Saving money in the bank is not only a profitable investment channel but also the most effective way to store money.

Therefore, many parents choose to make term deposits using their children's lucky money after each Lunar New Year, as a way to help their children keep their money and make a profit from it.

Furthermore, guiding children to save their lucky money also helps them equip themselves with basic knowledge about personal financial management.

In fact, this becomes much easier for parents who want to make term deposits at the bank, because with just a small amount of money, 500 thousand VND, 1 million VND or even just 100 thousand VND, they can open a savings account at the counter or through online savings.

Currently, each bank sets its own minimum amount to open a savings account. The lowest amount anyone can open a savings account is only 100,000 VND. This is the minimum amount to open a savings account at Loc Phat Bank (LPBank). VietBank stipulates a minimum amount of 500,000 VND.

Most banks currently accept a minimum savings deposit of 1 million VND, such as: MB, VietinBank, Agribank, BIDV, Techcombank, TPBank, MSB, SeABank, VPBank, Eximbank, VIB, BVBank,...

At Shinhan Bank, the minimum amount to open a savings account is 2 million VND. At Vietcombank, the minimum amount to open a savings account is 3 million VND.

Indovina Bank (IVB) previously set the minimum savings deposit at 10 million VND, but recently the bank has lowered the minimum to 5 million VND.

However, IVB is not the bank with the highest minimum deposit balance in the system. Currently, ACB Bank still stipulates a minimum savings account of 10 million VND.

In the past, because bank savings programs often required a large minimum amount, it was not easy for students to start saving. But now, 1 million VND is the amount that can be used to start saving at most banks.

Not only suitable for students, even for working people, if their income is not high, they can still set aside 1 million VND to deposit in the bank, creating a reserve fund for the future and to prepare for unexpected situations where money is needed.

According to the recommendations of banks, with 1 million VND, customers can save online or at the counter. However, customers should prioritize online savings to receive preferential interest rates higher by 0.1-0.2%/year compared to saving at the counter.

Term deposit is a form of saving for a certain period of time, with a commitment on the maturity date. Depending on their needs, customers can choose a term of monthly or yearly.

Normally, the longer the term, the higher the interest rate. The interest rate of this type of savings deposit will be regulated by the bank and will change from time to time.

Customers can completely deposit savings online on the bank's mobile application, through which they can perform all operations such as checking interest rate information, depositing money, closing, renewing,... on mobile devices.

For both forms of savings at the counter and online savings, interest will depend on the savings term. Interest received at the end of the term will be higher than monthly.

Savings interest will be calculated according to the formula: interest amount = deposit amount x interest rate (%/year) x actual number of days deposited/365.

In case a customer deposits 1 million VND for a 6-month term, from February 15, 2025 to August 15, 2025 (181 days), the 6-month savings interest rate is 5%/year, then the interest will be: 1,000,000 x 5% x 181/365 = 24,794 VND.

In addition, saving online also helps you be proactive about the time and place of saving, and can deposit/withdraw anytime, anywhere without having to go to the transaction counter.

For non-term deposits or deposits with terms of less than 1 month, the maximum interest rate as prescribed by the State Bank is currently 0.5%/year.

Banks usually apply interest rates of 0.1-0.5%/year for non-term deposits or deposits with terms of less than 1 month, depending on the bank and the customer's deposit balance.

INTEREST RATES FOR ONLINE DEPOSITS AT BANKS (%/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