To meet consumer demand, banks offer a variety of savings packages, from short-term (1-6 months) to long-term (12-24 months). Customers who do not need to use the money often choose to save for a long term of 12 or 24 months.
Compare 12-month and 24-month interest rates
Currently, 12-month interest rates fluctuate around 5 to 5.9% per year.
Among them, some banks with high 12-month term interest rates are HDBank : 5.9%/year, Vietcapital Bank: 5.7%/year, NCB: 5.55%/year, OCB and Kienglongbank: 5.5%/year...
The group of banks with low interest rates are Vietcombank (5%/year), Tecombank (5.25%), BIDV (5.3%), Agribank (5.3%).
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The 24-month term interest rate fluctuates between 5 - 6.5%/year. Of which, the bank with the highest interest rate is MBBank with 6.50%/year. Next are OCB and HDBank with 6.3%/year, TPBank and Kienlongbank with 6.0%/year.
The group of banks with low 24-month term interest rates are Vietcombank (5%), Tecombank (5.25%), BIDV (5.3%), Agribank (5.3%)...
Should I save long term?
With its stability and low risk, bank savings are a form of investment chosen by many people. The advantages of bank savings are high liquidity and flexible terms, making this form suitable for short-term financial plans or emergency funds. However, many people do not know whether it is better to save for the long term or the short term.
According to experts, customers with a large amount of “idle” money and no short-term use should choose to save for a long term of 3 months or more. This is a safe, stable and effective form of investment. Customers can choose from many different terms such as 3 months, 6 months, 9 months, 12 months, 24 months, 36 months...
The biggest advantage of long-term savings is the attractive interest rate, higher than short-term savings. In particular, if the depositor closes early, he or she will still receive the non-term interest rate.
Therefore, if you want to mobilize capital quickly or use it in an emergency, you should deposit short-term savings of less than 3 months. On the contrary, if you do not have a need to use it in the future and are sure about the ability to mobilize capital in time, you should deposit long-term savings to enjoy the highest interest rate.
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