End of the week, savings interest rates fluctuate unexpectedly

(NLDO) - Today's interest rates fluctuated in opposite directions between banks. In the upward trend of deposit interest rates, some banks adjusted their rates downward.

According to the reporter of Nguoi Lao Dong Newspaper last week, some banks continued to increase savings interest rates such as Techcombank , VPBank, MSB, TPBank, GPBank...

Interest rates above 6%/year for long terms over 12 months also appeared more frequently at commercial banks. Interest rates increased last week for some terms, from about 0.1 to 0.3 percentage points at Techcombank, VPBank , MSB; while the increase was higher at GPBank with the strongest adjustment term being 0.95 percentage points compared to before.

Currently, the highest interest rate at Techcombank for high-end customers is 5.1%/year when depositing for more than 12 months; VPBank applies the highest deposit interest rate of about 5.8%/year when customers deposit online for 36 months or more.

Lãi suất hôm nay 8-12: Chốt tuần, lãi gửi tiết kiệm biến động bất ngờ- Ảnh 1. — Savings interest rates fluctuated last week.

On the other hand, the market also unexpectedly recorded some banks reducing deposit interest rates. In the latest interest rate table, LPBank adjusted down some terms.

Specifically, online savings interest rates for terms of 1-2 months are 3.6% and 3.7%/year. Saving interest rates for terms of 3-5 months are 3.9%/year; terms of 6-11 months are down to 5.1%/year. These interest rates are reduced by a maximum of 0.2 percentage points compared to before. Currently, the highest mobilization interest rate at LPBank is 5.8%/year when depositing online for terms of 18 months or more.

Personal finance expert Le Xuan Huy said that businesses often boost production to meet the shopping needs at the end of the year and during Tet, so the demand for capital will increase. At this time, banks also increase mobilization to meet this lending source. Liquidity pressure is possible when credit growth at the end of the year is often higher than during the year.

"However, deposit interest rates will increase slightly, not too much, and may remain stable and then gradually decrease in the early stages of next year, especially after the Lunar New Year period," said Mr. Huy.

Associate Professor Dr. Nguyen Huu Huan, Ho Chi Minh City University of Economics, also said that by the end of the year, lending demand will increase sharply, so banks will have to increase interest rates to mobilize capital and prepare funds to meet credit growth targets. However, the move to increase deposit interest rates is not a cause for concern but rather a seasonal factor. Deposit interest rates remain low and lending interest rates are not too worried about increasing accordingly.

The latest figures from the State Bank show that as of November 29, credit growth had reached 11.9% and as of December 7, it had reached 12.5%. According to the State Bank, with the current credit growth rate, it is possible to ensure the completion of the growth target of the entire economy set at the beginning of the year of 15%.