously increased the interest rate applied for terms of 1-15 months by 0.1-0.2%/year, according to Tien Phong .

Specifically, the 1-month term increased from 2.1%/year to 2.3%/year, the 2-month term increased from 2.3%/year to 2.5%/year, the 3-4-month term increased from 2.5 - 2.6%/year to the same level of 2.7%/year, the 5-month term increased from 2.7%/year to 2.8%/year, the 6-8-month term increased from 3.5%/year to 3.6%/year, the 9-10-month term increased from 3.6%/year to 3.7%/year, the 11-month term increased from 3.7%/year to 3.8%/year, and the 12-15-month term increased from 4.5%/year to 4.6%/year.

Along with individual customers, MB also increased the interest rate for deposits of institutional customers. Accordingly, this bank simultaneously increased the interest rate applied for terms of 1-60 months by 0.1-0.2%/year. Currently, MB's interest rate applied to institutional customers fluctuates between 0.5-5.5%/year. Of which, the interest rate of 5.5%/year is applied to deposits of terms of 36-60 months.

Thus, MB is the next bank to increase savings interest rates in May. Previously, 17 banks have increased savings interest rates since the beginning of the month, including ACB, VIB, GPBank, NCB, BVBank, Sacombank, CB, Bac A Bank, Techcombank, TPBank, PGBank, SeABank, Viet A Bank, ABBank, VPBank, digital bank Cake by VPBank and most recently HDBank.

Some banks even increased interest rates 2-3 times within 1 month. Specifically, VIB bank recently increased savings interest rates for the third time since the beginning of May. According to the online savings interest rate table, the highest interest rate this bank applies to terms of 24-36 months, at 5.1%/year.

Techcombank also adjusted its savings interest rate up twice in a row on May 8 and 9. Currently, the highest savings interest rate at this bank is applied for a term of 12-36 months at 4.7%/year.
In the market, some banks recorded a sharp increase in interest rates with an increase of up to 0.9%/year such as CB and OceanBank.

Old loan interest rates for many individuals are still from 11 - 12%/year

After the recent adjustment, the highest savings interest rate has returned to above 6%/year. Specifically, most recently, HDBank adjusted its savings interest rate upward and became the third bank in the market to maintain an interest rate of 6%/year for depositors, with interest rates for 15 and 18 months being 6.1% and 6.2%/year, respectively.

The wave of strong interest rate increases has returned in the context of a prolonged low interest rate environment, and residential deposits have also shown signs of shifting away from the banking channel.

The first quarter financial report also shows that the growth of bank deposits is very low, even many large banks recorded a decrease in customer deposits in the first 3 months of the year such as Vietcombank, MB, SHB, VIB, TPBank.

Vietcombank Securities believes that the deposit interest rate level may be 0.5-1% higher, however, the increase in deposit interest rates will hardly create a deposit interest rate race in the entire market.

Many opinions say that the amount of money returned to the bank will be small because many people like to speculate. Meanwhile, gold is a channel with a large increase and decrease amplitude, attracting swing investors. Real estate is attracting money to return soon when the recovery is becoming clearer. The stock investment channel is also flourishing. Therefore, money tends to go to gold, real estate, and stocks rather than savings.

Although banks have increased savings interest rates, lending interest rates have not changed, with many new loans having interest rates below 7%/year. For example, Vietcombank in Ho Chi Minh City still maintains interest rates for individual customers for consumer loans fixed for the first 12 months at 5%; fixed for the first 2 years at 6%/year as in April.

VPBank is applying an interest rate of 5.9%/year for the first 6 months. After the preferential period, the floating interest rate is calculated by the reference interest rate plus a margin of 3% per year. At the same time, this bank has just launched a loan package for early repayment at other banks with interest rates from only 4.6%/year fixed for 3 months and from 6.8%/year fixed for 12 months; MSB applies a lending interest rate of 6.2% - 6.8%/year, according to Thanh Nien.

KHANH LINH (t/h)

Source: https://www.nguoiduatin.vn/lai-suat-tiet-kiem-dong-loat-tang-nguoi-dan-phap-phong-lo-lai-vay-a664793.html