Money on the pulse: the popularity of short-term deposits has grown in Russia
In 2025, Russians mostly preferred short-term deposits for several months. Analysts consider this approach to be the most advantageous against the background of a reduction in the key rate by the Central Bank. How to make deposits in 2026 is in the Izvestia article.
The key rate of 15.5% and its impact on deposit interest in 2026
On February 13, 2026, the Board of Directors of the Bank of Russia decided to reduce the key rate by 0.5 percentage points to 15.5% per annum. Lowering the interest rate means a gradual reduction in the cost of borrowing for banks and, as a result, a decrease in deposit yields.
According to the regulator's forecast, the average key rate by the end of the year is expected to be in the range of 13.1–14.3%, and by the end of the year it may be reduced to 12%. Banks are already putting these expectations into deposit conditions.
In February, deposit rates for a period of one year or more were at the level of about 12.77% (-0.73 percentage points) per annum. At the same time, higher values remain for short—term deposits for up to a year: for three months — 14.55% (-1.02 percentage points from December 19), for six months - 14.42% (-0.46 percentage points). This creates a difference in profitability depending on the duration of the placement of funds.
Why do short-term deposits retain their leadership in demand
Experts note that since the second quarter of 2025, half of individual deposits accounted for deposits with a term of 91 to 180 days, while the yield on them was comparable to the yield on longer deposits — approximately six months.
This demand structure is explained by the ability to respond more quickly to changes in interest rates in the economy. Shorter deposits make it possible to quickly make decisions on further allocation of funds, which was especially important in the first half of 2025 due to the possible tightening of monetary policy by the Bank of Russia. With comparable returns, short-term instruments provided more freedom of action.
— Long-term deposits, on the contrary, often provide a higher fixed rate. In the event of a reduction in the deposit rate in the future, long-term deposits will allow you to maintain higher returns. However, such deposits significantly limit liquidity and carry the risk of losing real returns with strong inflation," Anna Zemlyanova, chief analyst at Sovcombank, told Izvestia.
VTB also points out that in the conditions of the beginning reduction of the key rate, the maximum yield was offered precisely in a short period. The Russians acted rationally, placing funds where the rates remained the most attractive. According to the bank, short deposits will remain relevant in 2026, as they allow flexible management of savings.
What does a typical portrait of a depositor in Russia look like?
In the first two months of 2026, men and women opened the same number of deposits. However, the amounts vary — the men left more money under interest.
— In terms of the amount of funds deposited, the share of men was slightly higher: they accounted for 53% of the total deposits, while women accounted for 47%. The main age of depositors is from 40 to 55 years old,"Dom.RF bank told Izvestia.
Russians kept their budgets mostly from 100,000 to 500,000 rubles under deposits. Their share in the total number of open deposits was 29%. Deposits from 1 million to 3 million rubles are almost as popular — they accounted for 28%, the bank said. Deposits of up to 100 thousand rubles (23%) and from 500 thousand to 1 million rubles (14%) are slightly less in demand. The fewest deposits were opened for amounts above 3 million rubles (6%).
When did Russians most often open deposits
In 2025, Russians most often opened deposits in the summer. Demand peaked in July, August and September. Such a surge was due to the decision of the Bank of Russia: in June, the regulator lowered the key rate for the first time since October 2024 and continued its downward course, analysts at <url> noted.
"Many depositors sought to fix a high percentage before yields began to decline amid monetary policy easing," the report says.
By the end of the year, as experts noted, interest in deposits weakened, which was facilitated by a further reduction in the key rate, which dropped to 16% per annum by December. At the same time, the majority of Russians who opened deposits in the summer did not have time to close them by the end of the year, because at that time it was profitable to place funds for a long time in order to maintain a high percentage.
In addition, experts noted that at the beginning of 2026, the structure of depositors' preferences changed. In January – February, Russians more often chose three—month deposits - over the last quarter, the share of such products increased by 8%. According to analysts, this shift is explained by a slowdown in the pace of monetary policy easing and the expectation of a further fall in interest rates. In this regard, most citizens prefer to give money to the bank in the short term, so that, if necessary, they can quickly transfer their savings to a more profitable offer.
Long-term deposits in 2026: fixing the rate with an expected decrease in the key
Banks are trying to take into account the future reduction in the key rate, so the interest on longer deposits is lower than the short—term deposits - by 3-6 months.
The attractiveness of short-term deposits, according to Dmitry Gritskevich, Head of Banking and Financial Market Analysis at PSB, is also explained by lower liquidity risks for depositors. Early closing of the deposit leads to the loss of accumulated interest, therefore, shorter periods make it possible to reduce the likelihood of such losses in case of unforeseen expenses.
At the same time, opening an annual deposit makes it possible to fix the current rate and thereby insure yourself against a rapid decrease in the key rate. The Bank of Russia's forecast for the average key rate by the end of the year is 13.1–14.3%. Banks have already set this benchmark in deposit pricing, and it is becoming difficult to find annual deposit rates above 14%.
Expert Anna Zemlyanova adds that by the end of the year, the key rate is expected to decrease to 12%, and the average key rate this year is projected at 14.3% after 19.2% last year. Deposit rates will continue to decline following the trajectory of the key rate, so it is wise for an investor to lock in current high yields for the long term.
Allocation strategy: how to combine different placement dates
Experts emphasize that there is no universal solution, since the choice of the term and amount of the deposit depends on the budget and financial goals of a particular contributor. At the same time, most experts agree that time-based diversification may be optimal.
— It is advisable to divide the contribution into different periods, depending on the potential need for spending over the horizon of the year. For convenience, you can split the total amount in half by opening an annual deposit and a short one, for 3 or 6 months, with the prospect of further reinvestment," Dmitry Gritskevich pointed out.
In VTB, this model is called the ladder strategy. Its essence lies in the simultaneous placement of part of the funds on short deposits to maintain liquidity and part for a longer period of time to fix double—digit returns. As the short-term deposit ends, the client can assess the market situation and make a new decision on the placement of funds.
To maintain a balance between flexibility, profitability and predictability, it is necessary to distribute funds across several banking products, said the Deputy chairman of the Board of Dom Bank.Russian Federation" by Alexey Kosyakov. Short deposits of up to six months currently provide maximum profitability and flexibility, while medium-term and long-term products allow you to protect the rate from further declines.
Deposit rates in 2026 and the dynamics of customer interest
In 2025, interest in deposits was relatively evenly distributed: 36% of Russians chose deposits for three months, 35% for six months, and 29% for a year.
The most popular placement amounts for three-month deposits are ranges from 500 thousand to 600 thousand rubles. For semi—annual deposits, amounts from 300 thousand to 400 thousand rubles were more often chosen, and for annual deposits - from 400 thousand to 500 thousand. rubles'. The peak interest in deposits occurred in the spring, when rates were most favorable, and in the fall, when they had already decreased, but remained at a high level. This was announced by the Director of Financial Product Development at Compare.<url>" Magomed Gamzaev.
As of the end of January 2026, the average deposit rates for a period of one year or more were at about 12%. At the same time, short-term deposit rates remained high for up to a year, despite a reduction in the key rate to 15.5%.
Savings accounts and possible transfer of funds to investments
With the key interest rate cut, banks are noticing an increase in interest in savings accounts. Russian banks provide a maximum savings account rate of around 16% per annum, which makes it a competitive alternative to term deposits with a yield of up to 14.5% per annum for those who value the freedom to manage funds. However, it is worth considering the pitfalls — banks often offer increased interest rates for only a few months.
According to Compare, with a gradual reduction in interest rates in 2026, there may be a smooth flow of assets into investment instruments and alternative ways of accumulating with higher returns. However, according to the forecast of the service, such a correction will be about 5-10%, since deposits retain the status of a key low-risk instrument for storing savings.
VTB believes that, in general, the market is entering a period of more conscious accumulation. The high interest rates of recent years have contributed to the formation of a saving habit, and in 2026 this behavior pattern may transform into a more complex structure for allocating funds between deposits of different maturities and investment products, especially in the category of wealthy clients.
The information in the material is not an investment recommendation.
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