Deposit rates remain elevated: Where can savers get best returns?

Bank deposits are regaining appeal as an investment channel as deposit rates at some Vietnamese commercial banks have climbed to as high as 8-10% per year.

In the final days of May 2026, Vietnam’s deposit market remained active despite repeated moves by the State Bank of Vietnam (SBV) to rein in competition among commercial lenders over interest rates.

A series of directives issued from May 22-24 called for tighter inspections and supervision aimed at stabilizing lending and deposit rates to support economic recovery.

Behind those regulatory measures, however, lies another reality: liquidity pressure within the banking system remains present, prompting many banks, particularly small and mid-sized lenders, to maintain elevated deposit rates to attract household savings. As a result, the market has entered an unusual phase in which publicly listed rates are easing while promotional rates offered in practice remain high.

For savers with idle cash, the question is no longer simply whether to deposit money in banks, but rather where to place funds to balance safety and returns.

According to surveys of deposit rates conducted between May 23 and May 27, state-owned banks including Vietcombank, BIDV, VietinBank and Agribank continue to offer significantly lower rates than private-sector peers. Twelve-month deposit rates at the major state lenders are generally around 5.2-6% annually, while six-month tenors range from 3.5-4%.

Meanwhile, joint-stock commercial banks continue to compete aggressively in medium- and long-term deposits. Lenders such as HDBank, LPBank, Sacombank, OCB, MBV and Nam A Bank are offering online deposit rates of around 6.8-7.5% annually depending on tenor and deposit size. For large deposits or special promotional programs, rates can rise to 8-8.5%.

Notably, VietBank is offering a promotional savings program called “Start Small, Earn Big,” with rates of up to 8.5% annually for 15-month deposits. Unlike some other high-yield products, the program does not require exceptionally large balances, with customers eligible from deposits of VND10 million dong ($380) at branches or VND500,000 through the bank’s digital application.

By contrast, some headline-grabbing “double-digit” rates available in the market are effectively inaccessible for most retail customers. PVcomBank, for example, continues to offer rates of around 10% annually for 12-13 month deposits, but requires customers to maintain minimum balances of VND2 trillion ($75.96 million). That leaves rates in the 7-8.5% range as the more meaningful area of competition for most individual depositors.

Against the current backdrop, savings deposits are gradually regaining their position as an attractive investment channel.

Only about a year ago, returns of 5-6% annually were viewed as uncompetitive compared with stocks, gold or real estate. But with gold prices fluctuating sharply, property liquidity remaining weak and stock performance becoming increasingly polarized, returns of 7-8% with minimal risk are becoming significantly more attractive.

Depositors currently face three broad choices. Those prioritizing maximum safety may still prefer state-owned banks despite lower rates. On the other hand, savers seeking higher returns are increasingly turning to smaller and mid-sized private banks offering more attractive yields on deposits with tenors of six to 15 months.

Rather than locking all funds into a single long-term deposit, many financial experts recommend a “laddering” strategy, in which savings are split across multiple deposits with different maturities. The approach allows savers to benefit from current high rates while maintaining flexibility if market conditions continue to shift.

According to several financial analysts, deposit rates are likely to remain relatively elevated through the end of the third quarter of 2026, although a broad-based surge similar to that seen in 2022 is considered unlikely.

The main reason is that the State Bank of Vietnam has clearly prioritized interest rate stability to support economic growth. Recent supervisory measures suggest regulators are determined to prevent excessive competition for deposits.

At the same time, liquidity pressure and demand for medium- and long-term funding within the banking system remain substantial. As a result, a sharp decline in deposit rates in the near term appears unlikely, particularly among private-sector lenders.

Under the base-case scenario, deposit rates are expected to fluctuate around current levels in the coming months, with a continued divergence between state-owned and joint-stock commercial banks.

That means the current period could represent one of the relatively rare moments when savers can secure comparatively high returns without taking on the significant risks associated with many other investment channels in the market.