Banks raise interest rates on savings accounts

SGGP 12/05/2022 09:44

In the early days of May 2022, many banks have raised their savings interest rates by about 0.1 percent-0.5 percent per year compared to April, especially online savings rates have increased by up to 0.7 percent per annum.

It is noted that commercial banks are listing quite high deposit rates such as ACB, MSB, and VietCapital Bank with the highest interest rates ranging from 7 percent-7.1 percent per annum.

Amongst banks, Nam A Bank has the highest rate with 7.4 percent per annum and Techcombank offers 7.8 percent per annum.

Experts said that the trend of savings interest rates from now to the end of 2022 is likely to continue to increase due to inflationary pressure and people tend to shift investment channels from securities, and real estate to deposit savings as a hedge. Moreover, deposit saving is more stable than other different channels of investment.

In addition, the increase in deposit interest rates is aimed at attracting people's idle money to meet the forecast increase in capital demand from now until the end of the year.