(NLDO) – Gold prices have hit a new peak, but many experts suggest that savings are still a safe investment channel in the context of increased deposit interest rates.
Statistics from the Representative Office of the Vietnam Banks Association, Ho Chi Minh City Branch, show that in the past month, 9 more banks have adjusted their deposit interest rates upward.
Of which, LPBank increased interest rates the most with 0.7 - 0.8 percentage points for 1-3 month terms at the counter, up to 3 - 3.2%/year. The highest interest rate at this bank is 5.7%/year for terms from 18-60 months, applied to online deposits.
Eximbank increased interest rates by 0.7 percentage points for 24-month terms, to 5.8%/year. Currently, the highest interest rate at this bank is 5.9%/year for 24-36-month terms for online savings. If customers deposit online savings on weekends, the highest interest rate is up to 6.3%/year for 24-month terms.
Many other banks have slightly increased interest rates by 0.05 - 0.35 percentage points for terms from 1 - 60 months, applicable both at the counter and online. Digital bank Cake by VPBank increased interest rates for 1-month terms to 4.1%/year - among the highest in the market at present; long terms of 12-18 months at 5.8%/year...
Savings interest rates continue to increase at many banks over the past month.
On the other hand, 4 banks reduced their deposit interest rates by 0.1 - 0.35 percentage points, applied both at the counter and online, including: CBBank, NCB, VPBank and Techcombank.
Statistics up to now, some banks maintain interest rates from 7%/year when customers deposit large amounts from 200 billion VND for a long term of over 12 months. For example, MSB applies an interest rate of 7% for customers depositing from 500 billion VND; DongABank applies an interest rate of 7.5% if customers deposit from 200 billion VND or HDBank applies an interest rate of 7.7% if customers deposit over 500 billion VND...
According to the reporter, recently, many people have chosen to save money, despite the fact that gold prices have continuously reached new peaks while the stock market has been sluggish. Ms. Ngoc Thanh (living in Binh Thanh District, Ho Chi Minh City) said that she decided to save 300 million VND of idle money at a joint stock bank, for a 4-month term with an interest rate of 4.7%/year.
"I initially planned to deposit more money into my securities account to buy stocks, but I saw the VN-Index fluctuate and fall sharply. As for gold, I bought it before, but the ratio was only about 20% of my idle money. Now that the price is constantly at the peak, I see the risk so I don't buy more. Short-term savings, with interest rates rising, is also an option," Ms. Thanh commented.
According to gold expert Tran Duy Phuong, both SJC gold bar and 99.99 gold ring prices are currently at their peak after a sharp increase in recent times. The price of gold rings is currently at VND89 million/tael, if it increases to VND94-95 million/tael, it will achieve an additional profit of about 5-6%.
However, it is very difficult to increase millions of dong in a short time, not to mention that the world gold price will not easily reach the 3,000 USD/ounce mark (converted according to the listed exchange rate of about 92 million VND/tael) in the coming period. Therefore, investors can consider only buying gold to accumulate over a period of years and divide idle money into other channels, such as savings.
Source: https://nld.com.vn/neu-khong-mua-vang-gui-tiet-kiem-ngan-hang-nao-lai-suat-cao-196241030094344254.htm
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