Bank interest rates on October 16: Online interest rate increased by 0.3%, 6-month deposit reached 5.9%/year

The bank interest rate market on October 16 recorded a strong breakthrough with a series of attractive promotional programs, especially focusing on online channels.

The bank interest rate market on October 16 witnessed a series of attractive promotions, with an additional rate of up to 1% per year, reflecting a strong shift in strategy to mobilize capital through online channels. Competitive pressure spread from private banks to state-owned commercial groups, highlighted by the move from VCBNeo under Vietcombank .

Vietcombank increases deposit interest rates after a series of private banks

VCBNeo has adjusted its deposit interest rates significantly, with a common increase of 0.25 to 0.3 percentage points, contributing to a more vibrant deposit market. The new interest rate schedule for online savings at VCBNeo includes a 6-month term of 5.9% per year after an increase of 0.3%, a 12-month term of 5.8% per year, and terms from 13 to 60 months of 0.25% increase to 5.8% per year.

At the counter, interest rates for 6- and 12-month terms were raised to 5.6% per year, while longer terms reached 5.7% per year. The simultaneous changes in both capital mobilization channels underscore Vietcombank's loosening policy, aiming to promote digital platforms in the new competitive context.

VCBNeo became the fifth bank to increase interest rates since the beginning of October, following Standard Chartered, GPBank, Bac A Bank and NCB. Previously, banks such as MB, Woori Bank, Vikki Bank or SeABank applied a program to add interest rates from 0.3 to 0.8% per year to attract new deposits.

"Interest plus" race and membership incentives

Military Commercial Joint Stock Bank (MB) continues to offer new incentives to members after the end of the additional period of up to 0.8% per year for online savings. The current program offers a maximum additional of 0.5% per year for terms of 1 to 3 months, and 0.2% per year for the remaining terms, helping the highest interest rate reach 6% per year for terms of 24 to 60 months.

MB members also enjoy a 1% reduction in interest rates for overdrafts or savings book mortgages, along with a 10 to 15% discount when shopping or using associated services. MB's listed interest rates currently range from 3.5 to 5.8% per year depending on the term, higher than the previous period.

Many other banks prefer to add more interest instead of adjusting the listed interest rate. Techcombank gives up to 1% extra per year for “Phat Loc Online” savings with terms of 3, 6 and 12 months, applied from October 1 to 31 with deposits from 20 million VND.

At Vietcombank, customers depositing VND1 billion or more receive VCB Loyalty points equivalent to 0.1% of the deposit amount, and participate in a lucky draw with a special prize worth VND1 billion. VietBank gives gifts and a lucky draw code for savings from 1 to 36 months. Woori Bank adds up to 1.5% per year for deposits of VND5 billion or more, or 0.2 to 1.2% per year for customers opening new Internet/Mobile Banking.

These incentives encourage a shift to online channels, giving banks more flexibility to increase their realized interest rates and attract digital users.

High interest rates for large customers

The highest deposit interest rates on the market are currently around 6 to 9% per year, mainly for businesses or large deposits. PVcomBank leads with 9% per year for a 12 to 13 month term, requiring a minimum of VND2,000 billion. HDBank follows with 8.1% per year for a 13 month term and 7.7% per year for 12 months, with a balance of VND500 billion.

Other prominent banks include Vikki Bank with 7.5% per year for terms of 13 months or more, Bac A Bank 6.2% per year, IVB 6.15% per year for deposits from VND1,500 billion, and LPBank 6.5% per year for deposits from VND300 billion with interest paid at the end of the term.

In the mid-range segment, interest rates are stable at around 6% per year for long terms, such as at Cake by VPBank, BVBank or Viet A Bank with the product "Savings for Wealth" from 6 to 6.8% per year for terms of 6 to 18 months.

Interest rate differentiation reflects fierce competition for idle cash flow, especially when year-end credit demand increases, prompting credit institutions to offer attractive policies to retain customers.

Source: https://baodanang.vn/lai-suat-ngan-hang-ngay-16-10-tang-0-3-lai-suat-online-gui-6-thang-dat-5-9-nam-3306483.html