For the first time in history: Savings interest rates fall below 2%/year

On December 25, Vietcombank adjusted interest rates down across all terms under 12 months, bringing interest rates to their lowest level ever.

Specifically, the bank's 1-month deposit interest rate is currently 1.9%/year; 3-month 2.2%/year; 6 and 9-month 3.2%/year. For other terms, the bank does not change the interest rate. Currently, the highest savings interest rate here is 4.8%/year for long terms of 12 months or more.

Interest rates in the Big 4 group (4 state-owned commercial banks) have also begun to differ. Agribank is the next bank to reduce interest rates more aggressively than in recent times.

Currently, the lowest term deposit interest rate at this bank is 2.2%/year for terms of 1-2 months. If customers deposit for 12 months or more, the interest rate is 5%/year and the highest is 5.3%/year for terms of 24 months.

Savings interest rates below 2%/year appear (Photo: Manh Quan).

Previously, two other banks, BIDV and VietinBank, also lowered interest rates by 0.3 to 0.4 percentage points for all terms, bringing the highest interest rate for deposits of one year or less to 5%.

In the context of banks having "excess money" and the lending situation being gloomy, the mobilization interest rates of private units are no longer significantly different from those of the group with State capital.

Since the beginning of December, 25 banks have reduced interest rates, bringing the highest 12-month savings interest rate to 5.7%/year, while last month, there were still a few units willing to pay interest rates of 6%/year or more for this term deposit.

In December, Agribank also reduced interest rates by 0.8% for deposits under 12 months. Currently, 1-month deposits are only paid at 2.2% per year; 3-month deposits are 2.5% per year; and 6- and 9-month deposits are 3.2% per year.

Previously, in the middle of this month, the two remaining state-owned banks, VietinBank and BIDV, also lowered interest rates by 0.3 to 0.4 percentage points for all terms, bringing the highest mobilization interest rate for deposits of one year or less to 5%.

Source: https://dantri.com.vn/kinh-doanh/lan-dau-tien-lich-su-lai-suat-tiet-kiem-ve-duoi-2nam-20231225194928795.htm