Bank interest rates on 31st October: Major players compete fiercely
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- Business
- 14:27 01/11/2024
DNHN - Bank interest rates have been highly volatile, with one bank making its second rate adjustment in the month as of October 31, 2024, underscoring the competitive landscape.
Since the beginning of October 2024, the bank deposit interest rate market has seen significant fluctuations. Notably, six banks—Agribank, Techcombank, NCB, VPBank, CB, and LPBank—have opted to reduce their deposit rates. This suggests that banks are adjusting their capital mobilization strategies to align with the current economic environment and market demands. These rate cuts may reflect cautiousness in managing risks and optimizing operational costs, especially as the economy faces ongoing challenges.
Conversely, eight banks raised their interest rates in the same period, demonstrating strong competition among financial institutions to attract capital. Banks such as NCB, Agribank, Techcombank, MSB, LPBank, Eximbank, ABBank, and Bac A Bank have adjusted their rates to make their offerings more appealing. This increase can be seen as a move to maintain stable funding sources, particularly as demand for capital, especially from small and medium-sized enterprises, is on the rise.

Compared to September, the situation has changed markedly. In September, up to 12 banks raised interest rates, indicating intense competition in capital mobilization. Banks like Nam A Bank, PGBank, ACB, BVBank, and NCB made positive adjustments to attract customers. Among them, OceanBank raised its interest rates twice in September, demonstrating relentless efforts to enhance its financial product offerings.
When looking for a bank savings option, determining a suitable term is crucial. For those with idle funds and no immediate usage plans, choosing a 6- to 12-month savings term is optimal. Banks often offer preferential rates for these terms, allowing savers to benefit from higher rates without a long waiting period. Selecting an appropriate term not only safeguards your funds but also brings attractive returns in a relatively short time.
In addition to choosing the term, splitting funds is also a wise strategy. Financial experts advise against placing all idle funds in a single account. Instead, consider dividing them into different deposits at various banks or over different terms. This approach not only protects your savings from unexpected fluctuations but also optimizes returns through varied interest rates. If you need to withdraw funds urgently, you can settle only a portion without affecting the rest of your savings.
Another essential factor when saving is the maturity date—the final day of your term when you can withdraw the principal and agreed interest. After this date, many banks automatically switch the deposit to a non-term savings account at a lower interest rate. To avoid this, monitor the maturity date closely and plan withdrawals or reinvestments accordingly. Ensure you have clarified all maturity-related terms before opening a savings account.

More people are choosing online savings for convenience and attractive rates over in-branch deposits. Online savings options not only enable transactions anytime, anywhere but also save time and travel expenses. Moreover, many banks now offer higher rates for online savings, encouraging consumers to shift from traditional to digital methods.
Choosing the right bank also plays a significant role in maximizing savings returns. Each bank has different rates and promotional policies, so savers need to spend time researching and comparing options. Major banks like Vietcombank, Techcombank, and Agribank often provide flexible savings packages with appealing perks. Consider not only interest rates but also customer service quality, reliability, and convenience when depositing and withdrawing funds.
Additionally, a helpful tip is to regularly monitor changes in bank interest rates. The financial market is always fluctuating, and staying updated can help you switch to higher-yield options as needed. This not only increases returns but also protects your assets from unexpected economic shifts.
Finally, remember that saving is a long-term journey. Applying the right experiences and strategies not only maximizes returns on your deposits but also builds a solid financial foundation for the future. Start small, from setting savings goals to choosing the bank and deposit method that best meet your needs.
However, October saw a slowdown in the upward trend of interest rates. The number of banks reducing rates rose, while fewer banks raised their rates. ABBank was the only bank to cut deposit rates in September, with reductions of 0.1–0.4% annually for 1- to 12-month terms, reflecting shifts in financial strategies among banks. This could create opportunities for depositors, especially those seeking stable and sustainable rates amid the current market landscape.
Nghe Nhan
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