Sacombank Raises Online Deposit Rates to 7.8%
Sacombank has sharply raised online deposit rates on 6-36 month terms after Vietnam’s National Day holiday, pushing its top headline yield to 7.8% a year and underscoring intensified competition for retail funding.
The move matters because higher deposit rates can tighten banks’ funding costs, support loan growth and, if sustained, feed into lending pricing across the system. It also signals that Vietnamese lenders are still willing to pay up for stable deposits even as broader interest-rate conditions remain mixed.
Under the new table, online deposits below 50 million dong now earn 6.8% for 6-11 months, up from 6.4%, and 7% for 12-18 months, up from 6.6%. The 24-36 month tenor rises 30 basis points to 7.2%.
For deposits of 50 million to under 500 million dong, Sacombank lifted the 6-11 month rate by 50 basis points to 7.1%, the 12-18 month rate to 7.3%, and the 24-36 month rate to 7.5%. For balances of 500 million dong and above, the bank now pays as much as 7.8% on 24-36 month online deposits, making it one of the highest publicly posted rates among lenders.
Sacombank left branch rates unchanged, with the highest at 6.9% for 24-36 month terms on deposits of at least 2 billion dong. The bank also kept rates unchanged on other savings products, including a 7% 12-month rate on some youth and flexible savings plans.
For investors, the rate reset points to pressure on net interest margins if higher funding costs spread through the sector, while savers may continue to gravitate toward term deposits offering yields well above current policy rates. Bank shares, including lenders with heavy deposit competition, may remain sensitive to any further repricing in the weeks after the holiday.
Comparison Matrix
| Entity | Gains | Losses |
|---|---|---|
| Savers | ▲Higher deposit yields | ▼Lower cash returns elsewhere |
| Sacombank | ▲Stronger deposit inflows | ▼Higher funding costs |
| Rival banks | ▲Deposit-rate benchmark pressure | ▼Margin compression risk |
| Borrowers | ▲Stable credit availability | ▼Potentially pricier loans |