Savings interest rates increase sharply

As of December 13, about 12 banks had increased interest rates in the past month, overwhelming the number of reductions.

Of which, Agribank is the only state-owned bank to increase sharply by 0.5-1% for short terms under 12 months, especially on the online channel. For terms from 12 months onwards, the increase is lower, only about 0.1-0.2%.

This increase makes Agribank the bank with the highest interest rate in the Big 4 group, ranging from 2.4% to 3.7% for terms under 12 months and 4.8% for terms of 12 months or more (online deposits).

Besides, more than 10 private banks, including MB, VPBank, TPBank, VIB, MSB, Eximbank, SeABank, Kienlongbank, CBBank and LPBank , adjusted their interest rate tables in the past month.

Of which, MB increased sharply by 0.3-0.4% in all terms, Eximbank increased by 0.4-0.6%, SeABank increased by 0.3-0.5%, VPBank increased by 0.2% in all terms, VIB increased by 0.1-0.4%...

There are currently two banks that pay interest rates of 6% or more for 12-month term deposits, which are GPBank and WooriBank.

Besides, interest rates from 6% still appear at other banks but with longer terms, such as at BVBank, Eximbank, BaoVietBank, DongABank, Saigonbank...

Vietcombank Securities Company (VCBS) commented that the current mobilization interest rate level is about 0.5% higher than the bottom level set in the second quarter, but still lower than the Covid-19 period.

The increase in savings interest rates occurred in the context of banks' capital mobilization rate being much lower than credit growth.

As of December 7, the credit growth of the whole system reached 12.5%, higher than the growth rate of over 9% in the same period last year. VCBS commented that the credit acceleration in the last months of the year created pressure on the exchange rate, also forcing the State Bank to regulate money supply more cautiously, as well as the limited source of deposits from the State Treasury, creating pressure on the liquidity of the system.

This securities company forecasts that savings interest rates are expected to remain flat in 2025, with expectations that exchange rate pressure will cool down to support system liquidity and the State Bank will continue its loose monetary policy.

TB (according to VnExpress)

Source: https://baohaiduong.vn/lai-suat-tiet-kiem-tang-manh-400404.html