Asia Commercial Bank (ACB) recently reduced online savings rates across multiple terms from one to 12 months on its ACB One application.
Under the new rate schedule, deposits with terms from one to three months now earn 4.5-4.7 per cent per year, down from the previous ceiling of 4.75 per cent. Rates for six to 12 month deposits were cut to 4.9-5.7 per cent annually.
For online deposits of at least VND 5 billion (approximately USD 196,000), ACB offers a maximum rate of 5.9 per cent per year for 12 month terms. Meanwhile, counter deposits are mostly listed at 4-5.4 per cent annually. The bank’s 7 per cent rate only applies to customers depositing at least VND 200 billion (approximately USD 7.8 million) for 13 months.
Checking a bank transaction (Photo: Thanh Dong).
Since the beginning of May, several lenders including Sacombank, Saigonbank, OCB and ACB have adjusted savings rates.
Saigonbank cut rates for most terms but raised the 13 month rate to 7.9 per cent per year. Sacombank reversed an earlier rate hike, while OCB increased deposit rates for terms ranging from one to 36 months.
According to listed rates on May 21, online deposit rates for one month terms range widely from 1.6 per cent to 4.75 per cent annually.
The “Big Four” state-owned lenders, including Agribank, BIDV, VietinBank and Vietcombank, all offer 4.75 per cent per year, similar to several private banks such as OCB, Sacombank and MSB. Meanwhile, SCB continues to post the market’s lowest rate at 1.6 per cent.
At six month terms, differences become more noticeable. MBV leads with 7.2 per cent annually, followed by LPBank and PGBank at 6.9 per cent. State-owned banks offer around 5.8-6.6 per cent for the same term.
For 12 month deposits, rates between 6.5 per cent and 7 per cent have become increasingly common among smaller and medium sized private banks. MBV remains the highest at 7.2 per cent, while LPBank, PGBank and VIB offer 7 per cent.
At longer 18 month tenors, MBV continues to top the market at 7.2 per cent, followed by LPBank at 7.1 per cent. State owned lenders maintain rates around 5.9-6.8 per cent, while banks such as Techcombank, TPBank and VPBank offer between 5.85 per cent and 6.25 per cent. SCB remains at the bottom with 3.9 per cent annually for 18 month deposits.
