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Bank savings is a secure investment method widely used by the Vietnamese people. However, in the fiercely competitive deposit market among banks, not everyone knows how to deposit with high interest rates, safety, and still align with their financial capacity.
Strategies for High-Interest Savings
Mytour's analysis below will delve into the criteria, tips for high-interest savings, and much more. Let's explore!
1. How much money is needed for savings deposits?
It depends on the regulations of each type of savings deposit (fixed-term, non-fixed-term, flexible withdrawal, floating rate...) of each bank, and the minimum savings deposit amount at each bank will vary.
For example:
- BIDV Bank: The minimum savings deposit amount is 500,000 VND, 100 USD, 100 EUR
- Vietcombank: The minimum savings deposit amount is 500,000 VND, 20 USD
- Vietinbank: The minimum savings deposit amount is 100,000 VND, 10 USD, 10 EUR
- Techcombank: The minimum savings deposit amount is 1,000,000 VND, 100 USD, 100 EUR,...
- VIB Bank: The minimum savings deposit amount is 1,000,000 VND, 50 USD, 50 EUR
- .....................
2. Strategies for High-Interest Savings
2.1. Choose the Right Bank
To ensure your deposited money thrives optimally, you need to choose reputable banks with a long-standing presence, clear deposit policies, and various flexible deposit packages that align with your deposit needs.
Top 10 Most Reliable Commercial Banks in Vietnam in 2021
The list of the top 10 reputable commercial banks in Vietnam includes giants such as Vietcombank, Vietinbank, MBbank,... These are banks with a long history, high competitive capabilities, efficient business operations, substantial financial strength, ensuring the safety of your deposits
2.2. Choose a Bank with High Interest Rates
At different times, each bank will apply different deposit interest rates. Before saving, research the savings deposit interest rate table to choose the best bank for your savings
Update on the Latest Deposit Interest Rates from Banks
In 2022, state-owned banks such as Vietcombank, BIDV, Agribank, Vietinbank,.., generally offer low deposit interest rates ranging from 3 - 5.6% per annum for terms of 1 to 24 months. Private joint-stock commercial banks (Nam Á bank, TP bank, ViB, Vietcapital Bank,..) apply significantly higher deposit interest rates, with the highest reaching 7% per annum at VRB Bank.
Tips:
Bank interest rates are a crucial factor in choosing a savings bank. Currently, there are many controversies related to 'Vanishing Savings Books' at banks. Therefore, Mytour provides some suggestions for you as follows:
- For small deposits (less than 1 billion), short-term deposits (less than 1 year), you can save with private joint-stock commercial banks to enjoy the best interest rates.
- For large deposits (> 1 billion), long-term deposits, you should choose to save with state-owned banks. The interest rate may be lower, but the safety of deposits is much more guaranteed.
Choosing a Bank for High-Interest Savings
2.3. Selecting the Deposit Term
At different times and for different deposit terms, banks will apply different deposit interest rates.
The common deposit terms that banks usually offer are: 1 month, 3 months, 6 months, 9 months, 12 months, 24 months, 36 months
To choose the appropriate deposit term, you must consider the amount you intend to deposit, future use of the money, and potential financial risks.
Example: Currently, you have a fixed amount of 1 billion, with plans to buy a car (500 million in November 2019), travel (expenses of 10 million in January 2022), and a regular monthly income account of 10 million. You can choose the deposit term as follows:
Open a 3-month fixed-term savings account with a value of 500 million VND. Open a 12-month (or 24 months, 36 months) fixed-term savings account with a value of 500 million per year. (You can save on travel expenses from your fixed income or other savings sources)
2.4. Choosing the Deposit Type
How to Deposit with High-Interest Savings? Currently, banks offer various flexible deposit options for customers. Specifically:
Fixed-term Savings
Non-fixed-term Savings
Flexible Withdrawal Savings
Floating Rate Savings
Depending on your desires and future money usage plans, you can choose the most suitable deposit options for yourself
Note: Currently, some banks also offer cumulative savings. In this scheme, at specific times (days, months, quarters), customers deposit a certain amount into the bank. The fixed-term deposit period and interest rate are determined based on the agreement between the bank and the customer. This is a flexible savings method, allowing customers to save and optimize their idle funds most efficiently
Which Bank Offers High-Interest Savings in 2022?
2.5. Key Points for Achieving High-Interest Savings
- Carefully read the deposit regulations of the bank, information on the savings passbook (depositor information, maturity date, interest rate, etc.) to avoid mistakes later on.
- Store the savings passbook carefully to prevent loss or damage (The process of requesting a replacement for a lost savings passbook takes time and effort).
- Consider participating in online savings instead of traditional methods. This is a new, convenient, and flexible savings method, allowing savers to save time compared to traditional methods, with higher interest rates (Usually 0.1% higher than in-branch savings).
- After completing the savings deposit, savers should register for services such as balance change SMS notifications or create an online account at the bank for easy monitoring of their savings passbook balance.
- In the event of a bank's bankruptcy, individual savers are compensated up to 75 million VND, including both principal and interest. To ensure the safety of savings, savers should create savings accounts at reputable banks and diversify deposits across different banks.
2.6. Other Options
- Invest in gold
- Entrepreneurship
- Buy stocks, bonds
- Investments
- Lend money to individuals with interest
Above is the article guiding how to deposit with high-interest savings that Mytour has collected. With this information, it is hoped that you will have a better understanding of how to optimize your idle funds through savings.
If you have a need for loans, besides researching loan interest rates, make sure to also explore what debt extension is to efficiently borrow without incurring additional fees.
- Read more: What is Debt Extension
