Of the 10 Cambodian financial institutions we track, half have cut most of their fixed deposit rates by 0.25 percentage points. Three banks (ABA, Hattha, Woori) and two microfinance institutions (Amk, LOLC) reduced rates mainly on deposits with maturities of 1 year or more (although Woori reduced all rates, including for very short maturities). The reductions were made both on deposits with monthly (or quarterly) payouts and on deposits with payouts at maturity.
Fixed rates from 1 or 2 years
There also seems to be a tendency to fix interest rates above 1 or 2 years, which means that you won’t get a higher rate if you deposit your money for a longer period. ABA and KB-Prasac don’t pay higher rates over 1 year, Amk and Hattha don’t pay higher rates over 2 years.
Wing now offers 8.75% (for ultra long term)
ACLEDA has long been the only bank to offer (at least publicly) fixed deposit rates for terms of 6 years and more. Wing Bank has now joined the club. But where ACLEDA offers a lousy 5.55% for fixed deposits in USD for up to 15(!) years, Wing offers 8.75% if you want to deposit your dollars for 10 years. Mind you, the rate for a 9-year deposit is much lower: 6.75%. Whether you want to lock up your hard-earned cash for 10 years is another matter. We wouldn’t recommend it.
Woori still on top
Woori still leads the way in terms of fixed deposit rates with terms of 1, 2 or 3 years, followed by LOLC and KB-Prasac. See our line graph comparison) which is best viewed on desktop or laptop.