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The conditions for applying for a loan at Cashberry

4 easy steps to register for a loan

1
Filling in the registration form
Provide a phone number and fill in personal information. Register and send request for a loan.
2
Getting approval and Signing an Agreement
The approval results will be anounce via phone call. Only need to log in to Personal account and sign an Agreement.
3
Receive money
After the application is approved, our partner will transfer the money to your account.
4
Repayment
Make repayment to our partner according to the instructions.
Loan
Loan
with flexible terms at CashBerry
  • Term:
    Term: min 92 days, max 183 days
  • Loan limit:
    Loan limit: 100 000 - 5 000 000 VND
  • Interest rate:
    Interest rate: 10,95 - 14,6 %/per annum
Get loan
  • Term:
    Term: min 92 days, max 183 days
  • Loan limit:
    Loan limit: 100 000 - 5 000 000 VND
  • Interest rate:
    Interest rate: 10,95 - 14,6 %/per annum

Which bank has the highest compound interest rate? How to choose a reputable bank to deposit safely with many incentives. Read CashBerry's article.

Even if you only save a small amount each month, if you know how to take advantage of compound interest, the profit you get from your initial savings can be up to a "huge" number. So what is compound interest? Which bank has the highest compound interest rate ?

What is compound interest?

This interest rate is also known as compound interest and has the English name Compound Interest, this is a form of depositing interest in bank savings. Accordingly, after calculating interest in the first cycle, customers will not choose to withdraw interest but accumulate directly into the capital to cycle to the next term. At this time, the principal deposit will increase and the customer's interest in the following term will also be higher than the previous term.

The power of compound interest

Compound interest can be understood as "interest on top of interest". If you know how to calculate and invest , this form of savings can bring a "huge" profit from the initial modest savings.

When asked how there is a billion-dollar fortune today, Warren Buffett said: There are 3 points. First, America has great opportunities. Second, thanks to good genes, I can live a long life. Third, it's DUAL INTEREST .

In fact, not only Warren Buffett but many great people in the world have acknowledged the magic of compound interest. Albert Einstein once said, “Compound interest is the eighth wonder in the world. Those who understand it, use it, pay nothing for it.”

To understand better, follow the example of the following compound interest problem:

Example: This year you are 25 years old, every month you save 1 million idle money. You deposit 1 million/month into the accumulator account. You maintain the same monthly savings for 20 years, until the age of 45. Let's try to calculate how much money you will have after 20 years with CashBerry.

By saving 1 million/month regularly, after 20 years you will have 399,444,747 VND (including 240,000,000 VND of principal and 158,444,747 VND of interest).

Thus, when we invest our money to compound interest, the money will multiply over time. The higher the interest rate, the longer the investment period, the greater the return. However, how to calculate the bank compound interest rate ?

The fastest way to calculate compound interest

Compound interest is calculated based on the future value of money . Accordingly, the formula for calculating compound interest is as follows:

In there:

P is the total principal

P' is the total new principal

r is the nominal annual interest rate

n = number of times interest is principally entered per year

t = number of years money is borrowed

The total compound interest generated is the final value minus the initial principal amount:

How to invest in compound interest?

Before learning about which bank's compound interest rate is the highest , you should plan to invest based on compound interest effectively, to optimize profits.

Here are some suggestions for making good returns from compound interest investments.

  • Invest early to take advantage of time

From the above analysis, it can be seen that the two factors that have the greatest influence on compound interest are time and interest rates. Accordingly, the longer the time, the more likely the saver has the opportunity to receive a large profit.

In other words, compound interest only really works when it is deposited over a long period of time. So, if you want to invest based on effective compound interest, invest as soon as possible.

  • Regular savings

Saving regularly and regularly is a way to increase your principal deposit quickly. As a result, the future profitability of your savings deposit is also significantly increased and you have a chance to receive a larger return in the future.

  • Choose a reasonable savings term

A right and appropriate strategy is always an essential element for an investment project. With investments based on compound interest too, in addition to the time factor, choosing a reasonable savings term is also an important strategy to help increase the profitability of the money. Accordingly, the longer the deposit term, the higher the interest rate will be, equivalent to more interest received.

  • Calculating savings budget

You need to have a careful and detailed calculation to have a reasonable savings deposit, avoid withdrawing in whole or in part for other personal needs or purposes. When you pay off your deposit before maturity, you can only receive demand interest (<1%), the amount of interest received is quite low.

  • Choose a reputable bank with good interest for savings

Besides calculating and planning long-term savings to take advantage of the power of compound interest, you should also pay attention to choosing a reputable bank with many incentives.

Question: Which bank has the highest compound interest rate , the most profitable savings?

Which bank has the highest compound interest rate?

You can refer to the current savings interest rates of some banks:

STT

Bank

1 month

6 months

9 months

12 months

first

Vietcombank

3.5

4

4.5

6

2

Vietinbank

3.5

4.7

4.8

6

3

Techcombank

3.7

5.7

5.5

5.8

4

Agribank

3.5

4.4

4.5

6

5

Sacombank

4.2

6

6.4

6.8

6

MB bank

3.7

5.3

5.6

6

7

BIDV

3.7

4.8

4.8

6

8

VIB

4.1

6.1

6.1

6.1

9

ACB

4.23

5.6

5.6

5.6

ten

VP Bank

3.8

6

6.1

6.2

11

SCB

4.25

7.3

7.45

7.75

twelfth

VietAbank

4.25

7.1

7.4

7.6

13

South Asia Bank

4.15

7.2

7.4

7.6

14

NCB

4.25

7.1

7.4

7.7

15

KienLong Bank

4.15

6.8

6.8

7.3

16

VietBank

4.25

6.9

7.2

7.3

17

Eximbank

4.25

6.35

6.35

7.2

18

HD bank

3.95

6.7

6.7

7

19

Bac A Bank

4.1

6.8

6.9

7.1

20

MSB

4.25

6.05

6.05

6.35

Consider the savings interest rates at the 4 largest banks:

The above interest rates are for reference only, the interest rates will vary from period to period and each bank's policy program. It is difficult to give the highest compound interest rate , because each bank has a different number of terms.

The first is to target the group of banks that are popular today, have big brands, are large in scale and have the most trust of people. This group has the lowest profit in the middle of the common ground from 6%/12 months. For terms of less than 12 months, the interest rate is also quite low, only 4-5% and even 3.7% for BIDV .

Therefore, Vietcombank, Agribank, BIDV, Vietinbank, Sacombank, etc. are not the ideal banks to open a savings account if you put interest rates on top.

Here is a list of 10 banks with the highest savings interest rates you can refer to:

  1. SCB Bank: The highest interest rate is 7.5%
  2. Bac A Bank: The highest interest rate is 7.1%
  3. PVcombank: Highest interest rate 7.29%
  4. Kien Long Bank: Highest interest rate 7.3%
  5. Vietbank: Highest interest rate 7.3%
  6. SCB Bank: Highest interest rate 7.75%
  7. Viet A Bank: Highest interest rate 7.7%
  8. Nam A Bank: Highest interest rate 7.6%
  9. NCB Bank: Highest interest rate 7.5%
  10. Baoviet Bank: Highest interest rate 7.42%

Is the bank with the highest interest rate the best?

In general, the compound interest rate at banks today is equivalent to the normal interest rate. With a short term of 1-2 years, the interest rate will range from 4.7% - over 5%. However, in some uncommon banks, the compound interest rate can also be up to 6%/year or more . However, with profit comes a small degree of risk.

Therefore, you can refer to the compound interest rate at some reputable banks with long term savings as follows:

Bank

Form

Period

Interest rate

Lien Viet Post Bank

Regular term savings

5 years

6.99%/year

Vietcombank

Avoided have

5 years

5.3%/year

Sacombank

Avoided have

3 years

6.7%/year

Techcombank

Regular savings

3 years

4.8%/year

TPBank

Savings Accumulating for the future

3 years

6.3%/year

 

Besides saving, taking advantage of the power of compound interest to make a profit, you can also participate in financial investment or online business . During the investment process, you may fall into a financial crisis. At that time, CashBerry will provide financial support and help you overcome financial difficulties.

Need money for consumption, you can sign up for CashBerry right away. As simple as saving at the bank, just need ID card/CCCD, you can borrow money with a maximum limit of 10 million . Receive money in 24 hours without having to prove income, which are the incentives of customers when choosing CashBerry's services.

Through the above article, have you found a bank that has both high compound interest rates and a certain reputation to ensure the safety of your savings? Hopefully, with the knowledge that CashBerry has updated, you will make a smart choice in your savings and investment process. Good luck!

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