Which bank is best for saving in 2021?

Which bank should you save with? Similar to other investment channels, bank savers also aim to deposit where they can earn high interest safely. However, to effectively raise capital and attract deposits, most banks often change their promotional policies and monthly interest rates.

Which bank offers the safest savings in 2021?
 

I. What is bank savings? 

Bank savings is one of the services offered by banks nowadays. Customers with idle money (unused) can deposit it in banks for savings and to earn interest. After a certain period of deposit, customers not only receive the deposited amount but also earn interest based on the amount and duration of the deposit.

Currently, bank savings are divided by banks into various types of interest rates based on characteristics such as term, type of deposit, deposit amount, and interest payment method.

II. Which bank should you save with in 2021?

Depending on individual needs and criteria, choosing the right bank for savings can vary. Some prioritize banks with high interest rates, while others focus on the safest options.

Which bank is best for saving for your child?

1. Top 5 safest banks for competitive interest rates

Which bank is the safest in Vietnam? Depositing money in a reputable bank ensures the best security for your savings, avoiding any potential losses. If you're seeking such a bank, consider the following top 5 options. Not only are they reputable, but their savings interest rates are also highly competitive:

Vietcombank

Ranked first in the top 10 most reputable commercial banks in Vietnam in 2021, Vietcombank (officially known as Joint Stock Commercial Bank for Foreign Trade of Vietnam) offers competitive interest rates and a variety of savings packages, attracting numerous depositors.

* Savings packages at Vietcombank
- Deposit with interest paid at maturity.
- Deposit with interest paid in advance.
- Regular interest-paying savings.
- Automatic savings.
- Foreign currency accumulation.
- Online deposit.
- Online cumulative deposit.

* Interest rates at Vietcombank
- Interest rate for 1-month and 2-month term deposits is 3.1% per annum.
- Interest rate for 3-month term deposits is 3.4% per annum.
- Savings interest rate for 6 and 9-month terms is 4% per annum.
- Interest rate for 12-month term is 5.5% per annum.
- Interest rate for 24, 36, 48, and 60-month terms is fixed at 5.3% per annum.

VietinBank

Ranked second in the top 10 most reputable commercial banks in Vietnam in 2021, VietinBank (officially known as Vietnam Joint Stock Commercial Bank for Industry and Trade) offers similar interest rates to Vietcombank, gaining trust and preference from many.

* Savings packages at VietinBank
- Fixed-term savings.
- Open-ended savings.
- Multiple-term savings.
- Preferential exchange rate deposits.
- Accumulative savings.
- Online savings.

* Deposit interest rates at VietinBank
- Interest rate for 1 - 3-month term is 3.1% per annum.
- Interest rate for 3 - 6-month term is 3.4% per annum.
- Interest rate for 6 - 12-month term is 4% per annum.
- Interest rate for 12 - 36-month term is 5.7% per annum.

Techcombank

Not only is Techcombank a leading reputable bank in Vietnam, but it also offers attractive savings interest rates with high security and safety. Additionally, the savings procedures at Techcombank are simple and executed swiftly.

* Savings packages at Techcombank
- Phat Loc Savings.
- Online Fixed-term Deposit.
- Regular Savings.
- Advance Interest Payment Savings.

* Savings interest rates at Techcombank
- Interest rate for 3-month term is 2.4% per annum.
- Interest rate for 6-month term is 3.5% per annum.
- Interest rate for 9-month term is 3.6% per annum.
- Interest rate for 12-month term is 4.4% per annum.

BIDV Bank

Is it worth depositing savings in BIDV Bank? According to many individuals and financial analysts, BIDV (Vietnam Investment and Development Bank) is a top choice for customers seeking to save. BIDV is known for its reliability, advanced security system, professional advisory services, and competitive interest rates.

* Savings packages at BIDV Bank
- Regular savings.
- Online savings.
- Accumulative savings.

* Interest rates at BIDV Bank
- Interest rate for 1-month and 2-month terms is 3.1% per annum.
- Interest rate for 6 and 9-month terms is 4% per annum.
- Interest rate for 12 to 36-month terms is 5.5% per annum.

MB Bank

MBBank (MB, Military Commercial Joint Stock Bank) is gaining popularity among depositors due to its competitive interest rates, various interest calculation methods, diverse deposit options, and streamlined procedures. Additionally, this MB Bank is among the top reputable banks.

MB Bank's Savings Packages

- Safe Deposit.
- Prosperity Deposit.
- Fixed-term Deposit.
- Open-ended Deposit.

MB Bank's Deposit Interest Rates
- 1-month term interest rate is 2.5% per annum.
- 6-month term interest rate is 4.25% per annum.
- 1-year term interest rate is 4.85% per annum.
- 36, 48, and 60-month term interest rate is 6.2% per annum.

2. Highest Bank Savings Interest Rates Table

If you're seeking the bank with the highest interest rates to maximize your savings, then refer to the updated table of savings deposit interest rates below:

Bank Deposit Interest Rates Table

Tailor your investment based on your needs by considering interest rates for different terms. For instance, if you seek to deposit for 24 or 36 months with the highest interest rate, consider VRB Bank offering 7% per annum. For a 12-month term, you may opt for SCB Bank, currently offering 6.8% per annum. Aside from shorter terms like 1 month, 3 months, 6 months, 9 months, etc., it's crucial to thoroughly research to avoid depositing savings in unreliable banks.

III. Should You Deposit Savings Online or Offline (at the Counter)?

Each method of depositing savings, whether online or at the counter, has its own advantages and disadvantages. Consider the following benefits to make the most suitable choice.

Is online or counter depositing better?

Benefits of Online Savings

- Deposit anytime, anywhere without needing to visit the bank during business hours.
- Quick and simple procedures.
- Online savings interest rates are often higher than counter savings.
- High security, no risk of losing savings passbook.
- Easy management.

Benefits of Counter Savings: Ensures safe deposits with confirmation documents, suitable for large depositors, especially businesses.

IV. Long-term or Short-term Bank Savings?

Savings packages offered by banks include both short-term and long-term options to meet customer needs. Depending on individual circumstances, you can opt for short-term or long-term deposits.

Short-term Savings
This package offers terms such as 1 week, 3 weeks, 1 month, 3 months, etc., suitable for those uncertain about their available funds or families with inconsistent finances. Withdrawals incur minimal fees, making it convenient for short-term needs like buying a car, building a house, or traveling.

Long-term Savings
This package offers terms of 6 months or more, suitable for financially stable individuals not needing immediate access to their funds. Current interest rates for long-term savings packages range from approximately 6.8% to 7%.

V. Safest Way to Deposit Money in Banks

Based on people's experiences with bank savings, to ensure the safest and most profitable savings, consider the following criteria:

- Choose the right savings package. Each bank offers various savings packages, so research each one to find the most suitable option.
- Deposit at reputable banks for guaranteed safety. Research banks you intend to deposit with by checking information, customer reviews, and understanding their services and customer care.
- Bank savings interest rates. Higher interest rates mean higher profits. Each bank applies different interest rates for different terms, so stay updated to make the right choice.
- Ensure accurate personal information. All information such as name, ID number... must be accurate to enhance security.
- Regularly check your balance. This helps avoid the risk of losing money.
- Handle savings passbooks carefully (for counter deposits). If lost, inform the bank immediately to have it locked and receive advice on obtaining a new one.
- Opt for online savings. Access official apps and websites only, never visit unfamiliar websites.

So, you've decided which bank to save with. Remember to regularly update deposit interest rates in real-time and carefully consider to ensure the safety and high returns of your savings.