Series of 17 banks massively increased interest rates

Interest rate fluctuations on September 2nd: A series of 17 banks massively increased interest rates. Photo: Mai Ánh.

Seventeen banks raise interest rates in quick succession.

Last month, the market saw 17 banks increase savings interest rates, including: Eximbank, ACB, Agribank, Sacombank, Saigonbank, VietBank, TPBank, CBBank, VIB, Dong A Bank, VPBank, Techcombank,SHB , VietBank, PVCombank, Nam A Bank, and HDBank.

Notably, August saw an increase in interest rates at Agribank , a major bank in the Big4 group. Agribank's interest rates increased by 0.1 - 0.2 percentage points across various maturities, currently ranging from 1.7% to 4.8% per year.

Listed banks increased interest rates by an average of 0.3 - 0.3 percentage points across various maturities, especially for 6-month and 9-month terms; some banks even increased by as much as 0.8 percentage points, such as Sacombank .

Conversely, the savings interest rate market in August also saw three banks reduce their savings interest rates: ABBank, SeABank, and Bac A Bank.

(See more high interest rates HERE)

Following a series of interest rate hikes by banks, where is the best place to deposit your money?

According to Lao Dong newspaper, for a 1-month term, the highest deposit interest rate currently belongs to CBBank with an interest rate of 3.8%/year.

For a 3-month term, the highest interest rate currently offered by Eximbank is 4.3% per annum.

For the 6-month term, CBBank surged to the top with an interest rate of 5.55% per year.

For a 9-month term, the highest interest rate is 5.7% per year at ABBank.

For the 12-month term, ABBank, even after the downward adjustment, still leads, listing an interest rate of 6.0%/year for this term.

Details of deposit interest rates at various banks, updated September 2, 2024.

Source: https://laodong.vn/kinh-doanh/bien-dong-lai-suat-29-loat-17-ngan-hang-o-at-tang-lai-1388199.ldo