With 500 million VND, should I deposit it with VietinBank, ABBank, or ACB?

Chart: Khuong Duy

Updated year-end savings interest rates at VietinBank,ACB , and ABBank.

According to observations by a reporter from Lao Dong newspaper on January 7, 2024, interest rates at VietinBank , ABBank, and ACB are fluctuating around 4.3 - 5.0%, depending on the term.

Specifically:

ABBank interest rate chart, early January 2024. Screenshot.

VietinBank interest rate chart at the beginning of 2024. Screenshot.

ACB interest rate chart at the beginning of 2024. Screenshot.

Additionally, you can refer to the 12-month interest rates of some other banks through the chart below:

Updated 12-month interest rates at several banks as of 10:00 AM on January 7, 2024. Unit: %/year. Chart: Khuong Duy

Can I earn high interest on a 500 million VND savings deposit?

Depending on the amount deposited, the deposit term, and the bank's interest rate schedule, you can calculate the interest earned using the formula below.

Interest = Deposit amount x interest rate (%)/12 months x number of months deposited.

For example, if you have 500 million VND and choose to deposit it into Bank A for a 12-month term with an interest rate of 5%, the interest you could receive would be:

Interest = 500 million VND x 5%/12 x 12 months = 25 million VND.

Alternatively, if you deposit the same amount into Bank B with an interest rate of 4.3% for 12 months, the interest you could receive would be:

Interest = 500 million x 4.3%/12 x 12 months = 21.5 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.

Additionally, readers can find more articles about interest rates from Lao Dong Newspaper HERE.

Source: https://laodong.vn/tien-te-dau-tu/lai-suat-12-thang-cao-nhat-co-500-trieu-dong-nen-gui-vietinbank-abbank-hay-acb-1289433.ldo