Sacombank Raises Deposit Rates Up to 7.8% for Long Tenors

Overview

Sacombank (STB) has increased deposit interest rates across multiple tenors on its online channel, effective August 26, 2026. The highest rate now reaches 7.8% per annum for deposits of VND 500 million or more at 24-36 month terms, up 0.7 percentage points from the previous 7.1%. This adjustment applies to all tenors from 6 months upward, with increases ranging from 0.3 to 0.7 percentage points.

Key Facts

• Effective date: August 26, 2026.
• Highest online rate: 7.8% per annum for deposits ≥ VND 500 million at 24-36 month terms, up 0.7 percentage points.
• For deposits under VND 50 million: rates for 6-11 months rose from 6.4% to 6.8%; 12-18 months from 6.6% to 7.0%; 24-36 months from 6.9% to 7.2%.
• For deposits from VND 50 million to under VND 500 million: rates for 6-11 months rose from 6.6% to 7.1%; 12-18 months from 6.8% to 7.3%; 24-36 months from 7.0% to 7.5%.
• For deposits ≥ VND 500 million: rates for 6-11 months rose from 6.8% to 7.2%; 12-18 months from 7.0% to 7.5%; 24-36 months from 7.1% to 7.8%.
• Over-the-counter (at-branch) deposit rates remained largely unchanged.
• STB closed at VND 73,500 on August 27, 2026, on HOSE.

What Happened

Sacombank announced a revision to its individual customer deposit rate schedule, effective August 26, 2026. The bank raised rates across all tenors from 6 months and above on its online channel, with increases ranging from 0.3 to 0.7 percentage points compared to the schedule published in early August. The most significant hike was for deposits of VND 500 million or more at 24-36 month terms, which jumped from 7.1% to 7.8% per annum.

The adjustment is tiered by deposit amount. For deposits under VND 50 million, rates for 6-11 months rose to 6.8%, 12-18 months to 7.0%, and 24-36 months to 7.2%. For deposits from VND 50 million to under VND 500 million, rates increased by 0.5 percentage points across all tenors from 6 months upward, reaching up to 7.5% for 24-36 months. For deposits of VND 500 million or more, the increase was the largest, with 24-36 month rates rising by 0.7 percentage points to 7.8%.

In contrast, over-the-counter (at-branch) deposit rates remained largely unchanged from the early August schedule. The bank’s move reflects an aggressive push to attract deposits through its online channel, particularly from high-value customers.

Market Context

Sacombank (STB) trades on HOSE and closed at VND 73,500 on August 27, 2026. The rate hike comes amid a competitive deposit market in Vietnam, where banks are vying for funds to meet credit demand. While the State Bank of Vietnam has signaled supportive measures, deposit rates have not broadly declined, as noted in a related article. Sacombank’s move to raise rates, especially for long tenors, may pressure its net interest margin but could also secure stable funding. The bank’s stock has been relatively stable, but the rate decision could influence investor sentiment regarding profitability.

Strategic Significance

For long-term investors, Sacombank’s deposit rate hike signals a strategic focus on liquidity and funding stability, particularly in the online segment. By offering higher rates for long-term deposits, the bank aims to lock in funding at a time when credit growth may be robust. However, this could compress net interest margins if lending rates do not rise correspondingly. The move also highlights the competitive dynamics in Vietnam’s banking sector, where deposit competition remains intense. Investors should monitor whether this is a temporary measure or part of a broader trend, as it could affect the bank’s cost of funds and overall profitability.

What to Watch

• Q3 2026 earnings report for net interest margin and cost of funds data.
• Any follow-up rate adjustments by Sacombank or peers in the coming weeks.
• State Bank of Vietnam policy signals on interest rates and liquidity.
• Deposit growth figures for Sacombank in the next monthly reports.
• STB stock price reaction and trading volume around the rate change.