Compare 12-month vs 24-month interest rates

To meet consumer demand, banks offer a variety of savings packages, from short-term (1-6 months) to long-term (12-24 months). Customers who do not need to use the money often choose to deposit savings for a long term of 12 or 24 months.

Compare 12-month and 24-month interest rates

Currently, 12-month interest rates fluctuate around 5 to 5.9% per year.

Among them, some banks with high 12-month term interest rates are HDBank : 5.9%/year, Vietcapital Bank: 5.7%/year, NCB: 5.55%/year, OCB and Kienglongbank: 5.5%/year...

The group of banks with low interest rates are Vietcombank (5%/year), Tecombank (5.25%), BIDV (5.3%), Agribank (5.3%).

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The 24-month term interest rate fluctuates between 5 and 6.5% per year. Of which, the bank with the highest interest rate is MBBank with 6.50% per year. Next are OCB and HDBank with 6.3% per year, TPBank and Kienlongbank with 6.0% per year.

The group of banks with low 24-month term interest rates are Vietcombank (5%), Tecombank (5.25%), BIDV (5.3%), Agribank (5.3%)...

Should I save long term?

With its stability and low risk, bank savings are a form of investment chosen by many people. The advantages of bank savings are high liquidity and flexible terms, making this form suitable for short-term financial plans or emergency funds. However, many people do not know whether long-term or short-term savings are better.

According to experts, customers with a large amount of "idle" money and no short-term use purpose should choose to save long-term from 3 months or more. This is a safe, stable and effective form of investment. Customers can choose from many different terms such as 3 months, 6 months, 9 months, 12 months, 24 months, 36 months...

The biggest advantage of long-term savings is the attractive interest rate, higher than short-term savings. In particular, if the depositor closes the deposit before maturity, he/she will still receive the non-term interest rate.

Therefore, if you want to mobilize capital quickly or use it in an emergency, you should deposit short-term savings of less than 3 months. On the contrary, if you do not have a need to use it in the future and are sure of your ability to mobilize capital in time, you should deposit long-term savings to enjoy the highest interest rate.

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Source: https://vtc.vn/so-sanh-lai-suat-12-thang-voi-24-thang-ar835283.html