Bank deposit rate. Where are the best interest rates on deposits

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Many of us dream of living on interest from deposits and doing nothing. Everyone wants to travel, have fun and learn something new, and not waste their time on work. Today in Russia there are many banks that offer their customers various deposits. Each financial institution has its own rates and conditions for placing money. For a depositor, the main thing is to remember that too high interest rates on deposits are a risk, because banks that do not have liquidity problems will not pay you much. You should not dream that you can live on one percent, you also need to take into account inflation, and the fact that in order to get a good income from a deposit you need to put a large amount of money on it.

Deposit interest and types of deposits

All banks pay their depositors money in the form of interest for keeping their own money in a financial institution. According to the legislation of the Russian Federation, interest on deposits is calculated daily. They are paid according to the agreement between the depositor and the bank (once a month, quarter, half year, year, etc.). There are two types of accrualspercent:

1. Simple - when interest is charged to a separate client account. Transfers occur within the time specified in the contract.
2. Complex - when interest is calculated with capitalization. In a word, the amount of interest on the deposit is added to the body of the deposit on a monthly or quarterly basis.

Thus, if you open a deposit in a bank for the same period and with the same interest rate, then, depending on the method of interest calculation, the final amount of your income will be different. Naturally, when capitalizing interest, you will earn more, because their amount will be added to the body of the deposit and increase it. Each bank has its own rate on deposits, it depends both on the policy of the institution and on the need for cash in the bank. The main thing that an investor needs is to check the reputation of the institution (and in the modern world it's easy) and only then decide to invest.

Today, banks in Russia offer their depositors three main types of deposits:

• Term deposit.
• Termless (on demand) deposit.
• Cumulative deposit.

They all differ from each other in many properties and have many features.

Term deposit

Term deposit is the placement of money in a bank for a specific period, which is specified in the agreement, after which the depositor can withdraw his savings along with interest. But there is another option - to roll over the deposit. There are three main types of term deposits:short-term (1-3 months), medium-term (3-9 months) and long-term (more than 9 months). Usually, the longer the term, the higher the rate on deposits in banks. On the one hand, this type of deposit is the most profitable for depositors, because banks offer you the highest interest rates on time deposits. On the other hand, if you wish, you will not be able to withdraw your money ahead of schedule without losing interest.

The deposit can be made both in rubles and in foreign currency.

Termless deposit

Termless deposit is a deposit that is valid without any time limits. Its most important quality is that you can get money back from a financial institution at any time. The advantages of a termless deposit include an unlimited period of storage of funds and the possibility of withdrawing them without losing interest. The disadvantages are low interest rates of banks on deposits.

Like a term deposit, a termless deposit can be opened both in rubles and in foreign currency.

Cumulative deposit

A savings deposit is a deposit that is made out for a specific time, usually for several years. According to the terms of the agreement, the owner can deposit funds into the account at any time, but cannot withdraw until the deposit expires. The interest rate on deposits of this type is somewhere in the middle between the rate on term and termless deposits.

You can open an account in rubles and in foreign currency.

Deposits in rubles

In all countries of the world, deposits in national currency have always been considered the most profitable, and the Russian Federation is no exception. Today, all Russian banks offer customers a huge number of deposit programs in rubles. The deposit rate in each institution is different, it often changes, both upwards and downwards. According to statistics, stable banks offer the average market interest on deposits. As of today, the average interest rate on the market is 9-11% per annum. There are, of course, institutions where you can make a deposit at 19%, but too high an interest rate indicates the instability of the bank. For example, the rates on deposits in Sberbank in the national currency are from 8.41 to 10.52% (the percentage depends on the duration of the deposit), but also the reputation of the institution of the highest level.

USD deposits

Many residents of the country keep their savings in foreign currency. The most common money in the Russian Federation, in addition to the ruble, is dollars. Many, in connection with the devaluation of the ruble, are trying to buy foreign currency from each salary. Therefore, a sufficiently large number of citizens of our country are ready to open deposits in dollars. Yes, the interest rate here will be much lower than with a deposit in the national currency, but the ruble is falling, respectively, the US currency is growing. There are many large banks in Russia that will offer you a good interest rate when opening a deposit in dollars. The average deposit rate on the market today ranges from 4% to 6% per year. Some examples:

• "VTB 24": from 3.22% to 5.55%.
• GAZPROMBANK: from 3.70% to 5.00%.
• "BANK OF MOSCOW": from 3.22% to 5.61%.
• RAIFFEISENBANK: from 3.53% to 5.73%.

The amount of interest on a dollar deposit, as well as on a deposit in rubles, depends on the period of placement of funds. Take, for example, deposit rates at Sberbank.

• Deposit for 6 pm: 4, 19-5, 05%.
• Deposit for 1 year: 3, 4-4, 13%.
• Deposit for 2 years: 3, 35-3, 78%.

Here you need to choose for everyone yourself and consider how long you are ready to part with the money.

Euro deposits

The euro currency has become popular in the Russian Federation relatively recently, but every year more and more Russians prefer to save money in it. Banks always try to accommodate depositors, so they prefer to work with all popular currencies (dollar, euro, pound). Euro deposits can be issued in almost every financial institution in Russia. The rate on deposits in this currency is small, but, like the dollar, the euro is constantly growing. Today there is a crisis in the Russian Federation, the ruble is depreciating, many experts advise citizens to keep money in foreign currency. A few examples of foreign currency deposit rates:

• SBERBANK: from 3.08% to 4.95%.
• "VTB 24": from 3.12% to 5.34%.
• GAZPROMBANK: from 2.50% to 3.10%.
• "BANK OF MOSCOW": from 3.12% to 5.21%.
• RAIFFEISENBANK: from 2.53% to 3.02%.

Yes, interestless than with a deposit in rubles and even US currency, but many people have high hopes for the euro.

Rating of deposits of Russian banks

We live in a world where there is nothing to hide, so it is quite easy to find out information about any bank in the Russian Federation. You can go online and look at everything that only interests you. Often, depositors look for ratings of Russian banks, and even more so for ratings of the most profitable deposits both in rubles and in foreign currency. Often, various organizations conduct market assessments and form tables where they indicate the most advantageous offers from institutions. If we consider exactly deposits for a period of 1 year, then the rating in 2015 looks like this (from higher to lower interest rate):

1. "Promsvyazbank".
2. "Home Credit Bank".
3. Alfa-Bank.
4. "UniCredit Bank".
5. "URALSIB"
6. Raiffeisenbank.
7. Rosselkhozbank.
8. Rosbank.
9. Russian Standard Bank.
10. Sberbank.

In what currency should you keep your money?

The Russian economy today is not at its best stage, there has been a significant devaluation of the ruble, prices are rising, and wages are standing still. Many of the citizens ask themselves the question: “In what currency should I keep money?” But there is no simple answer to it. Some believe that it is necessary to buy dollars and euros, because the exchange rate is constantly growing. Others advise opening deposits in the national currency, because the rate on such deposits is much higher. ATBoth options have both positive and negative sides. The main thing you need is to decide what exactly you plan to spend the accumulated amount on, and only then decide on the currency.

In Russia, there are a huge number of different banks and financial institutions. All of them are trying to attract as many customers as possible and expand their deposit and loan portfolio. Every person in our country is trying to earn more money to provide for himself, his family and heirs. For many people, deposits have long been an integral part of their income. Bank deposit rates allow us to increase our savings and avoid inflation. Agree that getting an extra 10% per year to your money is not so bad.

Many experts believe that it is more profitable to invest in a business. The investor's income can be up to 35-40% per year, but there is a risk of losing everything. For a simple person with a small salary, this is not an option, it is more reliable to open a deposit. Before registration, the main thing is to check whether the bank is a member of the state deposit insurance system (almost all financial organizations are included in it). After all, the system guarantees everyone a return of up to 700,000 rubles, including interest.