Cake by VPBank has recently announced an attractive savings interest rate of 9.2% per annum for customers who deposit 90 million VND for a six-month term. This offer is specifically for first-time depositors, making it an enticing option for those looking to maximize their savings.

According to a survey conducted by Lao Dong newspaper involving nearly 30 banks, Cake by VPBank's standard six-month interest rate is 7.2% per annum for customers who choose to receive interest at the end of the term. For those opting for monthly, quarterly, or upfront interest payments, the rates are slightly lower at 6.78%, 7.02%, and 7.09% respectively.

In addition to the standard rates, Cake by VPBank is providing an extra 2% interest rate boost for first-time depositors starting from 100,000 VND. This promotional rate allows customers to enjoy a total interest rate of up to 9.2% for a six-month deposit.

Other banks are also offering competitive rates. BAC A BANK has the highest six-month rate at 7.05% per annum, while VCBNeo offers 7% for online deposits. PGBank's six-month rate stands at 6.9% per annum, with the highest rate reaching 7% for longer terms.

For those considering a six-month savings deposit, it's important to understand how interest is calculated. The formula is as follows:

• Interest = Deposit Amount x Interest Rate (%) / 12 months x Number of Months

For example, if you deposit 90 million VND at an interest rate of 9.2% for six months, the estimated interest earned would be:

90 million VND x 9.2% / 12 x 6 = 4.14 million VND.

Before making a deposit, customers are advised to compare interest rates across different banks and terms to ensure they receive the best possible return on their savings.

Note that interest rates are subject to change and may vary, so it is advisable to contact your nearest bank branch or hotline for the most accurate information.