Which bank offers the most favorable savings interest rates at the beginning of December?

In early December, many banks continued the trend of adjusting interest rates upwards, causing preferential interest rates to also increase compared to previous months.

For a 12-month term, GPPank and VIKKI Bank offer the best interest rates at 6.6%/year, followed by Bac A Bank (6.55%/year), VIB (6.5%/year), NCB (6.3%/year), PVComBank (6.1%/year), Sacombank, MBV (6%/year)...

For a 6-month term, VIKKI Bank, Bac A Bank, and PGBank offer the best interest rate at 6.5%/year. Following them are VCNEO, NCB (6.2%/year), VPBank (6%/year), Techcombank (5.85%/year), PVCombank (5.8%/year), etc.

For a 1-month term, the best interest rate is 4.75%/year, offered by VPBank, VCBNEO, PGBank, and PVCombank. Following closely are VIKKI Bank (4.7%/year), Sacombank (4.6%/year), NCB, andOCB (4.5%/year)...

In early December, many banks took steps to raise interest rates.

The deposit market is witnessing the sharpest interest rate adjustment in months. In November alone, 21 commercial banks increased interest rates, with some banks adjusting them 2-3 times in the same month, and no banks recorded a decrease in interest rates.

Entering December, the upward trend in interest rates continues to spread. Surveys to date show that more than 10 banks have raised deposit interest rates. Some banks have even increased rates up to four times since the beginning of the month. This development has pushed deposit interest rates at many banks to approximately 7% per year for 6-7 month terms. This is also the highest interest rate in over a year.

For example, on December 9th, Orient Commercial Bank (OCB) adjusted its savings interest rates by 0.4% - 0.9% compared to the previous month, depending on the term. At this bank, deposits of 500 million VND or more for terms of 2-5 months receive an interest rate of 4.75% per year. For the same amount, deposits for terms of 6 to 11 months receive an interest rate of 5.9%, while 12-month deposits receive an interest rate of 6.2% per year.

On December 5th, Saigon Thuong Tin Bank (Sacombank) also raised interest rates by 0.3% to 0.5% for various terms for customers depositing savings online. Accordingly, the interest rate for terms from 3 months to less than 6 months reached the maximum of 4.75%, and the interest rate applied to 12 months increased to 5.8%.

Starting this month, Viet Capital Bank (BVBank) is also applying an interest rate of 4.75% for deposits of 92 to 183 days, for online deposits of 100 million VND or more.

National Commercial Bank (NCB) implemented a new interest rate schedule from December 8th, increasing rates by 0.3% to 0.8% across various terms. Specifically, the interest rate for 5-month online deposits was raised to 4.75%, while the rate for 12-month deposits was increased to 6.2% per year.

According to economist Dr. Nguyen Tri Hieu, the main reason for the rapid increase in deposit interest rates is the fast-growing economy, which leads to high demand for credit, forcing banks to raise interest rates to attract more capital.

Ngoc Vy

Source: https://vtcnews.vn/lai-suat-tiet-kiem-ngan-hang-nao-uu-dai-nhat-dau-thang-12-ar993027.html