3 banks reduce interest rates, where is the most profitable to deposit?

After sharply reducing interest rates since May 8, National Citizen Bank (NCB) continues to adjust from today (May 18). Thus, this is the second consecutive time this bank has reduced interest rates within just 10 days.

Accordingly, online deposit interest rates for 6-9 month terms decreased by 0.2% to 8.2%/year. Interest rates for 10-13 month terms decreased by 0.2% to 8.25%/year. Terms from 15-18 months also decreased by 0.2% to 8.15%.

Previously, from May 8, NCB reduced the interest rate for 15-18 month terms by 0.2% to 8.35%. The interest rate for 1-5 month terms is still applied by this bank at the maximum rate as regulated by the State Bank of Vietnam, which is 5.5%/year.

Also today, interest rates at Sacombank decreased by 0.3-0.4% for some terms. Interest rates for 6-8 month terms decreased from 7.5% to 7.2%/year. 9-11 month terms decreased from 7.6% to 7.2%/year. 12 month terms decreased by 0.2% to 7.6%/year.

Interest rates for 15-18 month terms, previously listed by Sacombank at 8%/year, have now decreased to 7.7% and 7.8%/year, respectively. Interest rates for 24 and 36 month terms are 7.9% and 7.7%/year, respectively.

Techcombank also started to reduce deposit interest rates by a uniform 0.2% for deposits with terms of over 5 months. For newly opened savings deposits under 1 billion VND, the interest rate is 7.1% for all terms of 6 months or more. For deposits from 1 billion VND to under 3 billion VND, the interest rate is 7.2%/year, deposits from 3 billion VND or more have an interest rate of 7.3%/year.

Notably, Sacombank and Techcombank are joining the recent wave of banks cutting interest rates. Currently, 19 banks have reduced deposit interest rates since the beginning of May.

Banks that have reduced interest rates twice in the past half month are NCB, VietBank and Eximbank.

HIGHEST INTEREST RATES AT BANKS ON MAY 18 (%/year)
BANK	6 MONTHS	9 MONTHS	12 MONTHS	15 MONTHS	18 MONTHS
ABBANK	8.5	8.7	8.8	9.2	9.2
VIETA BANK	8.5	8.6	8.7	8.7	8.8
VIETBANK	8.3	8.4	8.5	8.6	8.6
GPBANK	8.3	8.4	8.5	8.6	8.6
BAOVIETBANK	8.3	8.4	8.4	8.5	8.5
BACA BANK	8.1	8.2	8.3	8.5	8.6
NCB	8.2	8.2	8.25	8.15	8.15
OCB	8.1	8.2	8.2	8.2	7.9
NAMA BANK	8.5	8.1	8.2	8.1	8.1
KIENLONGBANK	8.1	8.2	8.2	8	8
PVCOMBANK	7.5	7.9	8.2		8.3
HDBANK	8.1	6.9	8.1	7	7.1
VIETCAPITAL BANK	7.4	7.7	8	8.2	8.3
SAIGONBANK	7.6	7.7	8		7.6
SHB	7.5	7.5	7.9	8	8
BANK	6 MONTHS	9 MONTHS	12 MONTHS	15 MONTHS	18 MONTHS
VPBANK	7.9	8.1	7.9	7.1	7.1
SCB	7.8	7.8	7.85	7.65	7.65
OCEANBANK	7.6	7.7	7.8	7.8	8.1
LPBANK	7.7	7.7	7.8	8.2	8.2
TPBANK	7.7		7.8		7.6
SACOMBANK	7.2	7.2	7.6	7.7	7.8
EXIMBANK	7.5	7.5	7.6	7.6	7.6
CBBANK	7.2	7.3	7.5	7.55	7.55
TECHCOMBANK	7.2	7.2	7.2	7.2	7.2
MSB	7.2	7.2	7.3	7.3	7.3
BIDV	6.6	6.6	7.3	7.2	7.2
AGRIBANK	6.9	6.9	7.2	7	7
VIETINBANK	6.7	6.7	7.2		7.2
VIETCOMBANK	6.5	6.5	7.2
DONGA BANK	6.9	6.95	7		7.3
VIB	7.9	7.9		8.1	8.1