An Binh Commercial Joint Stock Bank (ABBank) recently announced an interest rate bonus program offering an additional 1,2% compared to its listed savings rates. This program is valid until 23/12 for 6 and 12-month terms. Consequently, customers depositing for 12 months at ABBank can receive annual interest rates of 6,7-6,8%.

At Ban Viet Commercial Joint Stock Bank (BVBank), the bank introduced a 0,5% interest rate bonus package above its listed rates. This offer runs for one month, from 17/12 to mid-January next year.

During the final month of the year, Vietnam Public Commercial Joint Stock Bank (PVCombank) also applies a 1,5% bonus for individual customers opening online accounts every Friday. Deposits of 100 million dong or more, placed for over one year, can earn interest rates of 7,6-8%, varying by branch and specific deposit amount.

Similarly, at National Citizen Commercial Joint Stock Bank (NCB), since late October, individual customers depositing savings online via the app for terms of one month or longer have also received an additional bonus of up to 1,4% compared to listed rates.

Consequently, savings interest rates at these smaller-scale banks currently reach 7-8% without requiring large deposit amounts or VIP customer status.

Beyond the smaller banks, many other large banks are also intensifying their efforts, with branch staff actively seeking new depositors through emails and online groups.

This upward trend in interest rates has been widespread over the final one to two months of the year, affecting even state-owned banks. Currently, many institutions have pushed short-term rates for maturities under six months to the ceiling of 4,75%. For terms between six and 12 months, most banks list rates ranging from 5% to 6%.

Transactions at a commercial bank branch. Photo: Giang Huy

According to experts, the increase in savings interest rates, beyond annual seasonal factors, reflects underlying economic trends. Credit demand is projected to be very high driven by accelerated investment, prompting large banks to compete for early capital mobilization. Additionally, inflation expectations and a trend of holding assets like real estate and gold contribute to the widespread rise in interest rates.

Furthermore, credit rating agency VIS Rating notes that liquidity risk remains high for smaller banks due to their greater reliance on short-term market funding to support credit growth. The industry-wide loan-to-deposit ratio (LDR) has reached a five-year high of 111%, as strong credit growth significantly outpaced deposit growth. This liquidity pressure is most evident among smaller banks and is likely to persist in the near future.

Quynh Trang