The high-yield savings account, a digital banking product launched earlier this year, offers an annual interest rate of up to 4.3% on unused balances while ensuring flexible payment capabilities. The product has attracted hundreds of thousands of users and helped VIB set a national record with nearly 100,000 new savings accounts activated in a single day (17/5).
The Smart Card is one of five products in VIB's cashback card line, offering up to 5% cashback. The Smart Card provides cashback on all online transactions without a minimum spending requirement. The cashback rate is calculated based on the average balance of the payment account from the previous month, encouraging better money management. The higher the maintained balance, the greater the cashback opportunity, up to a maximum of 10.8 million VND per customer annually.
The Smart Card caters to both domestic and international transactions, suitable for online payments, e-commerce shopping, digital services, and daily needs like travel, dining, and entertainment. The product has no limit on the number of supplementary cards, enabling families to easily allocate spending limits and manage expenses for each member.
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Users can optimize their cash flow with VIB's savings duo. Photo: VIB |
Users can optimize their cash flow with VIB's savings duo. Photo: VIB
A VIB representative explained the combination, stating that if your idle funds and spending aren't generating returns, your capital isn't being optimized. This combined solution provides daily interest on idle funds through the high-yield savings account and cashback on all online transactions through the Smart Card.
According to Ms. Tuong Nguyen, VIB's deputy general director, this savings duo is the result of VIB closely monitoring user behavior and listening to real needs to create a comprehensive, user-friendly solution that generates daily returns. By using both products, users can receive combined benefits of up to 9.3%, including interest on idle funds and cashback on spending.
"In this product duo, every dong, whether spent or still in the account, has a clear earning mechanism. This is a new step in personal cash flow management in the digital age," Ms. Tuong Nguyen said.
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VIB's Smart Card. Photo: VIB |
VIB's Smart Card. Photo: VIB
This combined financial solution introduces a new concept of earnings: a small amount of capital can generate two streams of benefits - both interest and cashback. VIB hopes this product suite will shift the common financial perspective from "holding money" to "managing cash flow" to create dual value - earning interest on idle funds and benefits from spending.
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The savings duo operates on a digital banking platform. Photo: VIB |
The savings duo operates on a digital banking platform. Photo: VIB
To access this savings solution, users can visit the MyVIB digital banking application to open a new payment account, register for a Smart Card, and activate the high-yield savings account without visiting a branch, streamlining the process and optimizing the financial experience.
According to a VIB representative, the launch of this savings duo not only enhances personal financial capabilities but also marks a step forward in the bank's digital transformation, aiming to become a leading retail bank in Vietnam.
The Dan
