With a stable monthly income of over VND 10 million, Nguyễn Thị Vân, a resident of Điện Biên Phủ ward, Điện Biên province, saves about VND 2 million each month. Instead of visiting the bank in person, she opts for the more flexible method of online savings.

Vân shared: “With this app, I can deposit money anytime, anywhere. What’s more, I can start with as little as VND 100,000 per transaction and there’s no transaction limit. Just a few simple steps on my phone through the bank’s app and I’ve transferred money to my savings account.”

As a small business owner in the hairdressing industry, whose customers often use bank transfers or QR codes for payment, Nguyễn Thị Thu Phương from Thanh Nưa commune has also gradually shifted to digital transactions over the past two years, online savings included.

According to Phương, she chose this method because of its ease and flexibility. Customers only need a payment account at a bank and can conduct transactions via internet or mobile banking. “I’m currently using the daily savings option, depositing VND 300,000 each day. The best part is that I can settle my savings account anytime, even outside working hours or on weekends and holidays,” she said.

As public demand for online savings continues to grow, banks across the province are actively embracing digital banking trends by developing new products and services based on advanced technology.

At the Điện Biên Branch of the Vietnam Bank for Agriculture and Rural Development (Agribank Điện Biên), online deposits currently account for 4.1% of total mobilized deposits.

Nguyễn Ngọc Phương, Director of the Agribank Điện Biên, shared: “Online savings products are part of Agribank’s comprehensive digital banking strategy. We currently offer four online savings products: standard online savings, online accumulation savings, flexible principal withdrawal savings, and interest-paid-at-regular-intervals savings. Each product is designed to meet different financial needs with attractive, competitive interest rates, helping customers optimize their savings.”

With its diverse and flexible offerings, Agribank Điện Biên has attracted 4,549 customers, with total online savings deposits reaching VND 281.6 billion.

Not only beneficial for customers, online savings also help banks significantly reduce operational costs, including staffing, space, operations, printing physical passbooks, and paperwork. As a result, many banks offer higher interest rates for online savings to encourage this method.

For instance, at the Điện Biên Branch of the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV Điện Biên), online savings accounts earn 0.1% to 0.4% higher annual interest rates than traditional counter services, depending on deposit amount and term.

Đoàn Đại Dương, Director of the BIDV Điện Biên, explained: “To meet the expectations of various customer segments, we offer a wide range of online savings products. For example, our ‘Online Savings’ product offers flexible terms from 1 to 36 months with competitive interest rates. Our ‘Online Accumulation Savings’ product encourages regular deposits and is suitable for customers with steady monthly incomes. Thanks to our focus on enhancing digital financial products, over 9,000 customers are now using online savings, accounting for 13% of our total savings balance.”

Compared to traditional savings methods, online savings are considered more secure. Most banks implement advanced security technologies such as multi-factor authentication, biometric passwords, and data encryption, with all transactions monitored within their systems. This eliminates concerns about lost or misplaced savings books.

However, customers should still be cautious by securely managing their mobile phones, emails, and login credentials. They should avoid accessing suspicious websites or those lacking security certificates to prevent account theft. Additionally, customers are advised to choose reputable banks with high security standards and a variety of suitable online savings options to maximize the benefits of their savings plans.