With rising interest rates, should you deposit your savings at the end of the year?

(NLĐO) – Deposit interest rates are forecast to continue rising from now until the end of the year to meet the increasing demand for credit.

MB has just adjusted deposit interest rates upwards for some maturities, with an increase of 0.1 percentage point compared to before. According to the new interest rate schedule, customers depositing savings at MB for 3-5 months will receive an interest rate of 3.6%/year; for 6-11 months, the rate is 4.2%/year. The highest interest rate when depositing at the counter reaches 5.7%/year.

For online savings, interest rates are about 0.2 percentage points higher than at the counter. The highest interest rate for digital deposit products is 5.9% per year for terms of 24 months or more at MB.

Since the beginning of November, many banks such as BVBank, Nam A Bank, VIB, Vietbank, VietABank, and Agribank have also increased deposit interest rates. This move aims to meet the increased demand for capital at the end of the year, while the USD/VND exchange rate remains high, putting further pressure on the VND.

Banks are raising deposit interest rates to meet the increased demand for capital at the end of the year, and also to cope with the persistently high USD/VND exchange rate.

Interest rates of 6% per year or higher are now available at many banks, such as BVBank, which applies a rate of 6% per year for customers depositing savings online for a term of 18 months or more.

Amidst a sluggish stock market and volatile gold prices, many people with spare cash are considering depositing it in savings accounts as interest rates begin to rise.

Mr. Ngo Minh Sang, Director of the Personal Banking Division at BVBank, noted that compared to the beginning of the year, savings interest rates have tended to increase slightly. This reflects the increased demand for capital from credit institutions at the end of the year, combined with credit stimulus policies.

According to Mr. Sang, the increase in savings interest rates is an opportunity for people, especially small-scale customers such as salaried employees or retirees, to optimize their income from savings. He recommends choosing terms longer than 12 months to ensure more stable benefits in case interest rates decrease in 2025, similar to the trend of 2024.

These are the 12-month deposit interest rates offered by major commercial banks annually, indicating that interest rates tend to increase in the last quarter of the year. Source: Wigroup

BVBank is issuing small-denomination certificates of deposit with a minimum face value of 10 million VND, applying interest rates 0.5% to 0.7% higher than the listed rate for terms of 18 to 36 months. This reflects the trend of increasing deposit interest rates amidst strong credit demand at the end of the year.

Mr. Nguyen Thanh Lam, Director of Analysis for the Individual Clients Division at Maybank Securities, explained that the recent increase in interest rates is due to factors such as increased demand for loans, pressure from exchange rates, and fluctuations in the interbank market. These factors have pushed deposit interest rates up slightly.

According to Mr. Lam, deposit interest rates are projected to increase by approximately 0.5% in the next 6-12 months. However, this increase is considered appropriate and will not significantly impact macroeconomic policies. Notably, lending interest rates are predicted to increase more slowly, thanks to market share competition among banks and government policies aimed at keeping interest rates at reasonable levels to support economic growth.

Thus, in the short term, the upward trend in interest rates is clear, but 2025 could see more shifts towards greater stability, depending on macroeconomic conditions and the government 's credit policy direction.

Source: https://nld.com.vn/lai-suat-hom-nay-27-11-lai-suat-tang-co-nen-gui-tiet-kiem-dip-cuoi-nam-196241127102816334.htm