Customers deposit money at an Agribank branch in HCM City. — VNA/VNS Photo

HÀ NỘI — In the year-end period, savings interest rates have become a focal point, with many banks adjusting their offerings, showing clear divergence.

Some banks are maintaining attractive rates, particularly for long-term deposits or large sums, to attract funds, while others have slightly lowered rates on selected terms to manage capital costs. 

The 'Big 4' state-owned banks (Vietcombank, Vietinbank, BIDV and Agribank) continue to offer relatively stable rates, around 4.7–4.8 per cent per annum for terms of 12 months or longer, and approximately 3 per cent for terms under a year. 

By contrast, commercial joint-stock banks like Global Petroleum Bank (GPBank), Construction Bank (CBBank), and National Citizen Bank (NCB) offer six-month online deposit rates ranging from 5.45 to 5.65 per cent per annum, while others like ABBank, NCB, and Nam Á Bank have slightly reduced rates or capped maximum rates for long-term deposits. This reflects varied strategies, with some banks raising rates to attract capital, while others optimise operations by lowering rates for certain terms.

However, some banks, including PVcomBank and Vietnam Maritime Bank (MSB), still offer higher rates for substantial deposits, with some rates reaching up to 9.5 per cent per annum. These offers, however, come with conditions on minimum deposit amounts, limiting access for most depositors. 

Nguyễn Trí Hiếu, a financial and banking expert said: "The pressure from the USD/VNĐ exchange rate, coupled with banks’ need to mobilise idle funds, will likely continue driving savings interest rates upwards in the near future."

This trend is particularly critical as the year-end period sees heightened capital demand, with banks needing to ensure liquidity and meet business requirements. 

According to forecasts from VPBankS Securities, interest rates in 2025 are expected to stabilise or slightly increase, depending on economic developments and monetary policy. The divergence among banks is anticipated to become more pronounced with smaller banks likely to maintain higher rates to attract funds, while larger banks with abundant liquidity will see less volatility. 

In this context, depositors are advised to closely monitor market movements and select suitable terms and banks to optimise their returns. 

Experts recommend that in a fluctuating market, savings decisions should be carefully considered, balancing profitability and security. The year-end period of 2024 and the early months of 2025, with numerous variables at play, promise to keep savings interest rates in the spotlight for both depositors and banks. — VNS