Which bank savings interest rate is the highest in January 2024?

On January 2, 2024, the group of 4 large banks (Big 4) includes Vietnam Bank for Agriculture and Rural Development (Agribank), Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), Joint Stock Commercial Bank for Foreign Trade Vietnam (Vietcombank) and Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) decreased sharply by 0.3-0.5 percentage points compared to November, becoming the banking group with the lowest interest rates on the market.

Since the beginning of January until now, 23/39 banks have reduced deposit interest rates. The reduction ranges from 0.3% to 0.7% depending on the term. Only PGBank increased savings interest rates at the counter and online for medium and long-term terms.

For demand deposits, the current lowest interest rate is 0.1%/year. The highest interest rate on demand deposits is 0.7%/year applied at HDBank.

Survey follow the interest rate schedule of nearly 40 banks showing savings interest rates frugal 1-3 month term from only 1,9 – 4.3%/year, 6-9 month term only from 2.2-4.3%/year, 12-24 month term only from 3.8 – 5.8%/year.

In addition, most banks apply interest rates on demand deposits at 0.3% to 0.5%/year.

The current highest 1-month savings interest rate is 4.25%/year, applied at National Bank (NCB).

Another bank that pays a monthly savings interest rate of over 4% is CBBank. In addition, some banks apply interest rates above 3.7%/year for 1-month deposits such as Viet Capital Bank, OCB, Kien Long Bank, Bao Viet Bank..

The current lowest 1-month savings interest rate is 1.9%/year applied at Vietcombank and SCB.

The three banks with the highest 3-month savings interest rates currently are NCB 4.25%/year; CBBank 4.2%/year; Bao Viet Bank 4.05%/year. In the opposite direction, the lowest 3-month savings interest rate is 2.2%/year applied at Vietcombank and SCB.

The remaining state-owned commercial banks, Agribank, BIDV, and Vietinbank, apply an interest rate of 2.5%/year for 3-month term deposits.

Banks that apply interest rates of approximately 4%/year for 3-month term deposits are Nam A, GPBank, Oceanbank, VietBank, OCB…

Lãi   productivity   detail   save   at   counter   consult   sát   day   January 8, 2024 (%/year)
Savings interest rate at the survey counter on January 8, 2024 (%/year)

The highest savings interest rate for a 6-month term is 5.3%/year applied at HDBank. In addition, there are some banks that apply interest rates of 5%/year or more for 6-month term deposits such as Kien Long Bank and NCB, VietBank with 5.2%/year; ABBank 5.1%/year; Viet Capital Bank, Pvcombank, OCB, CBBank, Bao Viet Bank… all apply an interest rate of 5%/year for 6-month term deposits.

At most banks, the 9-month savings interest rate is only 0.1% to 0.25/year higher than the 6-month term. Particularly, at ABBank, the 9-month savings interest rate is only 3.9%/year; decreased deeply by more than 1% compared to the 6-month term (5.1%/year).

The highest savings interest rate for a 12-month term is 5.8%/year, applied at. Most remaining banks apply interest rates from 5% to 5.5%/year for 12-month deposits.

Lãi   productivity   detail   save   at   counter   consult   sát   day   January 8, 2024 (%/year).
Savings interest rate at the survey counter on January 8, 2024 (%/year).

The highest savings interest rate for an 18-month term is 6.4%/year at HDBank and Maritime Bank. Some banks apply interest rates of over 6%/year for 18-month deposits such as OCB, PGBank with 6.1%/year; Kien Long Bank 6%/year.

For 24-month or 36-month deposits, MBBank is applying the system’s highest interest rate of 6.4%/year.

The above savings interest rates are for individual customer deposits, receive interest at the end of the term and are volatile. Banks all have their own interest rate policies that apply to many different customers, depending on the value of the deposit. In addition, the actual deposit interest rate may change depending on the capital balance situation of each bank branch…

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