Which Vietnamese bank offers the highest deposit rate in March 2026?

Cake by VPBank offered the highest deposit interest rate in Vietnam at nine percent per year for first-time depositors as of March twenty-third, twenty twenty-six. This rate applies to deposits with terms ranging from ten to thirty-six months and includes a special bonus of one point one percent above the standard rate for new customers. The nine percent milestone marked a significant level that had not been seen in the Vietnamese banking market for several years, reflecting intense competition among banks to attract deposits in the current economic environment.

Why are Vietnamese bank deposit rates rising in March 2026?

Vietnamese bank deposit rates have been rising throughout March twenty twenty-six due to several converging factors. Banks need to attract more deposits to fund increasing loan demand as the Vietnamese economy continues to grow. Competitive pressure from fintech challengers like Cake by VPBank is pushing traditional banks to offer higher rates to retain depositors. Additionally, global factors including the Iran crisis pushing up inflation expectations and the State Bank of Vietnam's monetary policy stance have contributed to upward pressure on interest rates across the banking system.

How much interest would I earn on a 500 million VND deposit at 9%?

A deposit of five hundred million Vietnamese dong at the highest available rate of nine percent per year through Cake by VPBank would earn approximately forty-five million dong in annual interest for a twelve-month term. For shorter terms, a six-month deposit at around seven to eight percent would yield approximately seventeen point five to twenty million dong. However, investors should note that the nine percent rate at Cake by VPBank is a promotional rate for first-time depositors only. Existing customers and subsequent deposits would receive the standard rate which is typically one to two percentage points lower.

What are the deposit rates at major Vietnamese state-owned banks?

Major Vietnamese state-owned banks offered competitive but slightly lower rates compared to private sector and fintech competitors as of March twenty twenty-six. BIDV raised its rates to seven point eight percent per year for deposits above three hundred million dong. Vietcombank and VietinBank offered similar rates in the seven to seven point five percent range for longer-term deposits. These state-owned banks typically offer slightly lower rates than private sector competitors but are considered safer by many Vietnamese depositors due to implicit government backing and their systemically important status in the financial system.

Should Vietnamese savers lock in the current high deposit rates?

Financial advisors in Vietnam generally suggest that the current high deposit rate environment presents a good opportunity for savers to lock in rates at longer terms if they do not need immediate liquidity. With rates at levels not seen in several years, twelve to twenty-four month term deposits could provide attractive guaranteed returns. However, savers should consider diversifying across multiple banks rather than concentrating all deposits at the highest-rate institution, as deposit insurance in Vietnam covers up to one hundred twenty-five million dong per depositor per institution. Balancing between state-owned and private banks provides both safety and yield optimization.

Finance

Vietnam Banks Hit 9%/Year Deposit Rate in March 2026

Published: March 23, 2026

Top Rate

Cake by VPBank

Banks Raised Rates

March 2026

4.5%

SBV Base Rate

Unchanged

7.99%

CD Rate

6-7 month term

Photo: VietNamNet -- Bank deposit rates surge in March 2026

The Deposit Rate War: An Overview

March 2026 witnessed an unprecedented deposit rate war across Vietnam's banking system. At least 10 banks simultaneously raised their deposit rates, with the highest reaching 9% per year at Cake by VPBank for first-time depositors. This development unfolded against rising oil-driven inflation pressures, increased demand for VND liquidity, and intensifying competition between traditional banks and digital-only platforms.

Notably, the State Bank of Vietnam's base rate remains unchanged at 4.5% per year. Commercial banks raising deposit rates signals liquidity competition pressure from the market, not monetary policy changes.

Depositing 500M VND at Cake = 45M interest/year, double what BIDV pays (28M).

Bank Deposit Rate Comparison

Click column headers to sort. Data as of March 23, 2026.

Bank	6T	12T ↓	24T
Cake by VPBank First-time depositors only	7.0%	9.0%	9.0%
Timo (Ban Việt) Digital-only	6.8%	8.2%	8.5%
SHB Among top private banks	6.3%	7.5%	7.7%
VPBank Parent of Cake	6.2%	7.3%	7.5%
HDBank Stable performer	6.0%	7.0%	7.2%
MB Bank Competitive mid-tier	5.8%	6.5%	6.8%
Techcombank CD rates up to 7.99%	5.5%	6.3%	6.5%
BIDV Over 300M VND: up to 7.8%	4.7%	5.6%	5.6%
VietinBank Rate hike March 2026	4.7%	5.6%	5.8%
Vietcombank Lowest among Big 4	4.6%	5.5%	5.5%

Online bankState bankPrivate bank

The spread between highest (9%) and lowest (5.5%) is 3.5 percentage points. On 1 billion VND, that gap equals 35 million VND per year.

12-Month Rate Comparison

Cake by VPBank

9.0%

Timo (Ban Việt)

8.2%

SHB

7.5%

VPBank

7.3%

HDBank

7.0%

MB Bank

6.5%

Techcombank

6.3%

BIDV

5.6%

VietinBank

5.6%

Vietcombank

5.5%

SBV Base Rate: 4.5%/year

Notable Bank Groups Analysis

Digital Banks: Cake, Timo

Cake by VPBank leads with 9% per year for first-time depositors on 10-36 month terms. This reflects the digital bank strategy of acquiring new users -- lower operating costs allow significantly higher rates compared to traditional banks. Timo (under Ban Viet Bank) also offers 8.2% for 12-month deposits.

State Banks: BIDV, VietinBank, Vietcombank

BIDV raised rates to 7.8% for deposits over 300 million VND -- an unusual move from the largest state bank. VietinBank also joined the rate hike wave. However, Big 4 rates remain significantly lower than private and digital banks.

Certificates of Deposit (CDs)

Certificates of deposit for 6-7 month terms are offering rates up to 7.99% per year at private banks like Techcombank. These are attractive for investors seeking more flexibility than long-term fixed deposits.

Depositing 300M VND at BIDV's promotional 7.8%: 23.4M interest/year -- up 7.8M from the previous 5.2%.

Comparison chart of deposit rates across Vietnamese banks

Photo: CafeF -- Bank deposit rate comparison

Why Are Rates Rising Sharply?

Oil-Driven Inflation Pressure

Global oil prices surged due to geopolitical tensions, pushing Vietnam's CPI higher. Banks need to raise deposit rates to ensure positive real returns for depositors.

VND Liquidity Competition

Credit demand increased early in the year, while capital from stock and real estate markets hasn't flowed back significantly. Banks must raise rates to attract deposits.

Digital Bank Competition

Cake, Timo and digital banking platforms are attracting depositors with superior rates. Traditional banks are forced to follow to retain customers.

USD/VND Exchange Rate

Rising exchange rates pressure the VND. Higher deposit rates help prevent capital outflows and support the exchange rate.

Deposit Interest Calculator

Deposit Amount (million VND)

Term (months)

Interest Rate (%/year)

9.0%

Interest Earned

45.0 M

Total Return

545.0 M

* Simplified calculation, excludes 5% PIT on interest income. Actual rates may vary.

Digital vs Traditional Banks?

Digital Banks

Highest rates (8-9%)
Quick account opening via app
No branch visits needed
Condition: new customers
Deposit insurance: applies

Traditional Banks

Rates 5.5-7.8%
Wide branch network
Bundled financial products
Established reputation
Large deposit bonuses (>300M)

Depositing 1B VND: Cake pays 90M/year (9%), BIDV pays 56M (5.6%). Gap of 34M VND per year.

Vietnamese digital banking apps and online deposit trends

Photo: Zing News -- Digital banking deposit trends in Vietnam

March 2026 Rate Timeline

Early March

Cake by VPBank announces 9%/year rate

Digital bank Cake launched a promotional 9% per year rate for first-time depositors on 10-36 month terms. This was the highest market rate at the time.

Depositing 200M at Cake = 18M interest/year, 7M more than Vietcombank (5.5%).

Mid-March

10 banks simultaneously raise rates

The rate hike wave spread. BIDV raised to 7.8% for deposits over 300M. VietinBank, MB Bank, VPBank, SHB all adjusted upward. Techcombank CDs reached 7.99% for 6-7 month terms.

Depositing 500M at BIDV's new promotional rate: 13M more interest per year than before.

Late March

SBV holds base rate at 4.5%

The State Bank decided to hold the base rate, indicating the market is self-adjusting based on liquidity supply-demand, not monetary policy. Analysts forecast the rate war will continue into Q2.

The gap between base rate (4.5%) and top deposit rate (9%) reached 4.5 points -- unusually high.

Advice for Depositors

Split Your Deposits

Don't put all deposits in one bank. Split across multiple banks and terms to optimize returns and reduce risk.

Leverage New Customer Offers

Digital banks like Cake offer 9% for new customers. Sign up, deposit, and enjoy the high rate for the first term.

Consider Certificates of Deposit

CDs with 6-7 month terms at 7.99% are a good option for those wanting more flexibility than long-term fixed deposits.

Mind the Tax

Interest income is subject to 5% PIT. At 9%, the effective after-tax rate is 8.55%. Still well above current inflation.

Compare Deposit Rates

Find the best rate for your amount with our savings account comparison tool.

View Latest Rates

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References

VietNamNet -- Bank interest rates March 23, 2026 (23/3/2026)
CafeF -- 10 banks raise deposit rates in March 2026 (3/2026)
State Bank of Vietnam -- Current base rates (3/2026)

Note: Specific article URLs not included as they could not be verified at time of access. Source names and dates are recorded.

By Alex Tran · Global Economy Correspondent

Published: March 23, 2026 · Updated: March 25, 2026

finance·lãi suất ngân hàng 2026 · lãi suất tiết kiệm 9% · Cake VPBank · BIDV lãi suất