Savings interest rates fluctuate in opposite directions.

The mixed interest rate adjustments at several banks last week indicate that the race to attract deposits remains intense.

Customers conducting transactions at Vietcombank . Photo courtesy of Tran Viet/TTXVN.

Most notably this week was the interest rate adjustment by Saigon Commercial and Industrial Bank (Saigonbank). According to the new interest rate schedule effective from June 18th, the bank increased rates by 0.5 percentage points for many online deposit terms from 6-12 months and from 18-36 months.

Following the adjustment, the interest rate for 6-month online deposits has been raised to 6.9% per year. Interest rates for terms from 7 to 11 months have also uniformly reached 6.9% per year. Notably, the interest rate for 12-month deposits has exceeded 7% and is listed at 7.2% per year, placing it among the highest rates in the current market.

In the long-term group, Saigonbank raised the interest rate for the 18-month term to 7%/year, while the 24-month and 36-month terms reached 6.5%/year and 6.6%/year respectively.

Despite significant increases across many maturities, the highest deposit interest rate at Saigonbank remains unchanged at 7.9% per annum for 13-month online deposits.

This adjustment by Saigonbank only applies to online deposit channels. Interest rates for deposits made at Saigonbank's branches remain unchanged, with the highest rate at 7.9%/year for a 13-month term and 6.7%/year for a 12-month term.

In contrast to the upward trend at Saigonbank, Vietnam Prosperity Commercial Bank ( VPBank ) adjusted its online deposit interest rates downwards for terms of 12-24 months starting from June 19th.

According to the new interest rate schedule, interest rates for terms from 12 months to 24 months at VPBank have all decreased by 0.2-0.3 percentage points to 6% per year. Meanwhile, interest rates for other terms remain unchanged.

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Specifically, online deposit interest rates for 1-2 month terms are listed at 4.45%/year; 3-5 month terms at 4.65%/year; and terms from 6-11 months remain at 6%/year. After the adjustment, VPBank applies the same interest rate of 6%/year to all terms from 6 months to 24 months.

For the Phat Loc Thinh Vuong deposit product, the interest rate is increased by 0.1 percentage point compared to the regular rate, bringing the highest interest rate to 6.1%/year.

In addition, VPBank continues to maintain high interest rates for its certificate of deposit products. Accordingly, a certificate of deposit with a face value of VND 10 million has a maximum interest rate of 7.5%/year, while products with a face value of VND 100 million or more enjoy interest rates of up to 8.7%/year for terms from 184-299 days.

According to a survey conducted on June 21st, many banks continue to list interest rates close to the ceiling of 4.75%/year for 3-month terms, including Nam A Commercial Bank (Nam A Bank), Orient Commercial Bank (OCB), Saigon Tai Loc Commercial Bank (Sacombank), Tien Phong Commercial Bank (TPBank)... Some other banks such as VPBank and Saigon - Hanoi Commercial Bank (SHB ) apply a rate of 4.65%/year, while Vietnam Thuong Tin Commercial Bank (VietBank) lists 4.6%/year.

For terms of 6 months or longer, interest rate competition remains quite intense. Cake by VPBank currently leads the group of digital banks with an interest rate of 7.2%/year for a 6-month term and 7.4%/year for a 12-month term. Vietnam Modern Commercial Bank (MBV) and Vietnam Foreign Trade Technology Bank (VCBNeo) both list 7%/year across various terms, while Bac A Bank applies interest rates ranging from 7.05-7.1%/year.

Meanwhile, the group of state-owned commercial banks, including the Vietnam Investment and Development Bank (BIDV), the Vietnam Bank for Agriculture and Rural Development (Agribank), the Vietnam Foreign Trade Bank (Vietcombank), and the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), continues to maintain the highest interest rates at around 6% per year for long-term deposits.

This development highlights the increasingly clear divergence between the two. While large banks maintain stable interest rates to help reduce capital costs for the economy, many private banks still have to maintain high interest rates to compete in attracting medium and long-term capital.

While deposit interest rates remain pegged at 7-8% per year at many banks, lending interest rates have not shown a clear downward trend. For home loans, preferential interest rates are currently commonly 8-10% per year for the first 6-36 months. After the preferential period, customers will have to apply a floating interest rate, usually calculated as the deposit interest rate or reference interest rate plus a margin of 3-5%.

Recently, KienlongBank continued to increase its base interest rate to 9.5-12.3% per year, marking the second consecutive upward adjustment. Many other banks also raised their reference interest rates to around 10-11% per year, indicating that input capital costs are still under pressure.

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According to data from the State Bank of Vietnam, by the end of March 2026, household deposits had reached over 10.56 million billion VND, an increase of nearly 226,000 billion VND compared to the end of 2025 and the highest level ever recorded. Conversely, deposits from economic organizations decreased by more than 166,000 billion VND, to approximately 6 million billion VND.

However, according to an assessment by Rong Viet Securities Joint Stock Company (VDSC), the rate of capital mobilization across the entire system has not kept pace with credit growth. By the end of April 2026, credit across the system increased by approximately 4.4%, while capital mobilization only increased by about 2.2%. This difference is considered one of the reasons why deposit interest rates remain high.

In this context, the State Bank of Vietnam continues to require credit institutions to implement substantive interest rate reductions, preventing merely symbolic reductions or the application of preferential programs that result in actual interest rates being higher than the listed rates. The regulator also requires strict control over mechanisms that add interest rates, approve exceptions, and unhealthy forms of competition in capital mobilization in order to stabilize interest rates and support economic growth.

Source: https://baotintuc.vn/tai-chinh-ngan-hang/lai-suat-tiet-kiem-bien-dong-trai-chieu-20260621172518056.htm