Saving money in the bank is not only a profitable investment channel but also the most effective way to keep money. The word “saving” itself has this meaning. Therefore, many parents choose to save money for a term using the lucky money (lucky money) their children receive after each Lunar New Year, as a way to help their children keep money and at the same time make a profit from this money.
Furthermore, guiding children to save their lucky money also helps them equip themselves with basic knowledge about personal financial management.
In fact, this has become much easier for parents who want to make term deposits at the bank, because with just a very small amount of money, even from only 500,000 VND, they can open a savings account at the counter or through online savings.
The minimum amount required to open a new savings account depends on each bank. For example, at Vietnam Thuong Tin Commercial Joint Stock Bank (VietBank), the amount is only VND500,000. However, most banks now accept a minimum savings deposit of VND1 million.
Banks accepting savings deposits from 1 million VND such as: MB, VietinBank, Agribank, BIDV, Techcombank, TPBank, MSB, SeABank, VPBank, Eximbank, LPBank,...
As for Vietcombank, the minimum amount to open a savings account is 3 million VND. This is also the highest limit among commercial banks today.
Previously, because bank savings programs often required a fairly large minimum amount, it was really difficult for people with average incomes such as students to have only a small amount of capital. Currently, 1 million VND is the ideal amount 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 to deposit in the bank, create a reserve fund for the future and prepare for unexpected situations where money is needed.
According to the recommendations of banks, with 1 million VND, customers can deposit savings online or at the transaction counter. If they do not have much free time during working hours, customers should prioritize the form of depositing savings online 24/7 right at home, on the bank's mobile application to save time and travel costs.
Term deposits are a form of savings for a certain period of time, with a commitment to the maturity date. Depending on their needs, customers can choose a term of months or years. Usually, the longer the term, the higher the interest rate. The interest rate of this form of savings 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. The longer the term, the higher the interest. Interest received at the end of the term will be higher than monthly.
Savings interest will be calculated according to the formula: Interest = Deposit amount x Interest rate (%/year) x Actual number of days deposited/365
In case a customer deposits 1 million VND with a term of 6 months, from February 15, 2024 to August 15, 2024 (181 days), the 6-month savings interest rate is 4%/year, then the interest will be: 1,000,000 x 4% x 181/365 = 19,835 VND.
For small amounts, customers should choose online savings to enjoy higher interest rates than at-the-counter interest rates (usually the difference is 0.2 - 0.5 percentage points).
In addition, saving online also helps you be proactive about the time and place of saving, you can deposit/withdraw anytime, anywhere without having to go to the transaction counter.
| HIGHEST DEPOSITS INTEREST RATES AT BANKS BEFORE TET HOLIDAY | ||||||
| BANK | 1 MONTH | 3 MONTHS | 6 MONTHS | 9 MONTHS | 12 MONTHS | 18 MONTHS |
| CBBANK | 4.2 | 4.3 | 5.1 | 5.2 | 5.4 | 5.5 |
| VIETBANK | 3.5 | 3.7 | 4.9 | 5 | 5.3 | 5.8 |
| DONG A BANK | 3.9 | 3.9 | 4.9 | 5.1 | 5.4 | 5.6 |
| NCB | 3.9 | 4.1 | 4.85 | 4.95 | 5.3 | 5.8 |
| HDBANK | 3.15 | 3.15 | 4.8 | 4.6 | 5 | 5.9 |
| PVCOMBANK | 2.85 | 2.85 | 4.8 | 4.8 | 4.9 | 5.2 |
| BAOVIETBANK | 3.5 | 3.85 | 4.8 | 4.9 | 5.3 | 5.5 |
| GPBANK | 2.9 | 3.42 | 4.75 | 4.9 | 4.95 | 5.05 |
| ABBANK | 3 | 3.2 | 4.7 | 4.3 | 4.3 | 4.4 |
| BAC A BANK | 3.2 | 3.4 | 4.7 | 4.8 | 5.1 | 5.5 |
| BVBANK | 3.65 | 3.75 | 4.65 | 4.8 | 5.95 | 5.55 |
| VIET A BANK | 3.2 | 3.5 | 4.6 | 4.6 | 5.1 | 5.4 |
| SHB | 2.9 | 3.3 | 4.6 | 4.8 | 5 | 5.2 |
| OCB | 3 | 3.2 | 4.6 | 4.7 | 4.9 | 5.4 |
| NAMA BANK | 2.9 | 3.4 | 4.6 | 4.9 | 5.4 | 5.8 |
| KIENLONGBANK | 3.5 | 3.5 | 4.5 | 4.7 | 4.9 | 5.4 |
| OCEANBANK | 3.1 | 3.3 | 4.4 | 4.6 | 5.1 | 5.5 |
| VPBANK | 3.1 | 3.3 | 4.4 | 4.4 | 5 | 5 |
| VIB | 2.9 | 3.2 | 4.3 | 4.3 | 4.8 | 5.2 |
| EXIMBANK | 3.1 | 3.4 | 4.3 | 4.3 | 4.8 | 5 |
| PGBANK | 3.1 | 3.5 | 4.2 | 4.4 | 4.9 | 5.1 |
| LPBANK | 2.6 | 2.7 | 4 | 4.1 | 5 | 5.6 |
| TPBANK | 2.8 | 3 | 4 | 4.8 | 5 | |
| SACOMBANK | 2.4 | 2.6 | 3.9 | 4.2 | 5 | 5.6 |
| SEABANK | 3.2 | 3.4 | 3.9 | 4.1 | 4.75 | 5 |
| MSB | 3.5 | 3.5 | 3.9 | 3.9 | 4.3 | 4.3 |
| SAIGONBANK | 2.5 | 2.7 | 3.9 | 4.1 | 5 | 5.4 |
| ACB | 2.6 | 3.2 | 3.9 | 4.2 | 4.8 | |
| MB | 2.6 | 2.9 | 3.9 | 4.1 | 4.8 | 5.2 |
| TECHCOMBANK | 2.35 | 2.65 | 3.75 | 3.8 | 4.75 | 4.75 |
| BIDV | 2 | 2.3 | 3.3 | 3.3 | 4.8 | 4.8 |
| AGRIBANK | 1.7 | 2 | 3.2 | 3.2 | 4.8 | 4.8 |
| VIETINBANK | 1.9 | 2.2 | 3.2 | 3.2 | 4.8 | 4.8 |
| SCB | 1.75 | 2.05 | 3.05 | 3.05 | 4.75 | 4.75 |
| VIETCOMBANK | 1.7 | 2 | 3 | 3 | 4.7 | 4.7 |
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