In April, which bank has the highest interest on saving money?

 Many banks simultaneously increased savings interest rates. As of April 1, the highest level of 7.6%/year belongs to SCB with a term of 13 months.

A survey at banks at the beginning of April showed that Saigon Commercial Joint Stock Bank (SCB) is still the champion in terms of savings interest rates, with the highest savings interest rate of 7.6%/year. However, this interest rate only applies to deposits with a balance of VND 500 billion or more, with a term of 13 months.

Among the TOP 2 in terms of highest savings interest rates are Vietnam Technological and Commercial Joint Stock Bank (Techcombank) and ACB, with an interest rate of 7.1%/year. However, to enjoy this interest rate, there is a big difference between Techcombank and ACB.

At Techcombank, customers who have 12 months of savings, pay interest at the end of the term, with a deposit of 999 billion VND or more and a commitment not to be paid off before maturity can apply this interest rate. Meanwhile, ACB's customers only need to deposit from VND 100 billion or more at a term of 13 months.

In April, the highest savings interest rate is 7.6%/year

Vietnam Maritime Commercial Joint Stock Bank (MSB) has the highest savings interest rate in the "Top 3" with 7%/year.

Some banks have the highest deposit interest rates of nearly 7%/year such as Lien Viet Post Commercial Joint Stock Bank (LienVietPostBank) 6.99%/year; Military Commercial Joint Stock Bank (MB) 6.9%/year; Bac A Commercial Joint Stock Bank 6.8%/year; Kienlongbank Commercial Joint Stock Bank 6.75%/year...

OCB increased interest rates on online savings to 0.6% a year for 6-month term, 0.5% a year for 9-month term and 0.2% for 12-month term. In addition, NamABank, which holds the top spot in online savings interest rates, this time increased by 0.2% for a 6-month term.

With the over-the-counter channel, the bank encourages long-term deposits when most of the interest rates are increased in 6, 9 and 12 month periods. MB Bank increased the most when adding 0.4% for 12-month deposit interest rate to 5.5%. However, this bank is still ranked third in the group of banks with the lowest savings interest rates in the market.

BacABank this time increased 0.3% interest rate for 6-month deposit and 0.1% for 12-month period. From third place, this bank is second in the market interest rate for over-the-counter savings.

With a group of large banks including Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Joint Stock Commercial Bank for Industry and Trade of Vietnam (VietinBank) and Bank for Agriculture and Development. In rural areas (Agribank), savings interest rates remained stable.

The highest savings interest rate at these 4 banks is 5.6%/year applied at Vietcombank, VietinBank and 5.5%/year at Agribank, BIDV.

In general, the savings interest rate level has been raised significantly after this adjustment. There are half of surveyed banks offering interest rates of 6% or more for a 12-month term, transacted over the counter. This percentage in the online channel is raised to nearly two-thirds.

Interest rates are getting higher and higher, helping people's deposit balances at banks to grow. The State Bank said that by the end of January, people's deposits at banks reached more than 5,400 million billion VND, up 1.95% compared to the end of 2021. In just one month, people deposited more. bank more than 103,000 billion dong. This growth is the highest within 10 months, from February 2021.

SSI experts said that it is likely that this interest rate level is setting a new ground, much higher than the average in 2021.

“The interest rate level has now bottomed and is unlikely to decrease further. From now until the end of the year, deposit and lending interest rates will increase gradually and depend heavily on the recovery ability of the economy as well as the evolution of inflation," said SSI expert.

This unit said, in the future, there may appear a scenario where deposit interest rates increase faster than expected. Although deposit interest rates since the beginning of the year have been in line with SSI's expectations, inflation risks are still a concern, especially due to the impact of the Russia-Ukraine conflict causing oil prices to rise. fast.

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