Which bank has the highest savings interest rate today?

What is bank interest rate?

Interest is the price paid for the use of capital. Interest includes deposit interest rate, lending interest rate, interbank interest rate, in which deposit interest rate is the ratio between the interest amount and the mobilized capital.

Mobilization interest rates, classified into mobilization interest rates in Vietnamese Dong and foreign currencies, including interest rates on demand deposits and term deposits; mobilization interest rates by issuing valuable papers, including interest rates by issuing valuable papers with terms of less than 12 months and those with terms of 12 months or more.

According to Decision 1124/QD-NHNN, from June 19, 2023, the maximum interest rate for deposits in Vietnamese Dong of organizations (except credit institutions, foreign bank branches) and individuals at credit institutions, foreign bank branches as prescribed in Circular 07/2014/TT-NHNN is as follows:

The maximum interest rate applicable to demand deposits and deposits with terms of less than 1 month is 0.5%/year.

The maximum interest rate applied to term deposits from 1 month to less than 6 months is 4.75%/year; People's Credit Funds and Microfinance Institutions apply the maximum interest rate applied to term deposits from 1 month to less than 6 months at 5.25%/year.

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Which bank has the highest savings interest rate today?

As of January 30, 2023, the 3-month savings interest rate of banks mainly fluctuated at 3-4%/year, in which Vietnam - Russia Joint Venture Bank (VRB) is listing the highest interest rate for this term at 4.3%/year.

For a 6-month term, savings interest rates of banks currently fluctuate at 4.4 - 5.1%/year, of which Construction Bank is listing the highest interest rate for this term at 5.1%/year.

As for the 12-month term, PvcomBank is currently the bank listing the highest interest rate among banks. Effective from today, January 30, the 12-month term savings interest rate of this bank is 10.5%/year.

With a 24-month term, the savings interest rate for this term is fluctuating at 5-6%/year, in which SHB is the bank applying the highest interest rate for this term at 6.2%/year.

Minh Huong (synthesis)

Source: https://vtc.vn/lai-suat-gui-tiet-kiem-ngan-hang-nao-cao-nhat-hien-nay-ar850697.html