Which bank interest rates for online savings are higher?

According to the dong deposit interest rate chart as of May 2, 2020, online savings interest rates at commercial banks are 0.3-1.2 percentage points higher than deposit rates. counter within the same period.

With a term of 6 months when sending money online, the interest rate is a significant difference between banks, ranging from 5.1 to 8.3%.

In particular, CBBank has the highest interest rate of 6 months and more in the market, with 8.3%. It is closely followed by Saigon Commercial Joint Stock Bank (SCB), which reaches 8.21% for 6-month online savings deposits. Many banks, such as Dong A Bank, OCB, MaritimeBank, Bao Viet, NCB, Bac A Bank, list 7-7.9% for 6-month online savings products. State-owned commercial banks (Vietcombank, BIDV, Agribank, Vietinbank) only apply the 4.9-5.4% interest rate for 6-month online savings products.

Many banks raise interest rates for savings online than deposit rates over the counter.

At 9 months, when saving money online, bank interest rates increased slightly compared to 6 months, to 4.9-8.36%. SCB continues to be the bank with the highest interest rate for 9-month term deposit clients, reaching 8.36%. Big 4 group still applies interest rates of 4.9 to 5.4% for online savings products in this term.

In the long run, banks’ online savings rates are also quite competitive.

Within 12 months, banks’ online savings interest rates currently range from 6.5-8.66%. SCB remains the bank with the highest interest rate for customers who deposit online this term. Meanwhile, most banks kept interest rates at 7 to 7.9% with a 12-month deadline for customers to send money online. The group of commercial banks with state capital quoted interest rates of 6.5 to 7.1%.

For the 18-month term, banks’ online savings interest rates are also at or slightly higher than the 12-month periods, at a level of 6.45-8.76%. In particular, the leadership position remains SCB with 8.76% / year. The big 4 banks have an interest rate of only 6.45% -7% / year.

For longer terms, such as 24 months and 36 months for online deposits, most banks keep interest rates unchanged or even lower than the 18-month term.

Online deposit is one way that many banks recommend using, especially in the context of the complicated Covid-19 epidemic. Additionally, the online deposit method also helps customers enjoy a much higher interest rate than direct deposit over the counter.

Online money deposit is being encouraged by many banks to use.

Currently, to encourage customers to transact online, most banks have implemented free / reduced shipping rates for individuals. As of March 26, 37 commercial banks have waived or reduced money transfer fees for customers. In which, 14 banks raised the fee to 0 dong, which represents 49.1% of the number of free transactions.

According to the announcement by Vietnam National Switching Payment Joint Stock Company (NAPAS), last March, the total number of small-value interbank money transfer transactions through the national financial exchange system increased. 32% more than in February. Through this, it can be seen that customers have switched from spending in cash to using non-cash payment channels to limit the impact of Covid-19.

In order to promote the development of non-cash payment, the State Bank recently issued a document that requires payment service providers to apply the exemption and reduction policies for electronic payment services. to support customers directly.

Until now, NAPAS and commercial banks have implemented many fee reduction and waiver programs in 2020, including: utility waiver and up to 72% waiver / reduction of VND small value interbank money transfer. 500,000 or less from February 25 to December 31; 50% interbank money transfer service fee waiver / reduction for transactions over VND 500,000 to VND 2,000,000 from March 25 to December 31.

Lord tuan