Vietnam’s deposit rate race is intensifying, with some banks offering returns above 9% through promotional schemes.

Market data compiled by Lao Dong shows banks are increasingly competing for deposits as the year-end approaches. Online savings rates are generally 0.1-0.5 percentage points higher than rates offered at branches, while promotional bonuses can push effective returns even higher.

Cake by VPBank, for example, is offering new customers an additional 2% on six-month deposits of at least VND100,000 ($3.85) during September. Its standard rate of 7.4% for terms of 10-24 months can therefore reach 9.4% with the bonus.

The digital bank is also offering an additional rate of up to 2% a year for qualifying customers renewing deposits of at least VND5mn between September 1 and 30. For terms of six months or longer, promotional rates can reach 9.2-9.4%.

Vikki Bank is offering 9.2% a year on six-month traditional savings deposits of at least VND200mn.

PVcomBank advertises a rate of up to 10% for 12-13 month deposits, although the offer requires a balance of at least VND2 trillion and is available for deposits made at a branch.

Banks are also using prizes and other incentives to attract savers. NCB is running a promotion with total prizes worth up to VND65bn, including apartments and a villa valued at VND25bn.

HDBank, meanwhile, is offering a special prize of 16 taels of SJC gold to eligible savers who deposit at least VND50mn for a minimum of one month.

Deposit rates typically face greater upward pressure towards year-end as businesses increase borrowing for production, imports and working capital ahead of the peak consumer season.

Banks may also seek to strengthen their deposit base to maintain liquidity and meet required funding and safety ratios during the year-end period.