Where to save 12 months

Compare 12-month interest rates

According to Lao Dong reporters' records with three banks Vietcombank, Agribank and SCB at 12:30 on November 27, 2023, the 12-month term deposit interest rate table is being listed around 5.0-5.45%/year. In which:

Vietcombank listed the 12-month interest rate at 5%/year. For other terms, Vietcombank listed the following: Non-term interest rate at 0.1%/year; 1-2 months at 2.6%/year; 3-6-9 months at 3.9%/year; terms from 24 to 60 months at 5%/year.

Vietcombank notes on its website that the above interest rates are for reference only and may change from time to time. Interest is calculated based on the actual number of days and the basis for calculating interest is 365 days. Notably, interest rates for other foreign currencies or terms are not listed, customers in need should contact the transaction point directly for details.

Vietcombank interest rate update on November 27, 2023. Screenshot

Agribank listed 12-month interest rate at 5.3%/year.

For other terms, Agribank listed as follows: Non-term interest rate at 0.2%/year; 1-2 months at 3%/year; 3-4-5 months at 3.3%/year; 6-7-8-9-10-11 months at 4.3%/year; terms from 13 to 24 months at 5.3%/year.

Updated Agribank interest rates on November 27, 2023. Screenshot.

SCB lists the highest 12-month interest rate at 5.45%/year (when saving online and receiving interest at the end of the term).

For other terms, SCB listed as follows: Online interest rate without term at 0.5%/year; 1 month at 3.7%/year; 3 months at 3.95%/year; 6 months at 4.95%/year; terms from 13 to 36 months at 5.45%/year.

Updated SCB interest rates on November 27, 2023. Screenshot.

How to receive interest on 500 million VND savings?

To calculate interest on savings deposits at the bank, you can apply the formula:

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

For example, if you deposit 500 million VND for a 12-month term at Agribank with an interest rate of 5.3%/year, you can receive: 500 million VND x 5.3%/12 x 12 = 26.5 million VND.

With the same amount and term above, if you save at Vietcombank with an interest rate of 5%, the interest you receive will be: 500 million VND x 5%/12 x 12 = 25 million VND.

Meanwhile, the amount received when saving at SCB is as follows: 500 million VND x 5.45%/12 x 12 = 27.25 million VND.

Source