Deposit interest rates continue to rise

Since the beginning of July, NCB, Eximbank, SeABank, VIB, BaoViet Bank, Saigonbank, VietBank, MB, BVBank, and KienLong Bank have raised deposit interest rates,

The highest deposit interest rate can currently be found at OceanBank, where rates ranging from 5.5 per cent to 6.1 per cent per annum for terms of 12 months or more.

ABBank is also offering an interest rate of around 6 per cent per annum for 12-month deposits, while HDBank is offering the same rate for 18-month deposits. NCB provides a 6.1 per cent per annum rate for deposits for terms of 18–36 months, and SHB lists a 6.1 per cent per annum rate for deposits of 36 months or longer.

BVBank has joined the club of banks listing deposit interest rates from 6 per cent per annum after raising its rate for 18-24 month term deposits by 0.2 per cent.

On July 12, KienLong Bank adjusted its deposit interest rates for the second time across all terms, significantly increasing the rates for terms of 1–12 months.

The interest rate for 6-month deposits has increased by 0.5 per cent per annum, a significant jump, reaching 5.2 per cent per annum. Interest rates for terms of 12–15 months uniformly increased to 5.6 per cent per annum, after increasing by 0.4-0.6 per cent.

For short terms of 1–3 months, Nam A Bank and OceanBank lead with interest rates up to 3.8 per cent per annum. For 6-month and 9-month terms, the highest deposit interest rate is 5 per cent per annum at CBBank, BAC A Bank, and Nam A Bank.

The interest rate for terms of 1–3 months at KienLong Bank has increased significantly by 0.7 per cent per annum to 3.7 per cent. Although this is not the highest market interest rate, it is a rare increase.

Conversely, VIB is going against the general trend as the only bank to reduce interest rates since the beginning of July, with a decrease of 0.1 per cent per annum for deposits with terms of 6-11 months.

Currently, most banks have electronic banking applications and apply higher interest rates for online savings compared to opening savings books directly at counters or transaction offices.

With online savings, since the beginning of July, banks have slightly reduced interest rates, but there is still competition among commercial banks to draw in depositors.