As of December 3rd, the highest savings interest rates currently offered by banks are 5.8%/year and 5.7%, for a 12-month term.
The only bank offering an interest rate of 5.8% per year is OceanBank. This rate is available for terms of 12 to 36 months, for customers depositing savings online.
Additionally, for terms from 1 to 5 months, OceanBank lists interest rates in the range of 4.3 - 4.5% per year. For terms of 6 to 11 months, OceanBank lists savings interest rates from 5.5 - 5.6% per year.
Readers can quickly calculate bank deposit interest using the following formula:
Interest = Deposit amount x interest rate (%)/12 months x number of months deposited
For example, if you deposit 200 million VND into OceanBank at an interest rate of 5.8% for a 12-month term, the interest you will receive is estimated to be:
Interest = 200 million VND x 5.8%/12 x 12 months = 11.6 million VND
Before depositing savings, readers should compare savings interest rates between different banks and between different terms to earn the highest possible interest.
* 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 articles about interest rates HERE.
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