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Despite the prolonged period of 0% interest rates on USD, the United States is implementing stringent monetary policies, increasing savings interest rates in USD. This raises concerns about the possibility of withdrawing foreign investments. However, numerous options have been proposed, highlighting the disparity in USD interest rates. Utilizing a 0% interest rate will impact central banks and may pose risks regarding exchange rates and interest rates that many are concerned about.
Many argue that contrary to the movement of USD deposit rates, the trend of borrowing rates has a correlation with domestic currency lending rates, with expectations that lending rates will increase to attract more attention to USD interest rates.
Should You Deposit USD into Banks?
Although the State Bank has maintained a 0% USD interest rate in recent years, according to leaders of some banks, the number of customers depositing savings in USD has not shown signs of decline. This is because we can clearly see that while the USD deposit interest rate is only 0%, the USD itself appreciates by a few percent annually. Furthermore, many customers want to deposit USD for future use as a reserve currency and may feel more secure when depositing money into banks.
A customer who deposits USD stated that their son is settled in the US, and they receive USD every month from their son. Until now, the grandparents have saved a considerable amount. However, they prefer not to convert to VND but to deposit in a bank to use it whenever they want without going through additional currency conversion procedures.
Which Bank Should You Deposit USD In?
According to the consolidated financial statements for the first half of 2017 from 17 banks, most banks have a high growth rate in deposits. Vietcombank, HDBank, BIDV, ACV, SCB, KienLongBank are among the banks with deposit growth rates above 10%. Only Techcombank showed a slight decrease in deposits by the end of June compared to the beginning of the year.
Among these banks, BIDV seems to be the leading bank with a deposit mobilization amounting to over 810 trillion VND. Viettinbank ranks second with nearly 700 trillion VND, followed by Vietcombank with nearly 650 trillion VND. These are the top 3 state-owned banks leading in deposit mobilization, far surpassing other joint-stock banks. Despite having lower deposit interest rates than other joint-stock banks, they have distinct advantages such as credibility, brand reputation, and large scale, making them preferred choices for customers.
Let's explore the bank interest rates in 2017 to make informed decisions for our savings in 2018. Different banks offer different rates, so choose wisely based on your savings and insights from experienced individuals.
Aside from legal concerns, exchanging USD at favorable rates is a key consideration for many. To ensure legality and obtain high rates, compare exchange rates from licensed currency exchange establishments, such as certified gold shops, Hà Trung, or banks.
Gold prices fluctuate frequently, potentially rising or falling. Therefore, if you're considering buying or selling gold, stay updated on prices to make informed decisions. This will ensure you gain value from your transactions.
