Bank deposit interest rates still climb continuously

While a few banks announced cutting lending interest rates to support enterprises to access good capital for production and business activities at the end of the year, in the savings market, deposit interest rates remain hot every day.
Bank deposit interest rates still climb continuously ảnh 1 Illustrative image. (Photo: SGGP)

From December 1, some commercial banks have continued to raise deposit interest rates sharply by more than 1 percent per annum compared to before.

Specifically, VietCapital Bank continues to adjust deposit interest rates in some terms by 0.8-1.1 percent to the highest level of 9.5 percent per annum. This is the bank's third adjustment since September 2022.

VietCapital Bank increased the deposit interest rates for six and 12-month terms from 7.6 percent and 8.2 percent per annum to 8.4 percent and 9.2 percent per annum. Meanwhile, long-term deposits of 18, 24, 36, 48, and 60 months have risen to 9.4 percent per annum. Especially, if depositing money online, customers will receive an interest rate of 8.8 percent per annum for a six-month term, 9.4 percent per annum for a 12-month term, and 9.5 percent per annum for a 24-month term. It is also the highest interest rate at VietCapital Bank applied to personal deposits.

Not only increases interest rates, but this bank also gives gifts to customers with transactions in the week from December 19 to 23. In addition, customers, who make deposits during this time, also have the opportunity to receive an iPhone 14 Pro Max 256GB, an Apple watch 8, and many other valuable gifts.

Similarly, Vietbank has officially applied an interest rate of up to 9.5 percent for customers with savings accounts at the counter and online from now to December 30, 2022. In addition, this lender also launched a promotional program to attract customers to deposit with a total value of gifts of up to VND6.5 billion.

Commercial banks not only announced an increase in official deposit interest rates on the display board but to prepare capital for lending at the peak season at the end of the year and the beginning of next year, they also raised off-the-display-board deposit interest rates to more than 11 percent per annum.

Specifically, Hoai Anh, living in Thu Duc City, said that she had recently deposited VND1 billion for 14 months and received an interest rate of up to 11.5 percent per annum at Nam A Bank. Not only mobilizing above-12-month deposits with high interest rates, but customers with savings accounts with the above amount of money at this bank also enjoyed high interest rates in shorter terms, such as 10.1 percent per annum for a six-month term, 10.5 percent for an eight-month term, and 10.7 percent for a 12-month term.

“Deposit interest rates are increased continuously. In October 2022, I also had a savings account in this bank with the highest interest rate in the market at 9.5 percent per annum, but now it has surged to 11.5 percent per annum," Hoai Anh said.

As banks still extend the current race of deposit interest rates, the bank deposit channel is considered an effective investment channel in the context that other investment channels, such as real estate and securities, still experience fluctuations and are not likely to prosper in the near future.