2 banks have sky-high savings interest rates of over 8% for 12-month term

Two banks are offering incredibly high savings interest rates, exceeding 8% for a 12-month term. — Interest rates for 12-month term savings accounts in the banking system fluctuate around 4.7 - 10% per year. (Illustrative image: Tra My)

According to a survey by PV Lao Dong Newspaper, PVcomBank leads the list of savings interest rates for 12-month terms, offering up to 10% per year. However, to enjoy this extremely high interest rate, customers need to deposit a minimum of 2,000 billion VND at the counter, and this only applies to products with interest paid at the end of the term.

Under normal conditions, PVcomBank is currently offering the highest interest rate of 5.4% per year for online savings deposits with interest paid at the end of the term. If customers deposit money at the counter, they only receive an interest rate of 5.1% per year.

PVcomBank's traditional savings interest rate chart. Screenshot.

PVcomBank online savings interest rate chart. Screenshot.

HDBank lists an interest rate of 8% per year for a 12-month term, provided a minimum balance of 300 billion VND is maintained. Under normal conditions, when depositing online for a 12-month term, customers receive an interest rate of 5.7% per year. If customers deposit money at the counter, they only receive an interest rate of 5.5% per year.

Under normal conditions, HDBank is currently offering the highest interest rate at 6.5% per year for online deposits with a term of 18 months.

HDBank's traditional savings interest rate chart. (Screenshot)

HDBank online savings interest rate chart. Screenshot.

NCB is currently offering the highest interest rate of 5.7% per year for 12-month deposits at the An Phu branch. Customers using traditional deposit accounts only receive an interest rate of 5.55% per year.

Currently, NCB is offering the highest interest rate at 6% per year for customers depositing savings at An Phu for 15-60 months.

NCB savings interest rate chart. Screenshot.

OceanBank is currently offering the highest interest rate of 5.5% per annum for 12-month deposits when customers deposit online. Customers depositing at the counter receive an interest rate of 5.4% per annum.

OceanBank savings interest rate chart. Screenshot.

If you deposit 500 million VND in a savings account, how much interest will you receive after 12 months?

You can refer to the interest calculation method to find out how much interest you will receive after depositing your savings. To calculate interest, you can apply the following formula:

Interest = Deposit amount x Interest rate %/12 x Number of months deposited.

For example, you deposit 500 million VND into Bank A, term 12 months and enjoy interest rate 5.7%/year, the interest received is as follows:

500 million VND x 5.7%/12 x 12 = 28.5 million VND.

* Interest rate information is for reference only and may change from time to time. Please contact your nearest bank branch or hotline for specific advice.

Readers can find more information about interest rates HERE.

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