Vietnam depositors terminate savings accounts early for higher rates

In Vietnam, many depositors are choosing to terminate their existing savings accounts early to take advantage of rising negotiated interest rates. While standard listed rates for 6 to 12-month terms typically range between 5.7% and 7.5% per annum, some banks are offering negotiated or online promotional rates as high as 8% to 9% per annum.

This trend is driven by a significant gap between public interest rate tables and the actual rates offered to specific customers. Some depositors have reported receiving rates as low as 6.2% upon automatic renewal, prompting them to close those accounts to reinvest in higher-yielding options to optimize their idle capital.