Online deposit interest rates are starting to rise again.

Last week, the deposit market saw signs of localized reversals as some commercial banks adjusted deposit interest rates upwards, mainly through online channels and promotional programs.

Báo Tin Tức•17/05/2026

Photo caption — Several commercial banks have adjusted their deposit interest rates upwards. Photo: News and Ethnic Minorities Newspaper.

Specifically, Saigon Thuong Tin Commercial Joint Stock Bank ( Sacombank ) significantly adjusted deposit interest rates through online channels, increasing them by 0.2 - 1% per year depending on the term and deposit amount. After the adjustment, the highest interest rate at this bank reached 7.8% per year for deposits of 200 million VND or more, with long terms of 24 - 36 months.

Besides Sacombank, the digital bank Cake by VPBank also implements a policy of adding up to 1.5% interest per year for new customers depositing savings for a term of 6 months or more. With a listed rate of 7.2 - 7.4% per year, the actual interest rate received at VPBank can reach up to 8.9% per year. This is among the highest interest rates on the market today.

Saigon Commercial and Industrial Bank (Saigonbank) also made a noteworthy move by raising the interest rate for 13-month deposits from 7%/year to 7.9%/year.

At some other banks, a slight upward trend in interest rates has also been observed. Orient Commercial Bank (OCB) slightly increased interest rates by 0.1% per year for terms of 6-36 months. For deposits under 100 million VND, the interest rate for a 24-month term is raised to 6.9% per year and for a 36-month term to 7.1% per year. For deposits between 100 and 500 million VND, the interest rate for 12-month and 21-month terms is 6.9% per year, for an 18-month term it is 6.8% per year, for a 24-month term it is 7% per year, and for a 36-month term it reaches 7.2% per year. Bac A Bank also increased interest rates by 0.25% per year for the 13-month term, bringing the interest rate to 7% per year for deposits under 1 billion VND.

Conversely, state-owned commercial banks continue to maintain significantly lower interest rates. Currently, Vietnam Foreign Trade Commercial Bank (Vietcombank), Vietnam Investment and Development Bank ( BIDV ), and Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) list rates at around 3.5% per year for 6-9 month terms and around 5.9-6% per year for terms of 12 months or more. This level is considered stable, creating room for further reductions in lending rates to support the economy.

Regarding future trends, experts at Vietcombank Securities Company Limited (VCBS) believe that interest rates are showing signs of peaking. Deposit interest rates in the second quarter of 2026 may continue to decrease by approximately 30-50 basis points, mainly for medium and long-term maturities, in line with the operational direction of the State Bank of Vietnam.

Accordingly, the central bank continues to prioritize supporting growth but without sacrificing macroeconomic stability. The policy interest rate is projected to be further reduced by approximately 0.5-1%, combined with flexible open market operations to control liquidity and limit sudden fluctuations.

Earlier, starting in early April, a series of banks simultaneously reduced deposit interest rates by 0.1 - 0.5% per year, especially after the State Bank of Vietnam's operational meeting on April 9th. This downward trend occurred across a wide range of banks, with reductions of 0.1 - 1% per year for terms of 6 months or more.

Furthermore, analysts believe that the outlook for interest rates in the coming period depends not only on the supply and demand of capital but also on the impact of new regulations from the State Bank of Vietnam . Specifically, Circular 08/2026/TT-NHNN, amending and supplementing point a, clause 4, Article 20 of Circular 22/2019/TT-NHNN regulating limits and safety ratios in the operations of banks and branches of foreign banks, has officially come into effect. A notable point is that instead of excluding all time deposits of the State Treasury as previously stipulated, the new Circular allows credit institutions to include 20% of the State Treasury's time deposit balance in the denominator when determining the loan-to-deposit ratio (LDR).

According toFPT Securities Joint Stock Company (FPTS), this policy could inject hundreds of trillions of VND in liquidity. Currently, State Treasury deposits at state-owned banks amount to approximately 624,000 billion VND. Thanks to the new calculation method, credit could increase by an additional 106,000 - 707,000 billion VND, equivalent to contributing 0.5 - 3.8 percentage points to the annual credit growth. Large banks such as Vietcombank, BIDV, and VietinBank could expand lending by tens of trillions of VND without significantly increasing deposits.

According to analysts, if this money is not immediately absorbed, interest rates may fall. Conversely, if the demand for capital for public investment and large projects increases sharply, interest rates may remain high or fluctuate locally. Nevertheless, the new policy is expected to reduce the pressure of competition in deposit interest rates, while helping to lower the cost of capital and limit the race to raise interest rates within the banking system.