Amret has made an interesting change. Their rates for term deposits in USD were already higher than accounts in KHR for terms of 1 year or longer, but they’ve now extended that to the shorter terms of 6 and 9 months. Additionally, they have raised the interest rates for all USD term deposits, while keeping the interest rates for KHR deposits the same.
USD interest rates 0.45% higher
The USD fixed term interest rates have been raised by 0.45%, resulting in a significant difference between fixed deposit interest rates in the Cambodian currency and the American currency. For instance, a 1-year fixed term deposit at Amret with monthly payout offers an interest rate of 7.00% in KHR, whereas in USD, it is almost a full percentage point higher at 7.95%. The longer the term for USD deposits, the higher the interest rate, with 8.20% for 2 years and 8.40% for 3 years or more. KHR deposits are capped at 7.00%
Amret has also raised the interest rates for fixed deposit terms with payout at maturity, where a 1-year term in USD now yields an interest rate of 8.45%. In comparison, the interest rate for a KHR deposit is 7.50%, which is almost 1.5% lower. Interestingly, for payout at maturity, the longer deposit terms of 4 and 5 years have matching interest rates of 8.90% for both USD and KHR.
What’s the competition?
Monthly Payout
When compared to their competitors, Amret still offers the highest rates for fixed terms in USD of 4 and 5 years (8.40%), although it is less than LOLC’s offer of 8.63% for 2- and 3-year terms. ACLEDA provides the best rates for fixed term deposits in KHR of 4 and 5 years (8.40/8.45%). However, LOLC beats them with 8.63% for terms of 2 and 3 years.
Maturity Payout
At fixed deposits with payout at maturity, you see the same pattern as above. Amret and ACLEDA pay highest interest rates for terms of 4 and 5 years in USD and KHR, respectively, but those rates are still lower than what LOLC offers for fixed tems of 1, 2, and 3 years.
Conclusion
Amret and ACLEDA are attempting to catch up, but LOLC remains the overall winner when it comes to rates for fixed deposits in Cambodia.