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Banks continuously reduce savings interest rates, what is the highest interest rate?

In mid-December, a series of banks sharply reduced savings interest rates, bringing interest rates to a new record low.



In the middle of December, a series of banks such as VIB, TPBank, Eximbank and MB continued to announce reductions in savings interest rates. Notably, VIB is the bank that reduced interest rates for 2 consecutive days.


Accordingly, on December 15, VIB continued to reduce deposit interest rates for terms from 3 - 5 months and from 9 - 36 months. Accordingly, the 3-month bank interest rate decreased by 0.1%/year to 3.9%/year. The 4- and 5-month terms also decreased by 0.3 and 0.4%/year, respectively, to an overall level of 3.9%/year.



VIB simultaneously decreased by 0.2%/year for terms from 9 - 36 months. 9 - 11 month terms reduced to 5%/year, 15 - 18 months to 5.4%/year, 24 - 36 months to 5.6%/year.




Previously, on December 14. VIB has reduced savings interest rates for 3 and 4 month terms by 0.3 and 0.1%/year to 4% and 4.2%/year, respectively. This bank also reduced the term by 0.1%/year from 6 to 8 months to 5%/year.




TPBank announced a reduction in deposit interest rates of 0.2%/year for all deposit terms. According to the online deposit interest rate table, 1 and 3 month terms are 3.4 and 3.6%/year respectively, 6 months is only 4.6%/year, while 12 months is 5.15%/year. year and 18 months is 5.5%/year.





Savings interest rates were continuously adjusted downward by banks in the first days of December




Similarly, Eximbank continued to adjust deposit interest rates for the second time in a month for all terms with a decrease of 0.1%/year. Statistics show that from the beginning of December to December 15, 18 banks reduced deposit interest rates:




HDBank, Techcombank, Eximbank, KienLongBank, SCB, PGBank, MB, MSB, NamA Bank, ABBank, Vietcombank, BIDV, Agribank and VietinBank VIB, VPBank, TPBank. Among them, MB, VIB, BIDV, Eximbank are the banks that reduced interest rates twice since the beginning of the month.





Compared to the same time last year, savings interest rates at state-owned banks including Vietcombank, BIDV, VietinBank and Agribank have decreased from 2% to 3%. At some private banks, interest rates even decrease by up to 4-5% compared to the end of 2022.




In the context of "excess money" being the common point of the banking industry when lending is gloomy, the mobilization interest rates of private banks are no longer significantly different from those of the group with state capital. Even savings interest rates at some private banks such as ABBank, ACB, Techcombank, Sacombank, MB, VIB, VPBank are lower or equal to the group of 4 state-owned banks.





With banks continuously adjusting to reduce savings interest rates recently, the highest 1-month savings interest rate is currently only 4.3%/year applied at PVCombank and HDBank, only 5 banks.

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Other banks with savings interest rates of over 4%/year at this term are Ocebank, Vietbank, Kien Long Bank, NCB and Viet A Bank. Meanwhile, the lowest savings interest rate for this term belongs to Vietcombank with the interest rate reduced to only 2.2%/year.




For a 3-month term, the highest savings interest people enjoy for new deposits is only 4.55%/year applied at PVCombank, followed by HDBank with an interest rate of 4.5%/year. Vietcombank continues to be the bank with the lowest interest rate for this term at only 2.5%/year.




The highest savings interest for 6-month and 9-month terms decreased to 5.6%/year. Meanwhile, 12-month savings interest rates decreased to only 5.8%/year belonging to PVCombank and HDBank, there are 5 banks applying interest rates of 5.7%/year including Ocebank, Vietbank, Kien Long Bank, NCB , Viet A Bank and Bao Viet Bank.




The bank with the lowest interest rate at this term is ABBank 4.3%. Vietcombank's interest rate is 4.8%/year, while both Agribank, BIDV and VietinBank have an interest rate of 5%/year.




With an 18-month term, the highest savings interest rate of 6.5%/year belongs to PVCombank, followed by HDBank, Ocebank, and Viet Bank with savings interest rates of 6.2%/year. There are 3 other banks with interest rates of 6.1%/year at this term including Kien Long Bank, NCB and Viet A Bank.




The bank with the highest interest rate for a 24-month term is MSB with 6.7%/year. The banks with the next highest interest rates are SHB and HDBank, both listed at 6.3%. While the banks with the lowest interest rates at this term are Vietcombank, Agribank, BIDV and VietinBank with interest rates of 4.8 - 5.3%/year.




According to experts, it is likely that in the near future there will continue to be a large-scale reduction in interest rates.

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