Deposit interest rates rise above 6%

By Quynh Trang July 30, 2024 | 07:12 pm PT

Over a dozen lenders have increased their deposit interest rates by 0.1-1.3 percentage points in the past two weeks, with the highest for a 12-month tenor now being 6.2%.

The biggest increases, ranging from 0.6 to 1.3 percentage points, were seen at private lender ABBank, which now offers the highest rate for 12-month deposits.

SeABank, Oceanbank, NCB, and BVBank also provide rates above 6% per year for longer terms of 15-24 months.

Lenders have been gradually raising their deposit rates since April when the highest rate for a 12-month term was around 5%. The number of banks offering rates above 5% per year has since more than doubled from 12 to 26.

According to the General Statistics Office, as of June 24, total deposits rose by 1.5% from the end of 2023, a much slower increase compared to previous years.

Since the end of June, credit growth has slightly decelerated from the 6% rate seen in the first half of the year.