3 banks offer interest rates above 7% for 12-month deposits.

PvcomBank currently offers the highest interest rates in the market, reaching 9.5% for a 12-month term with a minimum deposit of 2,000 billion VND.

Next is HDBank with a relatively high interest rate of 7.7% for a 12-month term, with the condition of maintaining a minimum balance of 500 billion VND.

Following suit, MSB also applies an interest rate of 7% for a 12-month term. The conditions for application are that the savings account must be newly opened or automatically renewed from January 1, 2018, with a deposit term of 12 months or 13 months, and a deposit amount of at least 500 billion VND.

Under normal circumstances, the top four banks offering the highest 12-month interest rates include: Cake by VPBank , BacABank, BaoVietBank, and BVBank.

Cake by VPBank is currently offering the highest interest rate for a 12-month term at 6% per annum when customers receive interest at the end of the term. Customers receiving interest monthly and quarterly receive rates of 5.65% and 5.68% respectively. The highest interest rate offered by Cake by VPBank is 6.1% when customers deposit money for 24-36 months.

Savings interest rate chart for Cake by VPBank. Screenshot.

BacABank is currently offering the highest interest rate for a 12-month term at 5.8% per annum when customers receive interest at the end of the term. Customers who receive interest upfront, monthly, or quarterly receive interest rates of 5.65% and 5.7% per annum, respectively.

BacABank savings interest rate chart. Screenshot.

BaoVietBank is currently offering the highest interest rate for a 12-month term at 5.8% per annum when customers receive interest at the end of the term. Customers receiving interest monthly and quarterly receive interest rates of 5.6% and 5.65% per annum, respectively.

BaoVietBank savings interest rate chart. Screenshot.

BVBank is currently offering the highest interest rate for a 12-month term at 5.8% per annum when customers receive interest at the end of the term. Customers who receive interest monthly or upfront will receive interest rates of 5.65% and 5.48% per annum, respectively.

BVBank savings interest rate chart. Screenshot.

How much interest will I earn if I deposit 1 billion VND for 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, if you deposit 1 billion VND into Bank A for a 12-month term and earn an interest rate of 6% per year, the interest you will receive will be as follows:

1 billion VND x 6%/12 x 12 = 60 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.

Source: https://laodong.vn/tien-te-dau-tu/3-ngan-hang-lai-suat-hon-7-khi-gui-tien-12-thang-1387330.ldo