On August 29, 2026, the banking sector in Vietnam witnessed a significant increase in interest rates, particularly for 6-month and 12-month deposits. Hong Leong Bank announced a promotional interest rate of 8.8% per annum for online deposits during this period, which runs from August 18 to August 31, 2026. This offer is aimed at individual customers in celebration of the National Day on September 2.

Previously, the standard interest rates at Hong Leong Bank were considerably lower, at 6.3% for 6-month terms and 6.5% for 12-month terms. This new rate marks a notable increase, making it one of the highest available in the market.

Moreover, Cake by VPBank is also competing in this space, offering a competitive rate of 7.2% for 6-month deposits. Customers can choose different interest payout options, with rates varying from 6.78% to 7.09% depending on the frequency of interest disbursement. Additionally, VPBank is running a special promotion that adds an extra 2% for first-time savers, potentially raising the effective interest rate to 9.2% for certain deposit terms.

In the foreign banking sector, Woori Bank is offering rates up to 7.8% for terms ranging from 24 to 60 months. However, these rates are contingent on customers meeting specific savings targets each month.

As interest rates continue to fluctuate, customers are encouraged to stay informed and compare rates across various banks to maximize their savings. It is advisable to consult with local bank branches or hotlines for the most accurate and updated information regarding interest rates.