The analyst named the best moment to close short deposits

Despite the deterioration of deposit conditions, it is better for Russians to keep funds on short-term deposits and switch to long-term ones after the second quarter. The chief analyst of Banks told the Prime agency about this on March 17.<url>" Bogdan Zvarich.

According to him, after the key interest rate remained at 21% in December, banks expecting an increase moved to adjust their interest rate policy, thereby worsening deposit conditions. Monetary policy also remained unchanged in February, which contributed to the continuation of this trend. As a result, the maximum interest rate on deposits in 10 credit institutions decreased by 1.5 percentage points from the December peak by the end of February and fell below the key one.

"Against this background, demand began to shift towards longer-term deposits, due to depositors' concerns about a possible further deterioration in deposit conditions and the desire to fix attractive deposit conditions for a long time. However, so far this shift has been moderate — according to our data, in February the share of demand for deposits over a year was 11% after 9% in January," the analyst emphasized.

Zvarich noted that the reduction in deposit rates is constrained by the risks of further tightening of the PREP. Therefore, he believes that maintaining short-term deposits is reasonable, and it will be possible to switch to long-term deposits when there are signs of a steady decline in inflation. The necessary conditions may be in place by the beginning of the third quarter.

Then the opening of a long-term deposit will allow you to fix the deposit conditions for a long time, and they will not change, despite a further reduction in deposit rates by banks. At the same time, the rediscovery of short-term deposits will occur at lower rates, which will reduce the profitability of placing funds on deposits.

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On March 16, Maria Ermilova, Associate Professor of the Department of Finance for Sustainable Development at Plekhanov Russian University of Economics, spoke about ways to save and multiply savings while reducing the deposit rate. According to her, it is possible to invest in precious metals, but not in one, in several at once. If you have larger amounts, you can consider investing in the real estate market. You can also invest in shares of leading companies, but you need to keep in mind the risks when choosing this method.