[Detailed answer] Why does online savings have higher interest rates?

Why are online savings interest rates higher? Compared to depositing at the counter? This is a common question of many customers when choosing a form of savings. The following article will help you understand the reasons, compare the reality between online deposit and depositing at the counter, and point out the points to note when choosing.

Quick summary: Why do online savings have higher interest rates?

• Reduce operating costs
• Promote digital transformation and attract customers
• Process automation
• State incentive policies

Customers are encouraged to save online to ensure convenience, enjoy lower interest rates from 0.1% - 0.4%/year and safety and security.

1. Why is online savings interest rate 0.1 - 0.4% higher?

As of September 2025, SeABank is currently listing interest rates at the counter ranging from ~0.5%/year for short terms (7, 14, 21 days) to ~5.45%/year for long terms such as 18-36 months.

Meanwhile, online interest rates are usually higher, with a difference of about 0.1 - 0.4% depending on the term and time. The difference between the interest rates of these two deposit forms comes from many reasons.

1.1. Reduce operating costs

When customers deposit savings at the counter, the bank has to bear many related costs such as renting premises, printing savings books, personnel costs and paperwork. Meanwhile, depositing savings online helps the bank significantly reduce these costs.

By saving on operating costs, banks can “share” benefits with customers through higher interest rates.

1.2. Promote digital transformation and attract customers

Digital banking is an inevitable trend, and to encourage customers to use online services, many banks apply more preferential interest rate policies for online deposits. This not only helps banks increase the number of users on the application, but also creates a competitive advantage in attracting new customers.

1.3. Process automation

Online savings are usually processed entirely on the system, from opening a book, finalizing it to calculating interest. This automated process limits errors, reduces work pressure for employees, and saves time for both the bank and customers. This efficiency also helps banks be ready to increase interest rates for online deposit products.

1.4. Government policy to encourage online submission

In the context that the Government and the State Bank are strongly promoting digital transformation in the banking sector, many priority policies and orientations have been introduced to develop digital services. Banks, responding to this policy, often issue additional interest rate incentives to encourage customers to experience online savings.

Customers can contact the nearest SeABank transaction points or call Hotline 1900 555 587 or visit the website www.seabank.com.vn for more details on preferential interest rates and attractive savings products.

2. Should I save money online?

In general, you should save money online because this form brings many practical benefits to the sender.

Firstly, online deposit interest rates are usually 0.1 - 0.4% higher per year than direct deposit at the counter, helping customers optimize their idle money. Secondly, the procedure is extremely convenient and quick, with just a few steps on the banking application, you can open or close a savings account at any time, without having to go to the transaction counter.

Finally, banks apply multiple layers of security such as OTP, Face ID, fingerprints, helping transactions to be absolutely safe and secure.

Comparison table of online and counter savings

In short, saving online not only helps you receive higher interest rates but also provides a convenient and safe experience, in line with the current digital banking trend.

3. 3+ Notes when saving online

When participating in online savings, in addition to the benefits of interest rates and convenience, customers also need to note some important points to avoid risks and optimize profits:

• Choose the appropriate deposit term: Before opening an online savings account, carefully consider your financial situation and capital needs. If you plan to use the money in the short term, you should choose a short term to avoid having to withdraw it early and pay low interest rates. On the contrary, if you do not need to use it for a long time, a long term will help you enjoy a higher interest rate.
• Pay attention to the settlement date and maturity date: Forgetting the maturity date may cause the savings book to automatically roll over to a new term with the interest rate at that time, which may be lower than the original rate. Therefore, keep track of the maturity schedule and proactively decide to renew or withdraw to ensure financial efficiency.
• Keep account information confidential and never provide OTP codes: OTP is the only security code that authenticates transactions, so absolutely do not share it with anyone, including people claiming to be bank employees. In addition, you should use strong passwords, set up fingerprint or Face ID authentication, and regularly check balance fluctuations to promptly detect risks.

4. Save money online quickly and safely at SeABank

Saving online at SeABank is a form of customers opening and managing savings books directly on the SeAMobile application or SeANet online banking service, instead of having to go to the transaction counter. All operations from opening books, tracking interest, to final settlement are done online, quickly and conveniently.

When saving online at SeABank, customers will receive many attractive incentives:

• Get interest rates 0.1 - 0.4% higher per year than depositing at the counter.
• Trade anytime, anywhere, no time limits.
• High security with multiple layers of authentication (OTP, Face ID, fingerprint).
• Easily track balances, interest rates and due dates right on the app.
• Quick and easy operation, no need for complicated paperwork.

Instructions for online savings deposit at SeABank:

• Step 1: Log in to the SeAMobile app or access SeANet with your bank account.
• Step 2: Select “Online savings” on the service screen.
• Step 3: Enter the amount you want to deposit, choose the appropriate term and renewal method upon maturity.
• Step 4: Check transaction information again, confirm with OTP code.
• Step 5: Once completed, the system will display a successful online savings account opening notification.

5. Frequently Asked Questions (FAQ)

1. Is saving online safe?

Yes. Saving online at the bank is secured with multiple layers such as OTP, Face ID, fingerprint. In addition, transactions are recorded on the banking system, so customers can be completely assured of safety and legality.

2. Can I withdraw money early when depositing online?

Yes. Customers can close their savings online before the maturity date. However, the interest rate for early withdrawal will be applied to the non-term deposit interest rate, which is usually much lower than the interest rate for term deposits.

3. Will I be given a savings book when I deposit online?

No. Online deposit does not issue paper books like deposit at the counter. Instead, savings book information is displayed and managed directly on the electronic banking application.

4. If I lose my phone, will my online savings be affected?

No. Online savings books are saved on the banking system, regardless of the device. If you lose your phone, you just need to lock your Mobile Banking account and log in again on a new device to continue managing.

5. Can I save money online in foreign currency?

Depends on the bank. Most banks, including SeABank, mainly support online savings deposits in VND. With foreign currencies, you usually need to transact directly at the counter.

The above information answers the question of why online savings interest rates are higher. In general, this comes from the fact that banks want to reduce operating costs, promote digital transformation and issue many policies to encourage users. In addition, customers also receive additional benefits when choosing online channels instead of depositing at the counter.

If you want to learn more about SeABank's savings products, you can contact the nearest transaction point or call Hotline 1900 555 587 or visit the website www.seabank.com.vn for more details.