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

At terms of 1-3 months, the average deposit interest rate of large private joint stock commercial banks (MB, ACB, VPBank, Techcombank) decreased by 0.2 percentage points from 2.53%/year to 2.33%/year. The group of state-owned commercial banks (Agribank, BIDV, Vietcombank, Vietinbank) decreased slightly by 0.02 percentage points, from 1.95%/year to 1.93%/year. The remaining commercial banks slightly reduced deposit interest rates for 1-3 month terms, from 2.96%/year to 2.87%/year.

The average 6-9 month savings interest rate of major commercial banks decreased from 3.73%/year to 3.62%/year (equivalent to a decrease of 0.11 percentage points). At this term, the savings interest rates of 4 state-owned joint stock commercial banks remain unchanged compared to the end of February 2024, still at 3.1%/year. For 6-9 month term deposits, the remaining banks have an average interest rate of 4.1%/year, a slight decrease of 0.15 percentage points compared to the end of February 2024.

In contrast to short terms, the 12-month savings interest rate at 4 state-owned joint stock commercial banks is the highest in the system, at 4.75%/year while other banks are around 4. 4% to 4.62%/year. At the 12-month term, savings interest rates also decreased from 0.03 percentage points to 0.15 percentage points compared to the end of February.

Going into the details of each bank, the current highest 1-month savings interest rate is 3.5%/year, applied at CBBank. Next is DongABank 3.25%/year, OceanBank 3.1%/year, National Citizen (NCB), VietABank, VietBank, Maritime Bank all 3%/year.

For 1-month deposits, the lowest interest rate is 1.6%/year, applied at Agribank, SCB, Vietcombank, slightly higher (1.7%/year). BIDV and Vietinbank both apply an interest rate of 1.9%/year for 1-month term deposits.

The current highest 3-month savings interest rate is 3.7%/year applied at CBBank. Next is NamABank and VietBank with 3.4%/year. At this term, the lowest interest rate is 1.9%/year applied at Agribank and SCB.

Savings rate at the survey counter on March 18, 2024 (Unit %/year; VnEconomy compiled from the banks' websites)
Savings interest rates at the survey counter on March 18, 2024 (Unit %/year; compiled by VnEconomy from banks’ websites)

The current highest 6-month savings interest rate is 4.5%/year applied at HDBank, OCB, VietBank. An Binh Bank, CBBank, Nam A Bank are slightly lower at 4.4%/year but are still among the highest in the system. The lowest interest rate for a 6-month term is 3%/year applied at Agribank, SCB, Vietcombank.

The 9-month savings interest rate does not have a big difference compared to the 6-month term. VietBank and Nam A banks have the highest 9-month savings interest rate in the system at 4.7%/year. Next is OCB 4.6%/year.

Particularly, at An Binh Bank, interest rates for long terms lag behind the 6-month term by 0.3 percentage points. 9-month and 12-month deposits at this bank all enjoy an interest rate of 4.2%/year.

Savings rate at the survey counter on March 18, 2024 (Unit %/year; VnEconomy compiled from the banks' websites).
Savings interest rates at the survey counter on March 18, 2024 (Unit %/year; VnEconomy compiled from banks’ websites).

The current highest 12-month savings interest rate is 5.2%/year applied at Nam A Bank and VietBank. Next is OceanBank and SaigonBank with 5%/year. At this term, Agribank, BIDV, Vietcombank, Vietinbank apply interest rates from 4.7% – 4.8%/year, which is also a high level in the system. The current lowest 12-month savings interest rate is 4%/year at Maritime Bank and SCB.

For 24-month deposits, the highest interest rate is 5.8%/year at OCB. Next is SaigonBank, VietBank 5.7%/year.

Savings rate at the survey counter on March 18, 2024 (Unit %/year; VnEconomy compiled from the banks' websites).
Savings interest rates at the survey counter on March 18, 2024 (Unit %/year; VnEconomy compiled from banks’ websites).

If customers deposit online, they can enjoy a higher interest rate than depositing at the counter from 0.1% to 0.3%/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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