8% savings interest rate gradually disappears

Only two banks are still listing the highest savings interest rate of 8% per year, while a month ago more than 10 banks were willing to pay more than this rate.

More than 30 domestic banks have simultaneously adjusted their savings interest rates after the State Bank reduced its operating interest rates in the middle of this month.

On average, over the past month, savings interest rates have decreased by 0.3-0.5 percentage points, with the strongest adjustment occurring at four state-owned banks.

As of June 26, according to a survey by VnExpress , the highest listed interest rate on the market has dropped to 8% per year and only appears at two banks: GPBank (12-month term) and Saigonbank (13-month term).

The remaining 30 domestic banks all offer interest rates below 8% per year. Of these, the dozen banks that list the highest interest rates (usually applied to 12 or 13 month terms) are below 7% per year, including four state-owned banks paying 6.3% per year and a few private banks such as Techcombank, VIB, ACB, DongABank, LPBank paying from 6.6% to 6.85% per year. The remaining 20 private banks offer rates of 7% to below 8% to depositors.

For terms from 6 to 9 months, the state-owned banking group listed interest rates below 6% while interest rates at the private group fluctuated from 6.5% to 7.9% per year. Deposits under 6 months are currently controlled by the ceiling set by the State Bank of 4.75% per year.

The wave of interest rate cuts comes after the ceiling on deposits under 6 months and a type of operating interest rate were lowered on June 16. This is the second time in less than a month and the third time this year that the State Bank has reduced the ceiling on savings interest rates under 6 months, to 4.75% per year.

Reducing the ceiling on mobilization and operating interest rates, according to the management agency, is "an important step, orienting the market's interest rate reduction trend in the coming time". This is a signal for banks to reduce lending interest rates. This decision was made in accordance with the policy of the National Assembly and the direction of the Government to reduce interest rates, support people and businesses to increase their access to capital, and contribute to the recovery of production and business.

Below are the bank interest rates arranged from high to low, officially listed (for amounts under 1 billion VND), not including the bank's actual agreement with regular customers, VIPs, and large-value deposits.

Quynh Trang

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