Savings interest rates have risen across the board, leaving people worried about loan interest rates.

Military Commercial Joint Stock Bank (MB) has just announced the application of a new deposit interest rate schedule from May 21st. Specifically, for regular individual customer deposits with interest paid at the end of the term, the bank has uniformly increased interest rates for terms of 1-15 months by 0.1-0.2% per year, according to Tien Phong newspaper .

Specifically, the interest rate for a 1-month term increased from 2.1%/year to 2.3%/year, for a 2-month term from 2.3%/year to 2.5%/year, for 3-4 month terms from 2.5-2.6%/year to 2.7%/year, for a 5-month term from 2.7%/year to 2.8%/year, for 6-8 month terms from 3.5%/year to 3.6%/year, for 9-10 month terms from 3.6%/year to 3.7%/year, for 11 month terms from 3.7%/year to 3.8%/year, and for 12-15 month terms from 4.5%/year to 4.6%/year.

Along with individual customers, MB Bank also increased deposit interest rates for institutional customers. Accordingly, the bank simultaneously increased interest rates applied to terms of 1-60 months by 0.1-0.2% per year. Currently, MB Bank's deposit interest rate schedule for institutional customers ranges from 0.5-5.5% per year. Of these, the 5.5% per year rate applies to deposits with terms of 36-60 months.

Thus, MB is the next bank to increase savings interest rates in May. Previously, 17 banks had increased savings interest rates since the beginning of the month, includingACB , VIB, GPBank, NCB, BVBank, Sacombank, CB, Bac A Bank, Techcombank, TPBank, PGBank, SeABank, Viet A Bank, ABBank, VPBank, the digital bank Cake by VPBank, and most recently HDBank.

Some banks have even increased interest rates two or three times within a single month. Specifically,VIB Bank recently increased its savings interest rates for the third time since the beginning of May. According to its online savings interest rate chart, the highest interest rate this bank applies is for terms of 24-36 months, at 5.1% per year.

Techcombank also adjusted its savings interest rates upwards twice in a row on May 8th and 9th. Currently, the highest savings interest rate at this bank applies to terms of 12-36 months at 4.7% per year.
In the market, some banks have recorded sharp increases in interest rates, with increases of up to 0.9% per year, such as CB and OceanBank.

The old lending interest rates for many individuals remain at 11-12% per year.

Following the recent adjustments, the highest savings interest rates have returned to above 6% per year. Specifically, HDBank recently increased its savings interest rates, becoming the third bank in the market to maintain a rate of 6% per year for depositors, with interest rates for 15-month and 18-month terms at 6.1% and 6.2% per year, respectively.

The wave of sharp interest rate increases is returning amidst a prolonged low-interest rate environment, and there are also signs of household deposits shifting away from the banking channel.

The first quarter financial reports also show that deposit growth at banks was very low, with many large banks even recording a decrease in customer deposits in the first three months of the year, such as Vietcombank, MB, SHB, VIB, and TPBank.

Vietcombank Securities predicts that deposit interest rates may be 0.5-1% higher; however, the upward trend in deposit interest rates is unlikely to create a market-wide race to increase deposit interest rates.

Many believe that the amount of money returning to bank deposits will be minimal due to the speculative mentality of many people. Meanwhile, gold is a highly volatile investment channel, attracting short-term investors. Real estate is attracting early capital flows as the recovery becomes increasingly evident. The stock market is also thriving. Therefore, money tends to flow into gold, real estate, and stocks rather than savings accounts.

Although banks have begun to increase savings interest rates, lending rates remain unchanged, with many new loans having interest rates below 7% per year. For example, Vietcombank in Ho Chi Minh City still maintains a fixed interest rate of 5% for the first 12 months and 6% per year for the first two years, as in April.

VPBank is currently offering an interest rate of 5.9% per year for the first six months. After the promotional period, the floating interest rate will be calculated as the reference interest rate plus a margin of 3% per year. Simultaneously, this bank has also launched a loan package for early repayment at other banks with interest rates starting from 4.6% per year fixed for three months and from 6.8% per year fixed for twelve months; MSB applies lending interest rates from 6.2% to 6.8% per year, according to Thanh Nien newspaper.

KHANH LINH (compiled)

Source: https://www.nguoiduatin.vn/lai-suat-tiet-kiem-dong-loat-tang-nguoi-dan-phap-phong-lo-lai-vay-a664793.html