ABA, KB Prasac cut interest rates, Woori raises some

ABA may be the most popular bank among Cambodians, but it’s certainly not the best to deposit your hard-earned money in. The Canadian-owned bank has cut its already low fixed deposit rates by 0.25 percentage points. This applies to both deposits with payout at maturity and monthly payouts.

ABA now offers the worst rates on the market for any fixed-term deposit. You can see this clearly in our comparison chart, where the bottom line is ABA’s. For example, a 3 year fixed deposit in USD with monthly payout will get you 4.50% at ABA. Compare this to the highest rate for such a term, 8.25% at Woori Bank, a difference of no less than 3.75%! Even the next lowest rate (5.75% from Canadia Bank) is 1.25 percentage points higher than what ABA ‘offers’.

The former microfinance institution, now a commercial bank, KB Prasac, has also lowered most of its rates by 0.25 percentage points, but remains quite competitive, especially for deposits with monthly payouts.

Interestingly, and in contrast to the trend of lower fixed deposit rates, Korean Woori Bank has raised its rates, but only for US dollar deposits with terms of 1, 2 and 3 years. They are now 0.25, 0.50 and 0.75 percentage points higher respectively. This applies to both deposits with monthly payouts and at maturity. This move brings Woori’s interest rates on US dollar accounts closer to those on Khmer riel deposits, which are still on average 0.50 percentage points higher.

See the current interest rates in Cambodia by clicking on the buttons below.

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