As of August 20, 2023, the average interest rates for bank deposits in Vietnam have continued to rise across various terms, particularly among digital banks. For deposits with terms ranging from 1 month to less than 6 months, the average interest rate is now between 4.1% and 4.6% per year, marking a 0.1 percentage point increase compared to the previous month.

For terms between 6 months and 12 months, interest rates range from 6.3% to 7.8% per year. Deposits with terms exceeding 12 months but less than 24 months offer rates between 6.0% and 7.4% per year, while those over 24 months yield rates of 7.2% to 7.9% per year, also reflecting a 0.1 percentage point increase from last month.

A survey of interest rates at over 30 banks reveals that Saigonbank currently offers the highest rate at 7.9% per year for online deposits with a 13-month term. The rates for 12-month and 18-month terms are 7.2% and 7%, respectively. Other banks are also advertising savings rates above 7% per year, such as Bac A Bank, which offers 7.05% per year for online deposits with terms of 7-11 months, and a maximum of 7.1% for 12-month deposits.

LPBank has set its online deposit rate at 7% for 6-month terms, while offering 7.2% for 12, 24, and 25-month terms. Notably, Cake by VPBank has introduced a promotional interest rate of 7.4% per year for terms ranging from 10 to 24 months, with an additional 2 percentage points for first-time savers depositing at least 100,000 VND for terms between 6 and 12 months. This promotional rate has increased by 0.2% compared to last month.

Consequently, after applying the promotional rates, the effective interest rate at Cake by VPBank for certain deposits could reach up to 9.2% for terms of 6-9 months, and as high as 9.4% per year for terms of 10-24 months. It is estimated that a customer depositing 1 billion VND for a 12-month term could earn up to 94 million VND in interest, which translates to nearly 8 million VND per month if interest is received periodically.

Additionally, data from the Vietnam Interbank Market Research Association indicates that as of August 19, the average interbank interest rate in Vietnamese Dong has decreased across all terms of 1 month or less compared to the previous session. The decline ranged from 0.03 to 0.9 percentage points, bringing the overnight rate down to 4% per year, the 1-week rate to 4.3% per year, the 2-week rate to 5.9% per year, and the 1-month rate to 7% per year.

After a brief increase at the beginning of the week, the overall interest rate on the interbank market has decreased for two consecutive sessions, particularly in the shorter terms. The overnight rate, in particular, dropped by 1.8 percentage points over the two days from August 18 to 19, falling from 5.8% per year to 4% per year.