Which bank has the highest interest rate?

Presently Techcombank is leading in lending interest rate with 7.8%/year. However, to apply this interest rate, customers must deposit from 999 billion VND or more and use additional insurance products at this bank.

In second place is SCB with an interest rate of 7.6%/year. Next is NamABank with 7.4%/year.

Along with the interest rate of 7-7.1%/year are banks: ACB, MSB and VietCapitalBank.

Vietnam Prosperity Commercial Joint Stock Bank (VPBank) has just announced a new deposit interest rate table with the highest deposit interest rate up to 6.9%/year, up 0.2%/year compared to the old level. for customers to deposit online savings from VND 50 billion or more with a term of 36 months.

In the group of state-owned banks such as Agribank, BIDV, Vietcombank, Vietinbank, the deposit interest rate is currently almost unchanged compared to before. Accordingly, VietinBank has the highest interest rate at 5.6%/year. Vietcombank banks, Agribank and BIDV same 5.5%/year.

In April, many banks continued to raise interest rates.

These include: Vietnam Maritime Commercial Joint Stock Bank (MSB) announced a program to add up to 0.8% interest when depositing online compared to the interest rate on savings deposits at the counter. If customers make an online savings deposit of at least 1 million VND at this bank, customers will immediately receive an interest rate of 7%/year for a term of 15 months and 6.8% for a term of 6 months and 12 months. This is the highest interest rate in the market today.

Military Commercial Joint Stock Bank (MB), interest rates also increased by 0.2%/year for 1-month and 2-month terms to 2.9% and 3%/year, respectively; 36-month term interest rate also increased from 6.4%/year to 6.6%/year.

In addition, many other banks such as: Nam A Commercial Joint Stock Bank (NamABank), Viet Capital Commercial Joint Stock Bank (VietCapitalBank), Vietnam Technological and Commercial Joint Stock Bank (Techcombank)… have also made adjustments. increased by 0.1-0.3%/year savings interest rates in many terms compared to last month.

Experts said that the movement of deposit interest rates increased due to the impact of two factors.

First, the data from State bank shows that credit growth accelerated right from the first months of the year. By the end of March 2022, credit growth reached 5.04% (while the same period in 2021 reached 2.16%).

This partly explains the more stressful system liquidity in recent times. It is most evident in the interbank VND interest rate indicator that no longer hovers around 1%/year but jumps to 2%/year.

Secondly, with the increasing price of gasoline, which is considered an input of the economy, inflation pressure gradually exists. When inflation increases, banks are forced to increase deposit rates to keep the real interest rates positive so that they can absorb the idle cash flow of residents.