INTEREST RATES SURGE TO 9% PER YEAR

Commercial banks are revising up savings rates - PHOTO: LE VU

HCMC – Savings rates are rising again as many banks have hiked rates to 9% per year, though such rates are tied to substantial deposit requirements.

For instance, the Bank for Investment and Development of Vietnam (BIDV) has revised up rates up to 4.75% for 1 to 5-month savings, hitting the regulatory ceiling. The bank has also raised its one-year savings rate by one percentage point to 6.6%, while longer-term rates are up to 6.8%, up 1.5-1.6 percentage points.

Rates above 6.5% are now common among many banks that are offering special promotions. For example, Military Bank (MB) offers rates of up to 8.4% per year for six-month deposits, although customers are required to use digital banking services.

Specifically, digital and small-scale banks such as Vikki Bank and Cake by VPBank are leading the trend, offering rates of 8.1% to 8.4% annually, often combined with incentives for new users.

At the same time, rates of around 9% per year can be found at banks such as Vietnam Maritime Commercial Joint Stock Bank (MSB) and PvcomBank, but these offers typically require big amounts of money.

Source: The Saigon Times