The wave of interest rate hikes continues

In early 2024, the deposit interest rate market faced a deep interest rate cut that "rocked". The first three months of 2024 saw a series of banks sharply reduce savings interest rates, and the amount of money people deposited at banks also decreased significantly.

However, since the beginning of April 2024, interest rates have gradually recovered. Large and small banks have increased interest rates one after another after a series of days of "testing the bottom".

The wave of interest rate hikes has been brewing since the end of March 2024, creating an alternating up and down trend at banks. Since April, the interest rate hike trend has become stronger, with banks competing to increase interest rates. Notably, there have been months when up to 20 banks have increased interest rates, many banks have increased interest rates for many consecutive days.

According to Lao Dong, compared to the beginning of April - the end of the interest rate reduction trend, the interest rate began to recover; the interest rate in August 2024 increased by 0.5-1.0 percentage points after 4 months of prolonged interest rate increase.

Interest rates for 1-3 month terms increased by about 0.4 percentage points.

Interest rates for 6-9 month terms increased by nearly 1%. Notably, from the 6-month term, interest rates above 5.0%/year appeared frequently at banks.

The 12-month term interest rate also increased by nearly 1%. At this term, there were many interest rates above 6.0%/year - an interest rate that was previously a "rare commodity" when banks competed to reduce interest rates at the beginning of the year.

List of banks listed with interest rates of 6%/year

NCB is listing interest rates up to 6.1%/year for 18-60 month term deposits.

OceanBank lists any deposit, with a term of 18-36 months, with an interest rate of 6.1%/year.

SHB listed savings interest rates at 6.1%/year for customers depositing money for a term of 36-60 months.

HDBank listed an interest rate of 6.1%/year for an 18-month deposit term.

ABBank lists savings interest rates at 6%/year for a 12-month term.

BaoViet Bank listed interest rate of 6%/year for term of 15-36 months.

BVBank listed interest rate of 6%/year for term of 18-36 months.

OCB listed interest rate 6%/year for 36-month term.

Regarding special interest rates, MSB currently offers an interest rate of 7.0%/year; an interest rate of 8.0%/year for a 13-month term with a deposit condition of 500 billion VND or more.

Dong A Bank is listing an interest rate of 7.5%/year for terms of 13 months or more and deposits of 200 billion VND or more.

The highest interest rate is 9.5%/year, 12-month term listed at PVcomBank with the condition of new deposit opening from 2,000 billion VND.

(See more interest rate fluctuations at banks HERE)