A bank appeared with sky-high interest rates of 11%/year.

A bank has appeared listing a 12-month interest rate at a whopping 11%/year. Illustration: Tra My.

According to a survey by reporters on October 2, 2023 with nearly 30 banks in the system, the banks listed with the highest 12-month savings interest rates include: PVcomBank (11%/year), VietABank (6.5%/year), BAOVIETBank (6.5%/year), SCB (6.45%/year), NCB (6.4%/year), CB BANK (6.3%/year)...

Leading the 12-month savings interest rate list, PVcomBank listed an interest rate of up to 11%/year for a 12-month term. However, to enjoy this extremely high interest rate, customers need to meet the condition of depositing at least 2,000 billion VND at the counter and only applies to products that receive interest at the end of the term.

Customers who make online savings for a 12-month term at PVcomBank receive an interest rate of 6.5% when receiving interest at the end of the term.

Savings interest rate table at PVcomBank counter on October 2, 2023. Screenshot.

PVcomBank's online savings interest rate table on October 2, 2023. Screenshot

Following closely is VietABank, which lists the highest 12-month savings interest rate at 6.5%/year when customers deposit online and receive interest at the end of the term. Customers who deposit online and receive interest monthly receive an interest rate of 6.31%/year. VietABank is listing the highest interest rate at 6.6%/year for terms of 15 - 36 months.

VietABank's online savings interest rate table on October 2, 2023. Screenshot

BaoVietBank is listing the highest 12-month term interest rate at 6.5%/year when customers deposit savings online.

BaoVietBank's online savings interest rate table on October 2, 2023. Screenshot.

Deposit 500 million VND for 12 months, how much interest do you receive?

With your idle money, you can save it to earn interest. You can quickly calculate bank interest using the following formula:

Interest = Deposit x interest rate (%)/12 months x number of months of deposit

For example, you deposit 500 million VND in Bank A, with an interest rate of 6.5% for a 12-month term. The interest you receive is estimated at:

Interest = 500 million VND x 6.5%/12 x 12 months = 32.5 million VND.

So, before saving, you should compare savings interest rates between banks and interest rates between terms to get the highest interest.

* Interest rate information is for reference only and may change from time to time. Please contact the nearest bank transaction point or hotline for specific advice.

Readers can refer to more information about interest rates HERE.

Source: https://laodong.vn/kinh-doanh/gui-tiet-kiem-12-thang-xuat-hien-ngan-hang-co-lai-suat-cao-vut-11nam-1249142.ldo