If I have 1 billion dong in long-term savings, which bank can I deposit it in to get high interest rates?

Compare interest rates over 12 months at some banks

According to a survey by Lao Dong Newspaper with some banks in the system, banks are listing interest rates over 12 months around 4.4-5.8%/year. At the 12-month term, some banks with the highest interest rates include PVcomBank, HDBank , Nam A Bank, NCB, KienlongBank...

Some banks have maintained high deposit interest rates for many months in a row, such as PVcomBank and HDBank, especially for long terms. According to Lao Dong reporters' records on the banks' websites, the highest interest rate for a 12-month deposit term is 10%/year, belonging to PVcomBank (if customers meet certain conditions when depositing money). Meanwhile, the lowest rate is only 4.4%/year. The difference in deposit interest rates between banks tends to increase.

Currently, PVcomBank applies an interest rate of up to 10%/year for a 12-13 month term with a minimum deposit of VND2,000 billion. The above interest rate applies to a fairly large deposit amount, VND2,000 billion. Meanwhile, HDBank applies a fairly high interest rate, 8.2%/year for a 13 month term, with a much lower minimum balance requirement of only VND300 billion.

Comparison table of interest rates of some banks on February 7, 2024. Table: Tra My

12-month interest rate table. Unit: %/year. Chart: Khuong Duy

24-month interest rate chart. Unit: %/year. Chart: Khuong Duy

Comparison of long-term interest rates at some banks on February 7:

In addition, readers can refer to short-term interest rates at some banks through the following table:

Where to save 1 billion dong?

To calculate interest you can apply the formula:

Interest = deposit x interest rate %/12 x number of months of deposit.

For example, with 1 billion VND, if you save for 36 months at bank A with an interest rate of 5.6%/year, you can receive: 1 billion VND x 5.6% / 12 x 36 = 168 million VND.

With the same amount and term above, if you save at Bank B with an interest rate of 4.4%/year, the interest you receive will be: 1 billion VND x 4.4% / 12 x 36 = 132 million VND.

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

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