Bank savings interest rates are starting to rise.

Many commercial banks have begun to slightly increase deposit interest rates amid high demand for capital to support credit growth in the latter part of the year.

Interest rates on savings deposits have edged up at some commercial banks. Photo: Nam Khanh.

Since the beginning of October, the market has seen approximately six commercial banks increase deposit interest rates, including GPBank, NCB, Vikki Bank, BacABank, VCBNeo, and HDBank . Notably, BacABank has even raised interest rates twice this month.

Interest rates are starting to rise.

Specifically, following the interest rate increase on October 9th, which adjusted rates by 0.05-0.25% per year for short-term deposits, BacABank continued to raise interest rates effective from October 20th by an additional 0.2% per year for deposits with terms of 6-11 months and by 0.3% per year for terms of 12-36 months, applicable to individual customers.

After adjustment, deposit interest rates are below 1 billion VND At BacABank, interest rates are currently 4.2-4.55%/year for terms of 1-5 months; 5.6-5.8%/year for terms of 6-12 months; and 5.9-6.1%/year for terms over 12 months. This applies to deposits from... 1 billion VND For terms of 10 or more, customers receive an additional 0.2% per year for each term.

Also in mid-October, HDBank announced an increase in online deposit interest rates for individual customers with terms of 1-5 months. Specifically, the rates for 1-2 month and 3-5 month terms both increased by 0.2% to 4.05%/year and 4.15%/year respectively. The rates for other terms remained unchanged at 5.3%/year (6-11 months), 5.6%/year (12 months), and 5.5-5.8%/year (over 12 months). For deposits made at the counter, the interest rate was 0.4% lower than for online deposits.

Notably, HDBank continues to apply special interest rates for savings accounts with a minimum value. 500 billion VND , with a 12-month term yielding 7.7%/year and a 13-month term yielding up to 8.1%/year.

VCBNeo recently announced new interest rates for individual customers depositing online, increasing them by 0.25-0.3% across various terms. Specifically, the 6-month term increased by 0.3% to 5.9%/year; the 12-month term reached 5.8%/year. Other terms remained at 4.35-4.7%/year (1-5 months), 5.45-5.6%/year (7-11 months), and 5.8%/year (over 12 months). Customers depositing at the counter will receive a 0.3% lower interest rate compared to online deposits.

Vikki Bank, a digital bank, has also increased savings interest rates since October 6th. Currently, deposits with terms of 1-3 months at this bank receive interest rates of 4.35-4.55%/year (+0.1%); 6-month terms receive 5.9%/year (+0.2%); and 12-13 month terms receive 6.1%/year (+0.1%). Deposits made at the bank's counters apply a lower interest rate than online deposits, by 0.2%.

Similarly, NCB and GPBank also increased their savings interest rates by 0.1% per year for most terms. After the adjustment, NCB applied an over-the-counter interest rate of 4-4.4% per year for terms of 1-5 months; 5.35% per year for terms of 6 months; and 5.6% per year for terms of 12 months or more. If depositing online, customers will receive an additional 0.1% compared to when depositing at the counter.

At GPBank, online deposit interest rates for individual customers are currently 3.8-3.9% per year for terms of 1-5 months; 5.35% per year for 6 months; and 5.65% per year for terms of 12 months or more. Interest rates for deposits made at the counter are approximately 0.25% lower.

Experts at MBS believe that deposit interest rates may face upward pressure towards the end of the year due to high credit demand, especially after the State Bank of Vietnam allowed further relaxation of credit growth targets. Photo: Nam Khanh.

Interest rates are expected to rise further.

Besides increasing interest rates, many banks are opting for incentives such as adding extra interest or offering gifts to customers who deposit savings in order to attract more capital from residents.

Following the conclusion of the promotional program offering an additional interest rate of up to 0.8%/year for customers depositing savings online via the MB Bank app (from September 29th to October 14th), MB continues to implement a new program, adding a maximum of 0.5%/year in interest rate for customers who register to become MB members.

Techcombank is also offering an additional interest rate of up to 1% per year for Private or Priority members when depositing for 3, 6, and 12-month terms. The program runs from October 17th to 31st, with a minimum deposit of 20 million VND.

Vietcombank awards VCB Loyalty reward points equivalent to 0.1% of the deposit value to customers who deposit savings from 1 billion VND or more at the counter, valid until October 31st.

Besides HDBank, many other banks are also offering special interest rates for large deposits. At ABBank, the highest interest rate reaches 9.65% per year for a 3-month term, applicable to individual customers depositing from... 1.5 trillion VND or higher. PVCombank offers a special interest rate of 9%/year, double the usual rate (4-4.2%/year), for customers depositing at the counter for a term of 12 or 13 months with a minimum amount. 2,000 billion VND .

In a recent analysis report, experts at MB Securities (MBS) suggested that deposit interest rates may face upward pressure in the latter part of the year due to rapid credit expansion, especially after the State Bank of Vietnam (SBV) allowed further relaxation of credit growth targets for credit institutions to meet the capital needs of the economy.

According to data from the State Bank of Vietnam, as of the end of July, household deposits continued to reach new highs, totaling nearly... 7.75 million billion VND , an increase of 9.68% compared to the beginning of the year. In July alone, resident deposits increased by approximately... 54.087 billion VND .

According to the State Bank of Vietnam's report, the average VND deposit interest rates of domestic commercial banks are 0.1-0.2%/year for demand deposits and deposits under 1 month; 3.3-4%/year for terms of 1-6 months; 4.6-5.5%/year for terms of 6-12 months; 4.9-6.1%/year for terms of 12-24 months; and 6.9-7.3%/year for terms over 24 months.

According to the General Statistics Office (Ministry of Finance), the CPI for the first nine months of 2025 increased by 3.27% compared to the same period last year, and core inflation increased by 3.19%.

Given the current interest rate levels and CPI trends, bank deposit interest rates remain positive in real terms, meaning they are higher than the inflation rate. This helps depositors not only preserve the value of their money but also earn real interest. Furthermore, depositors' rights are still protected through the existing deposit insurance policy.

Amidst volatile domestic and international economic conditions, these remain the primary reasons driving continued strong inflows of household funds into banks.

Source: https://baoquangninh.vn/lai-suat-tiet-kiem-ngan-hang-ruc-rich-tang-3381830.html