On August 4, 2026, the landscape of bank interest rates in Vietnam has shifted dramatically, with many banks announcing new policies that push rates higher. A recent survey covering over 30 banks reveals that short-term deposit rates remain elevated, particularly with 6-month rates now hitting 9% per annum.

Among the banks leading this trend is Cake by VPBank, which offers a standard 6-month deposit rate of 7.2% per annum for customers who opt to receive interest at maturity. For those choosing to receive interest at the beginning of the term, rates are slightly lower at 6.78% monthly, 7.02% quarterly, and 7.09% annually.

Moreover, Cake by VPBank is providing an additional 1.8% interest rate boost for first-time depositors using its CAKE BANK app, applicable for deposits ranging from 100,000 VND with terms of 6 to 12 months. With this promotional rate, customers can enjoy an effective interest rate of up to 9% for 6-month deposits and as high as 9.2% for 10 to 12-month terms.

In the short-term category, several banks continue to offer the maximum allowable rate of 4.75% per annum for deposits of 3 to 5 months, as mandated by the State Bank of Vietnam. Banks such as Cake by VPBank, Nam A Bank, MBV, BAC A BANK, OCB, VCBNeo, PGBank, BVBank, Sacombank, SaigonBank, BAOVIET Bank, VietABank, NCB, TPBank, MSB, and PVcomBank are all applying this rate for 3-month terms.

The widespread adoption of maximum interest rates for short-term deposits indicates a fierce competition among banks to attract capital. As the room for increasing rates on deposits under 6 months becomes nearly exhausted, banks are now focusing on drawing in funds for medium and long-term deposits.

For those considering savings options, it is advisable to consult with local bank branches or hotlines for the most accurate and updated information regarding interest rates.