Which bank currently offers the highest interest rates ?
PVcomBank is offering interest rates of up to 10% per year for deposits of 12-13 months with a minimum deposit of 2,000 billion VND. This interest rate applies to a relatively large deposit amount of 2,000 billion VND.
HDBank also applies a relatively high interest rate of 8.1% per year for a 13-month term, with a much lower minimum balance requirement of only 300 billion VND.
Here is a list of banks currently offering the highest savings interest rates:
After a long period of offering the highest interest rate on 6-month deposits, BaoVietBank has recently taken steps to lower its interest rates.
BaoVietBank has reduced deposit interest rates across most terms, except for the 24-month term, which remains at 5.5%.
Interest rate reductions range from 0.2% to 0.3% across 3-month, 6-month, and 12-month terms.
For a 3-month term, the old interest rate was 3.85%. The new interest rate is 3.55%, equivalent to a 0.3% reduction.
For a 6-month term, the old interest rate was 4.8%, the new rate is 4.6%, equivalent to a 0.2% reduction.
For a 12-month term, the old interest rate was 5.3%. The new interest rate is 5.0%, equivalent to a decrease of 0.3%.
For a 24-month term, the interest rate remains unchanged at 5.5%.
VPBank is the latest bank to lower savings interest rates. Interest rates for both short-term and medium-term maturities have decreased, with the largest reduction seen in the 3-month term. Interest rates for the 24-month term have also decreased, but at a smaller rate compared to short- and medium-term maturities.
BVBank is the latest bank to lower savings interest rates. Interest rates for both short-term and medium-term maturities have decreased, with the largest reduction seen in the 3-month term. Interest rates for the 24-month term have also decreased, but at a smaller rate compared to short- and medium-term maturities.
In the interbank interest rate market, the latest data updated from the State Bank of Vietnam shows that, in the February 29th session, the overnight interbank interest rate (the main term, accounting for about 90-95% of transaction value) was 1.46%/year, a decrease of 0.94% compared to the previous session.
Thus, the overnight interest rate has fallen to 2.65% from its 2024 peak of 4.14% recorded on February 21st.
Interbank interest rates for the other two key maturities also plummeted. The 1-week rate fell to 1.71%/year, 0.81% lower than the previous session. The 2-week rate also dropped 0.95%, to 1.72%.
Meanwhile, interest rates for longer terms such as 1 month and 3 months remained relatively stable, at 2.53% and 2.96% per year, respectively.
On the international market, the Fed forecasts it may not cut interest rates this year. After more than 20 months of high inflation and interest rates, experts predict the economy will cool down this year.
The possibility of the Fed shifting its policy is becoming increasingly likely. Initially, the market expected the Fed to cut rates up to six times this year, starting in March. But this has been repeatedly delayed.
FED Chairman Jerome Powell said, "We would like to be more confident that inflation is on track for the 2% target. But I don't think the Fed will have that confidence by the March meeting. There are only seven weeks left."
Compare the highest bank interest rates for a 3-month term.
Interest rates for 6-month savings deposits at banks.
If I want to deposit money for 12 months, which bank offers the highest interest rate?
Latest updates on interest rates at Agribank, Sacombank, SCB, Vietcombank... highest rates for 24-month terms.
Interest rate information is for reference only and may change from time to time. Please contact your nearest bank branch or hotline for specific advice.
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