Which bank savings interest rate is the highest in November 2023?
A survey of savings interest rates announced by banks on November 8 shows that the current highest interest rate is 6.5%/year applied by some banks for deposits over 1 year. For 6-month or 1-year term deposits, a few banks rarely apply interest rates of 6% to 6.2%/year if customers deposit money online....
In October, the average 12-month deposit interest rate reached 5.61%, down 17 basis points (bps) compared to the average in September, down 111 bps over the same period last year and down 282 bps over the same period. with the end of 2022. The current deposit interest rate is even lower than the lowest level during the Covid-19 pandemic.
Meanwhile, credit growth is still very slow. According to information from the State Bank, as of October 24, credit growth was recorded at 6.81%, quite far from the average of 10.24% at the end of October in the last 7 years.
Credit demand is forecast by analysts to remain gloomy in the first half of 2024 due to weak production and trade. Outside, Vietnam's main export markets such as the US and EU are recovering slowly; Although the Zero Covid campaign has been removed and fully reopened, the push from China is said to be weak.
The above factors cause savings interest rates in November 2023 to continue to decrease throughout the system.
Non-term savings interest rates applied by banks range from 0.1%/year to 0.5%/year. In particular, many banks apply an interest rate of 0.5%/year for demand deposits such as Bac A, CBBank, Kien Long Bank, GPBank, Nam A Bank, Ocean Bank, SCB...
For deposits with a term of less than 6 months, the highest interest rate according to regulations of the State Bank is 4.75%/year.
The highest 1-month savings interest rate on the market today is 4.6%/year, applied by OceanBank to both over-the-counter and online savings forms.
Ranked 2nd are Dong A Bank and SCB with a 1-month savings interest rate of 4.5%/year. To date, only a few banks apply interest rates above 4%/year for 1-month savings such as Bao Viet Bank (4.4%/year); Bac A Bank (4.35%/year); GPBank (4.25%/year); CBBank (4.1%/year).
Most other banks apply interest rates around 3.5%/year for 1-month term deposits.
The lowest 1-month savings interest rate on the market is 1%/year, applied at Hong Leong Bank.
At the three state-controlled commercial banks, Agribank, BIDV, and Vietinbank, the monthly savings interest rate is 3%/year. Vietcombank alone is 2.8%/year.
The 3-month savings interest rate is about 0.2% to 0.3% different than the 1-month term.
The highest 3-month savings interest rate on the market today is 4.75%/year, applied at Bao Viet Bank. Ranked 2nd is Ocenbank with 4.6%/year. The lowest 3-month savings interest rate on the market is 2%/year applied at Hong Leong Bank.
The current highest 6-month savings interest rate is 5.7%/year for over-the-counter deposits, applied at OceanBank.
However, with a 6-month term, if customers deposit online savings, they can enjoy an interest rate of up to 6.1%/year at Pvcombank.
The 6-month savings interest rate at the four dominant state-owned commercial banks, Agribank, BIDV, Vietcombank, and Vietinbank, is 4.3%/year.
The 9-month savings interest rate is not much different from the 6-month one. The current highest 9-month savings interest rate is 6.1%/year if customers deposit online at Pvcombank. If deposited at the counter, the highest interest rate is 5.8%/year at OceanBank.
The highest savings interest rate for a 12-month term is 6.2%/year if customers deposit online at Pvcombank. With online deposit, banks that apply high interest rates for 12-month terms are SHB and Oceanbank, both 6.1%/year; CBBank 6%/year.
At Agribank, BIDV, Vietcombank, Vietinbank, the 12-month savings interest rate is 5.3%/year. At the 12-month term, many joint stock commercial banks have applied interest rates up to 1% lower than the "big 4". For example, ABBank applies an interest rate of 4.2% for 12-month deposits; SeABank 4.9%/year; MSB 5.1%...
Currently, if you deposit savings for long terms of 18 months, 24 months or 36 months, customers will receive the highest interest rate of 6.5%/year. This interest rate is applied at MB, PublicBank (over the counter and OceanBank, PvcomBank (online).
The above savings interest rates are for individual customer deposits, receive interest at the end of the term and are volatile. Banks all have their own interest rate policies that apply to many different customers, depending on the value of the deposit. In addition, the actual deposit interest rate may change depending on the capital balance of each bank branch...
Post a Comment