According to a survey conducted on September 24, the highest savings interest rate for a 12-month term can reach up to 9.4% per annum when promotional offers are applied. This rate is particularly appealing for individuals looking to invest their savings effectively.

Several banks are currently offering competitive rates for 12-month savings accounts. For instance, Cake by VPBank lists the highest interest rate at 7.4% per annum for customers who choose to receive interest at the end of the term. Customers opting for monthly interest payments receive rates of 6.59%, 7.02%, and 7.08% respectively. Additionally, first-time depositors using the CAKE BANK app can enjoy an additional 2% per annum, bringing the total interest rate for a 12-month term to 9.4%.

BAC A BANK offers a competitive rate of 7.1% per annum for a 12-month term, which is the highest rate they provide. PGBank also has a 12-month savings rate of 7% per annum for online deposits with interest paid at the end of the term. For customers who do not withdraw their principal early, PGBank offers a rate of 7.1% per annum.

Similarly, VCBNeo provides a 12-month savings rate of 7% per annum for individual customers making online deposits, marking the highest rate available for terms ranging from 6 to 12 months.

For those considering how much interest they would earn from a deposit, the formula is straightforward:

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

For example, if an individual deposits 600 million VND in a bank for 12 months at an interest rate of 9.4% per annum, the interest earned would be:

• 600 million VND x 9.4% / 12 x 12 = 56.4 million VND.

It is important to note that interest rates are subject to change and may vary by bank and promotional periods. For specific inquiries, customers should contact their nearest bank branch or hotline for detailed advice.