Savings rates hit 9 per cent under liquidity pressure

Southern lender Sacombank has announced the launch of a promotional savings programme offering attractive interest rates for individual customers, with rates reaching up to 8.8 per cent, per year.

The programme applies to new deposits opened at branches between March 26 and June 30, or until the bank meets its fundraising target, whichever comes first.

Under the scheme, customers can enjoy preferential rates such as 8.2 per cent, per year for 15-month terms, 8.6 per cent, per year for 24-month terms, and 8.8 per cent, per year for 36-month terms, with interest paid at maturity.

The deposit rate showing signs of trending upward through 2026

With this rate schedule, Sacombank is currently among the banks offering the most competitive savings rates on the market.

According to Sacombank, the programme is part of its strategic direction to strengthen stable capital mobilisation, thereby laying a solid foundation for effective lending activities.

At the same time, the bank continues to affirm its role as a partner to individual customers in their journey of wealth accumulation, capital preservation, and proactive financial planning amid economic fluctuations.

Similarly, VPBank has announced a promotional deposit rate programme in the final days of March, with the highest rate reaching 8.9 per cent, per year for customers placing medium-term deposits.

Specifically, the bank introduced a short-term “Flash savings rate” campaign running from March 26 t 31. The preferential rates are applied based on deposit tiers and are available for terms ranging from six to 12 months.

Customers depositing from $120,000 to under $400,000 receive an interest rate of 8.7 per cent, per year. For deposits from $400,000 to under $800,000, the rate increases to 8.8 per cent, per year. The highest rate of 8.9 per cent, per year applies to deposits of $800,000 and above.

Earlier, digital lender Vikki Bank also adjusted its deposit rates upward. For deposits of $8,000 or more, the bank offers 8.65 per cent, per year for six-month terms, 8.85 per cent, per year for 12-month terms, and 8.9 per cent, per year for 13-month terms.

As a result, preferential rates for deposits of $8,000 and above at Vikki Bank are currently 2.15-2.25 per cent higher than standard deposit rates.

Meanwhile, the 9 per cent, per year interest rate level is only available at a few banks such as MSB and PVCombank, and applies exclusively to very large deposit volumes ranging from $20 million to $80 million.

Amid ongoing volatility in the financial market, savings products offering competitive interest rates, flexible terms, and high safety continue to be the preferred choice for many customers.

Vietcombank Securities forecasts that deposit rates may increase by approximately 0.3-0.5 percentage points in the first half of 2026. It also expects rates to rise by an additional 0.4-0.5 percentage points in the second half of the year, with clearer divergence among different groups of banks.

Analysts say the upward pressure on domestic interest rates stems from a combination of global macroeconomic factors and internal economic challenges. In particular, geopolitical conflicts have driven up raw material prices, especially oil, at a rapid pace.

As a consequence, the US Federal Reserve has been compelled to maintain tight monetary policy to curb inflation, leading to a strong appreciation of the US dollar. This, in turn, puts pressure on Vietnam’s exchange rate and monetary policy management.

In addition, with domestic inflation expectations remaining elevated, commercial banks are forced to raise deposit rates.

Otherwise, real interest rates would not be attractive enough to retain capital flows, bolstering the risk of liquidity shortages across the banking system. Under such conditions, capital in the market is showing signs of shifting back into the banking system in the form of savings deposits.

In a volatile interest rate environment, excessive borrowing for investment purposes can quickly heighten risks if cash flows are unstable.

Careful cash flow planning, avoiding the pursuit of the highest rates at all costs, and steering clear of herd mentality are key principles for preserving assets.

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Banks raise deposit rates as year-end lending heats up Banks are lifting deposit rates to secure year-end funding as credit demand accelerates and liquidity pressures rise, signalling a renewed upward cycle in savings costs.

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