Bank savings interest rates are about to increase

Savings interest rates have increased slightly at some commercial banks. Photo: Nam Khanh.

Since the beginning of October, the market has recorded about 6 commercial banks increasing deposit interest rates, including GPBank, NCB, Vikki Bank, BacABank, VCBNeo and HDBank . Of which, BacABank has even raised interest rates twice this month.

Interest rates are about to increase

Specifically, after the interest rate increase on October 9 with an adjustment of 0.05-0.25%/year for short terms, BacABank continued to increase the interest rate applied from October 20 by 0.2%/year for 6-11 month term deposits and by 0.3%/year for 12-36 month term, applied to individual customers.

After adjustment, deposit interest rate is below 1 billion VND at BacABank is currently at 4.2-4.55%/year for 1-5 month term; 5.6-5.8%/year for 6-12 month term; and 5.9-6.1%/year for term over 12 months. With deposit amount from 1 billion VND or more, customers get an additional 0.2%/year per term.

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

Notably, HDBank still applies special interest rates for savings with minimum value. 500 billion VND , with a 12-month term enjoying 7.7%/year and a 13-month term enjoying an interest rate of up to 8.1%/year.

VCBNeo has also recently announced a new interest rate schedule for individual customers depositing online, increasing by 0.25-0.3% for many terms. In particular, the interest rate for 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). If depositing at the counter, customers receive 0.3% lower interest than when depositing online.

Vikki Bank digital bank also increased savings interest rates from October 6. Currently, 1-3 month term deposits at this bank receive interest rates of 4.35-4.55%/year (+0.1%); 6 month term deposits receive interest rates of 5.9%/year (+0.2%); 12-13 month term deposits receive interest rates of 6.1%/year (+0.1%). This form of deposit at the bank counter applies an interest rate 0.2% lower than online.

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 with terms of 1-5 months are currently at 3.8-3.9%/year; 6-month term is 5.35%/year; and 12-month term or more is 5.65%/year. Deposits at the counter are about 0.25% lower.

Experts at MBS believe that deposit interest rates may be under pressure to increase at the end of the year due to high credit demand, especially after the State Bank of Vietnam allowed to loosen the credit growth target. Photo: Nam Khanh.

Interest rates are expected to increase further.

In addition to increasing interest rates, many banks choose incentives such as adding interest or giving gifts to customers who deposit savings to attract more capital from residents.

After the end of the promotion program of adding up to 0.8%/year for customers making online savings deposits on the MB Bank application (from September 29 to October 14), MB continues to implement a new program, adding a maximum interest rate of 0.5%/year for customers registering to become MB members.

Techcombank also offers an additional interest rate of up to 1%/year for Private or Priority members when depositing for 3, 6 and 12 months. The program is valid from October 17-31, with a minimum deposit of VND20 million.

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

In addition to HDBank, many banks are also applying special interest rates for large value deposits. At ABBank, the highest interest rate is up to 9.65%/year for a 3-month term, applied to individual customers depositing from 1,500 billion VND or more. PVCombank offers a special interest rate of 9%/year, twice as high as the normal rate (4-4.2%/year), for customers depositing at the counter for a term of 12 or 13 months with a minimum amount of 2,000 billion VND .

In a recent analysis report, experts at MB Securities Company (MBS) said that deposit interest rates may be under increasing pressure in the final period of the year due to rapid credit expansion, especially after the State Bank of Vietnam (SBV) allowed the credit growth target to be loosened for credit institutions to meet the capital needs of the economy.

According to data from the State Bank of Vietnam, by the end of July, residential deposits continued to set new peaks, reaching nearly 7.75 million billion VND , up 9.68% compared to the beginning of the year. In July alone, resident deposits increased by about 54,087 billion VND .

The State Bank of Vietnam's report shows that the average VND deposit interest rate of domestic commercial banks is at 0.1-0.2%/year for demand deposits and deposits under 1 month; 3.3-4%/year for 1-6 month term; 4.6-5.5%/year for 6-12 month term; 4.9-6.1%/year for 12-24 month term; and 6.9-7.3%/year for term over 24 months.

According to the General Statistics Office (Ministry of Finance), CPI in the first 9 months of 2025 increased by 3.27% over the same period, core inflation increased by 3.19%.

With the above interest rate levels and CPI developments, bank deposit interest rates are still at a positive real level, meaning they are higher than the inflation rate, helping depositors not only preserve the value of their money but also earn real interest. In addition, depositors' rights are still guaranteed through the current deposit insurance policy.

In the context of many fluctuations in the domestic and foreign economy, these are still the main reasons that help the residential sector's cash flow continue to flow strongly into banks.

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