Why are online savings interest rates always higher than at the counter?

Online savings interest rates are currently 0.1 - 0.5% higher per year than at the counter, which is the reason why many customers are gradually switching to digital channels. This trend not only stems from the convenience of online transactions but also reflects strategic changes in banks' operations and strong digitalization orientation from the State.

*Online savings bring many benefits to banks.*

For banks, online savings significantly reduces operating costs compared to the traditional model. Instead of maintaining a wide network of branches with costs for premises, equipment and personnel, banks can optimize resources through online transaction systems. The process of opening and closing savings books is completely digitized, helping to reduce the workload for employees and allowing banks to focus on higher value-added activities, including adjusting competitive interest rates to attract depositors. The high level of automation also creates a clear advantage in the digital race, when banks that go first will be able to access and serve customers more effectively.

From the State side, the policy of promoting non-cash transactions and applying technology in banking activities continues to be promoted. Decision 986/QD-TTg on the strategy for developing the banking industry until 2025, with a vision to 2030, clearly states the requirement to increase online payments, optimize ATM and POS systems, and reduce the proportion of cash in circulation to below 8%. This orientation encourages banks to improve digital infrastructure and implement preferential policies, in which higher online savings interest rates are an important tool to increase the number of users.

For customers, online savings offers a fast, safe and flexible experience. All operations of opening a book, depositing money or closing a transaction are done on the phone without having to queue or go to the transaction counter. Security layers such as OTP code, two-factor authentication and data encryption help ensure account safety. Higher interest rates at the counter, the ability to deposit small amounts and the opportunity to receive many incentives from the bank make online savings an attractive option for both beginners and experienced customers.

Choosing to deposit savings online is completely suitable in the context of strong digitalization of the banking industry. However, customers need to prioritize reputable banks with good security platforms and deposit products that suit their financial plans. When considered and used properly, online savings not only bring better interest rates but also bring convenience and safety compared to traditional forms of transactions.

Source: https://congthuong.vn/vi-sao-lai-suat-tiet-kiem-online-luon-nhinh-hon-tai-quay-433802.html